by Simon Lord

last updated 24/06/2020


Stronger Together

by Simon Lord

last updated 24/06/2020


Want to own your own business? Buying a franchise can provide you with some big advantages over going it alone

Stronger Together

Welcome to the new normal. The world has seen a lot of changes in the past few months, and a lot of people have been forced to look at making changes to their lives, their income and their future plans.

As a result, you may be considering the option of buying your own business. Owning your own business isn’t an instant route to riches, of course, but it does enable you to control your future in a way you can’t as an employee.

But owning your own business can also be risky. Starting a new business – or even taking over an existing one – is hard. You need a viable business model, a reputation and the right equipment and connections. You need finance and you need customers. You need to be good not just at doing whatever you do, whether that’s fitting windows or making coffee, but at running a business: marketing, managing cashflow, pricing and negotiating, to name a few key activities. Not many people have all those skills when they start, which is why many small businesses never get off the ground. If you’re used to having a team of specialists around you, being your own boss can also make you feel very isolated.

Buying a franchise, on the other hand, means that you will have strength in numbers. Although you still own your own business, you’re also part of a much bigger operation. You’ll get the training, systems, marketing, help and support you need to have the best possible chance of success. You’ll have more options when it comes to funding, because banks know the value of good franchise models. And when something goes wrong (as inevitably happens sometimes), you’ll have all sorts of help and support available – read our article about how franchisors rallied to help their franchisees when Covid-19 hit. 

Buying a franchise also means that you can take your existing experience and abilities and channel them into something new. It’s just a question of matching your skills, goals and attitude to the right opportunity.

Strength in training

Over the years, we’ve talked to hundreds of people who have changed careers through buying a franchise: bankers who have bought cafés, IT experts who build kitchens, and retailers who took up lawnmowing. That’s reassuring, especially if you are currently facing redundancy. In some cases, franchisees have gone from knowing almost nothing about their new industry to...

 

This article is published in full in our most recent issue of Franchise New Zealand magazine. Request a free print copy or download our free digital magazine to read the entire article.

Order a Print Copy
Order a Print Copy
1