What is a franchise and how is it different from setting up alone?
You may have heard of the word franchise, but do you know what a franchise really entails? The simple explanation of a franchise is to set up your own business under an established business name and product/service. A franchise allows you to start a business using the franchisor’s expertise, ideas and processes to increase your chances of success. Moreover, in order to make a franchise more worthwhile, there are often several benefits offered by a franchise to make it an easier or better decision than going it alone.
An established franchise will have already been operating for years and therefore have built a recognised brand and reputation. They will know the industry and how to make a success of it. This provides you with their proven business model which has made them successful and has already been tried and tested for you.
When setting up your own business there are a lot of things to consider. From your brand and how you will market your services, to the IT resources required to operate – not to mention actually setting up your company. The expense and time to establish all this can be lengthy and costly on your own. Whereas within a franchise most, if not all, of this will already be set up for you and there will be a whole network full of resources at your disposal.
Going from a corporate role where you have the support of colleagues to working on your own is a daunting prospect. However, if you set up your business with a franchise you’re not alone! There is often a head office full of support and a network of franchisees who are going through or have been through the same as you. As well as this, the head office will have a team of experts in various business areas to support you when you need them, meaning you can get back to focusing more on your profession and doing what you do best.
If you are a HR professional thinking about setting up your own HR business, get in contact with our team to find out how we can help you. Call us on 0345 208 1120 or email us at firstname.lastname@example.org