The Power of 4 | 4 Key Areas of Franchising

The power of 4

Franchising is a growth area. There are many people looking for a career change however, the decision critical to their future success, is what is the best option for them? If we explore this more and break it down further, we can help with the decision thanks to the power of 4. Four key influential factors that can help define what the best franchising opportunity is for you. Let’s explore the power of 4:

  1. Safety and support

When you start out in your career journey and find your first job you feel relaxed and safe in the knowledge that you have a stable work environment and a regular income, providing you work hard nothing can change that. The concern when you go down the route of business ownership is that you are relinquishing this safety net.  However, does this really happen when you go down the franchising route?

Of course, there will be some financial commitments upfront and a little bit of stress but the benefit of a franchise is you’re backed by a successful business model, have experts on hand when you need them and have a reliable and defined sales process.

  1. Innovation

Some of the biggest and most successful franchisees are those that put innovation at the heart of their business. They are always thinking, looking for areas of diversification and opening the potential to sell into new markets. A business that has invested in state-of-the-art technology and puts customer service at the top of its priorities is often the most successful. Any new franchise you invest in should be putting innovation at the forefront of their business.

  1. Income

When you are employed the correlation between how hard you work and the money you get paid is not always equal. However, when you step into the world of business ownership you will often find that if you work hard then you will in turn reap the financial rewards. When you consider the type of franchising business that best suits you, it goes without saying you should evaluate the earning potential and make sure it can meet your specific financial needs.

  1. Time

 The fourth consideration must be time. Before even starting the research of which franchise would suit you best, first work out what time you have available across the week. If the new business needs a 60-hour working week for the first year but you can only commit 40-hours per week then clearly it is not the right choice. Of course, as the business grows and you employ additional staff, the demands on your time can be released, offering you a better work-life balance. Make sure you consider your time commitments both from the outset, after 6-months, after 12-months and after 24-months.

The most successful franchisees will make sure they harness the power of 4. If you have any questions or need some help, please call 01993 706403 or e-mail hello@ngifranchisefunding.co.uk.

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