Despite global economies, franchising continues to grow as a method of doing business around the world. The advantages include quicker growth through more highly motivated operators and using external finance and effort to open and run the outlets. When times are tough, it pays to be ahead of the game and take franchising as a serious means of business development.
Those who succeed are usually the ones who take the most risks. The majority of millionaire investors and business owners did not sit back and wait for success to come knocking on their door. These shrewd entrepreneurs have built up lucrative enterprises by operating differently to the rest of the crowd.
In business timing is everything, so identifying the right moment to act is crucial for success. So, when the economy is uncertain, starting a business or expanding an existing company when others are being more cautious could bring great benefits. Whether a franchisor or a franchisee, being on the front foot when the market returns to normal will mean that your business is better-positioned to take advantage of a sudden upturn in fortunes.
Contrary to popular belief, when the market is down it is possible to continue proposed business plans and realise that lifelong dream of independence or expansion. However, rather than going it completely alone, teaming up with a well-structured system as a franchisee or taking on the enthusiasm of a franchisee and become a franchisor, is a much safer option.
Franchising for success… read on.
