If you would like to start up your own business but you don’t have a solid plan, taking over an established business franchise could be the answer.

There are numerous benefits involved in running a franchise, and many different franchises to choose from in a variety of different sectors. Here we will take a look at the benefits of this kind of business and the franchise types that are currently available.

Benefits

The potential benefits of taking over a franchise business include the following:

• A quick start-up

One of the greatest advantages of a franchise is that the business is already in operation. There is no property to purchase, there may already be staff in place so no recruitment is necessary and you should be able to get down to business right away.

• Take advantage of established profitability

If a franchise has been running for some time you can access financial records and see exactly how successful it has been. This should give you a good idea of what to expect when you are in charge. You can also hope to get repeat business from customers who have visited or dealt with your organisation before. Most franchises have established profitability, which gives confidence to the new owner.

• Promote/sell popular brands

Another strong benefit when it comes to franchises is that you are promoting or selling brands and goods that are already popular. A confectionary retailer, for instance, could sell products such as Toblerones, Pringles and M&Ms. Customers already know these products so there is no marketing needed to persuade people to make a purchase.

• Avoid business start-up fees

Starting up a new business from scratch can be incredibly expensive with all the fees that are involved. With a franchise, start-up fees can be considerably lower, meaning more funds to invest in stock and other necessities.

Types of Franchise Opportunities Available

A number of franchise opportunities fall into the following business sectors:

• Business format franchises

This is where a business expands by supplying independent business owners with a business, including its name and trademark. Fast food restaurants like McDonalds are well known for this kind of franchise.

• Product franchises

Products franchises are where manufacturers control how retail stores or units sell their goods. A vending machines franchise would be a good example.

• Manufacturing franchises

Here the franchiser gives a business permission to produce and sell products under its name and trademark. Bottlers of soft drinks often obtain such franchise rights.

If you are interested in taking over a franchise business, there are plenty of opportunities out there.