Many of us dream of running our own business. Before committing to anything, it’s important to take a look at the options out there, and one of the most frequently asked questions by anyone considering starting up a property business is “should I start a new business from scratch, or consider buying a franchise?”
There are a number of advantages purchasing a property franchise can offer. The ownership of a franchise can provide an individual with the opportunity to start and run their own company with the support network of a large firm with years of experience. Franchises are perfect for first time business owners, offering a greater chance of success overall. Lettings agent franchises have reported exponential growth, even in uncertain economic times.
So just what exactly are the advantages of owning a franchise? We will take a look at five of them below:
Arguably the greatest advantage of purchasing a letting agents franchise is that there are much fewer risks when compared to starting a new business from scratch. Recent studies have concluded that as many as 90 per cent of new businesses are likely to fail within three to five years of trading. Conversely, studies also show that in excess of 90 per cent of franchised businesses are still operational after five years. Franchises provide individuals with an established operating system and proven track record already in place, offering greater stability of establishing a business.
Franchise companies provide unlimited on-going support to both new and established franchisees. It makes sense, since the success of your franchise is in the best interests of the company. Your success means more royalty fees for further expansion of the franchise system. You can rest assured with peace of mind that most franchisers will be on hand to provide support and allay any fears and concerns you may have about your business.
Upon purchasing a franchise, most companies will require you to complete a comprehensive training scheme which can last up to four weeks (or even longer in some instances). This training can be held either on the corporate HQ of the business or at the actual location of the franchise. Most people benefit from the training provided in order to operate their franchise in the same way as other successful franchises. The learning curve can be cut by following proven methods to gain success.
A Proven Standard:
Starting a new business from the ground up can be incredibly risky. When purchasing a franchise, you aren’t just buying a business – you’re buying a business model with a proven track record. Franchises offer all the advantages of being an established company, straight from day one. Brand name recognition can save you hundreds or even thousands on advertising costs alone. These advantages all serve to increase your chances of becoming a successful business owner.
Assistance with Marketing:
Another major advantage of the franchising model is that your individual franchise gains from the reputation of the company. Of course, any successful company requires some marketing to be done, although purchasing a franchise automatically puts you on the next step of the ladder. As a letting agents franchise owner, you will have the independence of marketing to your local community, with the added help of an already established name backing you all the way.