Being your own boss and looking after something you care about is incredibly rewarding and motivating. However, the idea of having your own food business can feel like a pipe dream.
Many entrepreneurs feel overwhelmed when trying to start a new business. How can I afford to start a business? How do I establish myself? How do I know how to run the business properly? Where do I start?
Well, there is a solution which offers both the security of being part of a larger organisation, while retaining responsibility for your own business. It comes in the form of a franchise.
As an established coffee franchise, we at Esquires are passionate to share the many advantages of being part of a food and coffee franchise.
What is a Franchise?
In a brief overview, a franchise is the setup of a business between two parties, the franchisor and the franchisee.
A franchisor essentially owns the name of the business and is the founder of the brand and business systems and processes. The franchisee will pay a fee and royalties to the franchisor in exchange for taking advantage of the name of the brand and use its business systems and tried and tested processes.
There are many advantages of being part of a franchise, as we will discuss in this blog.
Firstly, being part of a food franchise is an excellent way to be supported by a larger and more experienced organisation. Through a franchise, you can gain expert advice on how to effectively run your business and have access to the resources of a larger company, which would not be available if you created your business independently.
Training is Provided
When you become a franchisee, you are not just thrown in the deep end. You are provided with thorough training to ensure all business owners have the best foundation to create and sustain a successful business.
As the network of franchises is partly responsible for supporting one another, it is integral to the franchise that each business owner is carefully trained.
Reduced Start-Up Costs
An incredibly attractive part of a food franchise is the decrease in initial start-up costs compared to the expenses of starting your own business from scratch. For example, business systems are already implemented and marketing strategies have been pre-organised, which is valuable for reducing the costs of a new business.
Already Established Brand
A key part of reduced start-up costs is reduced marketing due to an already established brand. Customers are aware of the brand and know what the services are.
Which brings us onto our next point. With an already established business at your feet, it offers a reduced investment risk. Of course, there will always be a risk, but it is likely to be less in comparison to investing in a completely new and unestablished business.
Furthermore, as a franchisee, you are given an already proven business format to work with, which could shield yourself from expensive pitfalls which many new business owners can experience at the start of a business venture.
Increased Likelihood of Success
With a trusted system to follow, franchises are known to be generally more successful than new, independent companies.
A 2018 NatWest franchise report found that franchisees claimed an impressive profit of 93% that year, whereas a report by the Telegraph at the start of 2019 declared that 60% of new businesses fail by the third year and 20% close within one year.
Of course, the success of both a franchise or independent business is due to a variety of internal and external factors. Much of any business’ achievement relies heavily on the hard work and successful management of the owner. So it is essential to stay motivated and focused, no matter how you begin.
What motivates you to be part of a franchise? We would love to know! Why not share your thoughts on our social media channels?
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