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Business, be it on a large scale or small scale, has always been a major career step. But the concept of business we have today is quite different than the one in the past. Today, there is more than one form of business. And the two most common and popular forms of business includes – an independent business and the business franchise.
Whether you want to invest your money in some business or start one of your own; first you need to learn the basic difference between these two forms of business. But isn’t it the same thing? Actually not! So what makes these two business forms different? Which one is better to put your money in? How can you get your own business franchise? And is it true that you can also purchase a franchise?
These must be the questions that must have been popping in your head. Well if that’s the case, then don’t worry, and count yourself lucky today. As you have landed on the right webpage that gives answers to all of your questions. So without wasting any more minute, let’s dig into some information on the business.
Business Franchise vs. Independent Business:
The first thing that you need to understand is the basic difference between a business franchise and an independent business model. Though you may think that both of these business models are the same, there are four major differences.
The reason why it is important for any investor, businessman or entrepreneur to understand the difference between these two models, is because these are also the factors to help you decide whether you should – invest/start/purchase a franchise or an independent business.
➔ Business Franchise:
- A franchise is more like a subsidiary business, acquired by a parent company/business – the franchisor.
- The major decision of the franchise is taken by the franchisor.
- It can’t change or switch its products/services.
- High brand recognition.
- Low total investment or start-up cost.
- The franchisor provides the franchisee with Operational Resources – Access to the business system, supplier network, corporate support, etc.
➔ Independent Business:
- An independent business is a start-up that is operated by a single or more than one independent business owners.
- The independent business owner is responsible for all the decisions.
- Can change, add, delete or switch its products/services according to the market conditions.
- Has Zero of minimal brand recognition.
- High total investment or start-up cost.
- The business owner(s) has to get all the operational resources.
Why Investing In a Franchise Is Better?
Whether its a franchise or independent business, both business models have their own risks and rewards. The success rate of both these models is almost the same – many franchises, as well as an independent business, fail regularly.
But there is something that might help you decide between these two business models – your investment! Even if you want to go for a small start-up, you would still need a pretty high amount to operate your business.
But when it comes to own a franchise, the investment costs are kind of affordable. It depends on you how much you want to invest in the franchise. On average the investment costs start from $25,000 and could go up to $500,000 and even more.
What Are Your Different Franchise Options?
By now you might have made your mind on investing your money into a business franchise. And why shouldn’t you when it is very affordable? Well, of course, investing in a franchise, in fact, a great decision. But what are your options? Are there different franchise niches? And if so which one’s the best franchises to invest in?
It is very fascinating to know that there are multiple franchise options for someone who is interested to put their money in this business model. From advertisement & promotion, health, beauty & fitness, computer & internet, to food & restaurants, travel & lodging, even the childcare services, and a lot more others; you have a long list of franchises!
All of the above are the best franchises to invest in, but which would be best for you depends on your preference, knowledge of the market of that franchise and investment money!
How To Purchase A Franchise?
Once you have explored your business franchises opportunities, the next thing is to actually invest money in the franchise. For this, you have to follow a certain procedure. It is a simple procedure and it usually takes no more than 15 minutes.
As you already know your franchise options, and surely you have decided where to put your money. After that, you have to check whether you fulfill all the qualifications to be a franchisee.
Though the qualification requirements could vary from the franchisor to franchisor, the basic ones include net worth, total cash in your hand, your credit score, your industry & management experience, any outside income, and skills.
If you fulfill the criteria to be a franchisee, then all you have to do is find a franchisor with potential business franchises opportunities and apply for it. Usually, most franchisors require to fill a certain type of form to collect the necessary information.
A typical form for investing in a franchise may include the following questions:
- Type of Business Franchise – advertisement, food & restaurants, business services, a retail company, travel & lodging, etc.
- Amount of Capital that you wish you invest in the franchise – from $25,000 to $500,000+
- Whether you already have business experience.
- Time-frame to start the franchise – with 3 months, 6 months or more than 6 months.
Advantages of a Business Franchise:
If you are still feeling confused about whether you should invest your money in a certain franchise opportunity, then here is something that would clear out all of your confusion. Do you know that there are many benefits of putting your money into a Franchise?
Well, if not then here is a shortlist of all the benefits that make a franchise worth to invest in.
- You can simply skip the whole business start-up stage.
- It already has a pretty great brand recognition that helps you to gain instant customer attention.
- It offers better and secure finances.
- Grants you access to high buying power.
- It requires very minimal business and management experience.
- Operational resources like stock, suppliers, control system, etc, everything is provided by the franchisor.
- The success rate of a franchise is far better than independent businesses.
Tell Me Where Can I Apply?
So after knowing all the facts and advantages of investing in a business franchise opportunity – are you feeling thrilled and ready to invest some capital? If yes, is the answer that has been buzzing in your mind, then you might not mind filling the above form. By filling this form you can easily invest in any of the franchise opportunity that suits your interests, skills and business experience. Good luck!