One of the key advantages of a franchise is that you’re buying into a tried and tested business model that has already worked through many of the big hurdles. This can apply to everything, such as working out what products or services you carry, who your target market is, or even the documentation and contracts for staff.

Take, for example, one of the core aspects of a successful business, making a profit. If you don’t make a profit, then, as a business owner, you don’t have income. However, the basics of profit, that is, selling something for more than it costs, isn’t necessarily that easy to work out. You’ve got to find a price point that stays attractive compared to the competition, which either means making less profit or finding a supplier who’ll give you a better price. Still, then a ‘better price’ could mean lower quality, so consumers go with the competition anyway.

These calculations and others could take years of experience to find the optimum sweet spot for your pricing while still chasing better deals from suppliers. However, the advantages of franchising are that all those things are done for you. In most cases, your franchisor will handle all the supply chain and focus on getting the best prices and having much more data on your product pricing to find what works best, which is an advantage of a franchise.

Overall, franchising means that you get a ready-made business plan, where pretty much everything has already been tested and proven, so all you have to do is focus on the work and run the business.