Explain about franchising and its advantages:If buying an existing business doesn't sound right for you; in addition, starting a business from scratch seems a little bit intimidating, franchise ownership will be the perfect choice for you.
Ten advantages of franchising:1. The risk of business failure is reduced by franchising. Your business is based on a proven idea. You can check how successful other franchises are before committing yourself.
2. Products and services will have already established a market share. Therefore, there will be no need for market testing.
3. You can use a recognized brand name and trade mark. You benefit from any advertising or promotion by the owner of the franchise - the 'franchisor'.
4. The franchisor gives you support - usually as a complete package including training, help setting up the business, a manual telling you how to run the business and ongoing advice.
5. No prior experience is needed as the training received from the franchisor should ensure the franchisee establishes the skills required to operate the franchise.
6. A franchise enables a small business to compete with big businesses, more so than an independent small business, due to the pool of support from the franchisor and network of other franchisees.
7. You usually have exclusive rights in your territory. The franchisor won't sell any other franchises in the same territory.
8. Financing the business may be easier. Banks are sometimes more likely to lend money to buy a franchise with a good reputation.
9. You can benefit from communicating and sharing ideas with, and receiving support from, other franchisees in the network.
10.Relationships with suppliers have already been established.