Working for yourself has many advantages. Being your own boss might bring more flexibility, give you a better work life balance, and of course means that rather than earning a salary at the end of the month, your effort and successes directly affects your earnings. Taking that first step into self-employment and running your own business is scary though – what if it doesn’t work out? Franchising is an attractive option for many entrepreneurs, and companies are actively looking for people to take on Master Franchises around the world. Could this be the opportunity you’ve been looking for?
Advantages of Franchising
When looking at franchising in general, there are many advantages to using this business model rather than starting your own company from scratch.
· Turnkey business: when you buy into a franchise you’re given help in getting started. There’s no need to do the market research, look at competitors, think about pricing, what services you’re going to offer. That’s all been done for you, and you can get going right away.
· Ongoing support: All businesses go through peaks and troughs. With a franchise though, there’s always someone on the end of the phone or email to give advice and support.
· Marketing: Franchisees benefit from marketing and advertising activities organised by Head Office, helping them to build brand awareness without requiring massive investment.
· Lower Risk: All the figures show that going into business for yourself using a franchise model is far less risky than starting a wholly new business from scratch. According to figures, between 70% and 80% of independent businesses fail in the first three years. With franchising, this figure is only 20%.
· Profits: Franchising businesses can be extremely profitable. Some of the world’s biggest brands, such as McDonalds, have grown through a franchise model.
Becoming a master franchise takes that concept of low risk, proven concept one step further. A master franchiser buys the right to a specific area or region. The Master Franchiser then is responsible for recruiting franchisees in his or her region, vetting them, supporting them, helping them to grow their business and marketing, while at the same time liaising with the parent company.
There are a huge number of advantages to taking the step to become a Master Franchiser. Many of these are similar to the advantages for an ordinary franchisee, but there are some significant added benefits.
· Lucrative: being a master franchisor usually allows you to keep an extremely high percentage of the profit generated by the franchisees in your particular territory.
· Autonomy: franchise businesses appreciate that the best way to grow and operate your business will depend in a large part on where you are located. Being the master franchisor for your country gives you the autonomy to tweak the business model to local needs.
· Multiple revenue streams: Master franchising can work in two ways. Either the master franchisor can assume an office based role and spend his or her time recruiting new franchisees, or they can set up and run franchises of their own in addition to their work as a master franchisor. As well as multiple revenue streams, this gives additional flexibility.
· Growth: A successful, proven concept can roll-out internationally very quickly, allowing very fast growth for your business.
What Sort of Person Should Become a Master Franchisor?
The short and simple answer is that there is no one “type” of person who makes the ideal candidate for taking on a Master Franchise. As with any business there will certain qualities which will help a franchisor succeed: great communication skills, organisation skills, the ability to pitch the benefits of their business, interpersonal skills, flexibility, energy and drive.
There are however no other essential characteristics for taking on a Master Franchise opportunity and making a success of it. Young or old, experienced or new to running your own business, whatever your background and work experience – taking on a Master Franchise with a proven concept offers an unrivaled opportunity to build a business and succeed.