Research required for a franchise or starting your own business?
More than 500,000 people per year try to start a new business of their own - maybe it’s something to do with being your own boss. Unfortunately the success rate of these start-ups is not so high and there are many reasons why a business can fail.
What you should have before you dive into a new venture is a well-established plan based on research and fact, not a wing and a prayer. Start with an understanding of who your customers are and how you can reach them. Then test out your product or service on real customers, ones who will give you genuine feedback. It may mean you have to go back to the drawing board and repeat this process, but you’re likely to establish and quash some hurdles early on. Don’t forget your competitors too; think outside the box about whom they could be and how to differentiate your product or service from theirs.
That’s not to say that franchising means all your decisions are already made. The biggest decision you’ll need to make is which franchise you want to buy. You need to choose an industry you’re passionate about and a brand you can buy into yourself before you can start sell it to others. To gain some insight, it’s often a good idea to visit current franchises and if you can, visit a few at different stages of development and find out what their issues have been. It'll help you work through similar issues later on.
So, there is lots to consider and there is no real conclusion but some food for thought we hope. Irrespective of which you choose, you’re going to have to work really hard to achieve your dream so just make sure you’re dead set on your decision. Good luck!