A franchise is an easy way of getting your own business up and running with the addition of ongoing support from someone else who has already done this before – the franchisor! You should expect (and look for) many perks for becoming part of a franchise family: you’ll have access to tried and tested services, as well as increased reputation and brand awareness due your chosen franchise’s proven success rate selling recognised, trusted services and goods.
As franchisors, The Tasting Quarter, via TTQ Franchising, offers franchisees the opportunity to own their own tasting event business using a tried, tested and proven business model.
For those evaluating any franchise (including our own), the following are 6 key reasons for considering this as a route..
1. Financial Stability
Owning a franchise can give you greater financial freedom and stability. In the United Kingdom, the 2018 British Franchise Association NatWest survey showed no less than 93 per cent of operating franchisees are profitable. Additionally, while statistics show that around half of all non-franchised start-ups fail within five years, the same survey also revealed a failure rate among British franchises of just two per cent. Banks and other funding sources (if needed) also look favourably on established franchise systems for these very reasons.
2. Use of a pre established business model and brand
Another benefit of becoming a franchisee is that your brand will already be established, which will help you penetrate your local market/area more quickly.
This shortens your business’s growth curve and saves time, energy and money on your own brand-building efforts. Remember customers are more likely to trust, and engage with, an established name or operator in the marketplace.
3. Support from an experienced business partner (the franchisor)
Never underestimate the power of an experienced partner who has been there and done it. Good franchisors will support you across the board, from effective training and mentoring, to a comprehensive operations manual which detail all elements of your business. Always expect ongoing assistance which will support you as you grow, and take time to understand how this assistance will be delivered (online, in person, how regularly, how long etc).
4. Advertising and marketing assistance
One of the most important aspects to running a successful business is of course marketing. Good franchisors should provide a wealth of support here.
Franchises should possess significant, meaningful and useful data that can be used to better target audiences, which in turn produces more effective marketing materials, which in turn promotes better results from advertising and marketing efforts.
In addition franchisors may perform market research on behalf of their franchisees. The pooling and sharing of such resources between franchisees provides a virtuous circle, keeping expenses down and providing management data that gives each franchisee a critical advantage in their territory.
5. Flexibility over working hours (in a number of cases)
Many franchises offer freedom, flexibility and control over the way your work life is structured.Becoming a franchisee can be an excellent choice for those who need this flexibility. If it’s not provided to you, it always helps to review the working patterns of existing franchisees of your preferred network to understand how they work – when are their busy periods in the week, do they get every weekend off? Do they have quiet months? How much holiday do they take a year? Evaluate this and ask if it fits into your lifestyle, or the lifestyle you are working to achieve.
6. Access to tried and tested products and services
Choosing and selecting the wrong products and services for your business can have a material impact on your success. Moreover the cost and time spent in analysing the correct suppliers to use shouldn’t be underestimated. Good franchisors give you access to products and services that have been purchased and tested by professionals (them!) – in a number of cases you may also benefit from economies of scale (lower prices, or beneficial arrangements from suppliers that come from being part of a larger network).
If you want to get your business off the ground whilst lowering risk, and moving with due speed, becoming a franchisee is an option worth serious review. Like any business, it’s not a short term play, but good franchisors will provide you with the necessary, insightful and valuable support and structure you need.