Joel Caws – Technical Director, Select Your Franchise
One of the biggest challenges in any marketplace is competition. No matter what business you are in whether its an established market or a new one… sooner or later you will have to deal with competitors.
Now competition is not in itself a bad thing as it firstly shows there is a market that exists (else nobody else would be doing business there), and it also drives existing business to work harder and to perform better, providing increasing levels of service in order to win the hearts and minds of potential customers.
The challenge for a new business, however, is that gaining customers from the outset can be especially hard for a number of good reasons:-
- You are a ‘new kid on the block’
- You have no track record or reputation
- You brand is not recognisable
Naturally all these factors should change for the positive in time as your business grows and develops and and some entrepreneurial business owners even thrive on this challenge of building something from nothing. However, the above factors are just some of the reasons why many new business start ups fail (statistics suggest that only an average of 1 in 5 new businesses make it past 3 years of trading).
A franchise business can help give you an extra ‘edge’ when it comes to starting up your own business. It’s the same as starting up as self-employed with your own ideas in many respects, except for some important elements. It’s these elements that can help give you that extra help when it comes to opening your doors for business on your first day of trading… and through the months that follow:-
- Many franchises have recognisable brand names – This can help to bring instant recognition and identity to your business with potential customers.
- As a franchisee you are part of a larger network of businesses which can help give more credibility and assurance to the customer.
- You have a proven business system to follow which should incorporate best business practice for selling, customer service, marketing, etc.
These elements can help to give your new business a boost and get customers through your door and get you trading successfully. This in no way means that starting a business from your own ideas will fail… it just means the path ahead is uncharted and you will have a lot of work to do to establish your brand identity and business.
Of course, whether you choose a franchise business or start one yourself, it will require plenty of hard work. In the bigger scheme of things though, many prospective business owners can appreciate that you need all the help available to get your business off the ground.
If you are interested in seeing what franchise opportunities might catch your interest, you can begin by browsing from a large range of franchises in our directory.
