Since the pandemic first hit in 2020 there has been a swathe of people deciding to leave their corporate positions and go it alone to build a business for themselves and be their own boss. There are a lot of benefits to owning your own business and many ways to go about it, currently the two leading business opportunities are franchising and startups. We here at Revive! are of course big supporters of the franchising methodology, but why?
We decided to put together a quick and easy breakdown of the benefits of franchising over starting your own business to help explain Revive!’s own business strategy.
Joining an established brand
One of the leading benefits of investing in a franchise is the increased brand awareness provided by joining an established brand. Starting your business means starting from scratch, the public doesn’t know you, the media don’t know you, and you have to build up your reputation from nothing.
Becoming a part of an established brand allows you to tap into the existing reputation said brand has with customers. Not only that, you receive all the branding and company materials to help you at the very least look like an established professional business, whereas in a startup you will have to produce everything yourself to build up your brand identity.
Increased support and training opportunities
When building your own business there are a lot of resources and advice available online but very little personal advice and training available that is specifically designed for you and your individual business.
With a franchise you have all the resources available to startups along with the support and specialised training designed by the franchisor. This includes finances, human resources, job relevant training, marketing and advertising, social media and so much more. A good franchisor will have a wealth of training opportunities and resources for you to tap into, and will encourage you to do so, as when you succeed, they succeed. Not only that, but an established franchise will have many other existing franchisees for you to chat to, discuss any issues you’re having and share best practice.
Using a proven business model
Anybody can have an idea, doesn’t mean it’s marketable, sellable, or even a good idea. Starting your own business means building up from scratch and establishing a customer base that not only likes your product or service but is willing to pay for it. If entering an existing market, you’ve also got to demonstrate why your business is better than the competition.
But, when entering an established franchise, it is already proven across the country that customers want your services or products and are willing to pay for it. Your method of selling to customers has been written for you, giving you the ability to build on the existing sales principles that your franchisor has set out putting your own spin on your franchisor’s principles.
Generated business leads
As previously stated, when starting your own business you are starting from scratch, you will have to build up your customer base from nothing, forcing you to get out their and market yourself to potential customers both online and face to face.
Many established franchisors have an existing customer base that will be attracted to your new franchise simply by brand recognition alone. However, in the case of some franchisors such as Revive!, we have established contacts in large dealer networks and can offer these contacts to new franchisees to help establish there customer base and grow their revenue quickly.
Marketing & PR services
Marketing and advertising your new business is a difficult task, as nobody knows who you are or why they should listen to you, like many of the points in this article, you are on your own and these things take time. Working with an established franchisor they will often have a dedicated marketing team developing materials and professional informative content (such as this very article) that draws the attention of potential customers and helps drive the brand recognition of your franchise. Not only that, an established marketing team can also liaise with journalists and writers in your territory to specifically target the publications your customer base reads such as local newspapers or industry trade press.
In summary
These are just a few of the benefits being part of a franchise can give you, franchising can offer you a head start on your competition. While there are many startups that succeed and develop into multi-million-pound enterprises there are many more that fail. Entering into a business relationship with a well-established franchisor is not a guarantee of success, but it can offer many benefits to you and your customers that can help you on the way to booming business ownership.
For more information about franchise opportunities in your area please get in touch with our team here: revivefranchise.com/contact-us/
To find out more about Revive!, click here.
