The franchise model

Over the years, we've been taught the value of money and the importance of working hard for it. However, stories of businessmen and women who made it big also tell us that one can earn much greater wealth by owning a business than one can by remaining an employee. Unfortunately, not all of us are confident of starting and running a business on our own. Besides, the high risks involved and the high investment of money and time required to run a business are intimidating enough to keep us away from achieving our true dreams.

And here's where the franchise model helps us. By buying and running a business franchise, you can earn the benefits of running your own business with much less risk. Here’s how running a business franchise has less risk than running an independent business:

• No Idea risk:
  The business model has been tried and proven. Though this does not imply guaranteed success, you can be assured that you aren't getting into uncharted territory.
• Hand-holding through the start-up phase:
  You will get help in selecting a location, which is very important in retail.
• Operating support:
  You can get standard operating manuals which will simplify the operation of your outlet. You and your staff can receive training so that you are prepared to run your business.
• Marketing expertise:
  You will have the benefit of operating under a known brand name. Marketing efforts by the franchisor will help you increase your sales. Your franchisor can afford to advertise the brand in mass media.
• Economies of scale:
  You can benefit from lower costs of goods as your franchisor would have enough volumes to negotiate better prices with vendors.

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