However, with every problem, comes a solution. The concept of “FRANCHISING” is simply about leveraging the success of an established brand using its business model, operating procedures, and policies to successfully own and run a business. This is a proven concept with 85% rate of success. Franchising has been considered by notable and prominent investors as a wheeler that takes an investor through the process of building suitable growth and enjoying high return and consequently increases the wealth base of franchise investors like Rick Ross, who has nearly 30 wing-stop franchise outlets across USA and of recent, gifted his son a wing-stop franchise business for his 16th birthday. Another example is a prominent musician, Kanye West who is the owner of multiple burger king franchise outlets across Europe and is planning to expand his franchise business across two other African countries, Kenya, and Ghana. 2022 Nigeria’s Presidential aspirant, Peter Obi is a franchisee of several franchise businesses including Heinz, Ovaltine and the South Africa International breweries.
More so, with franchising, an investor with little or no experience can successfully run a business with standard operating procedures documented by the franchise brand, as well as the marketing and mentorship support provided by the franchisor. The investor is able to replicate the success of the franchise brand riding on the experience and handholding of the franchisor. Other benefits include low business risk, economies of scale, loyal customer base, all of these eventually boost and grow his profitability and return on investment.
A report from Digital Marketing and E-commerce Experts has shown that customers are more likely to buy from a known brand than from an unknown brand, thus with a franchisee, you have unhindered access to the brand’s customer base.
These have invariably shown that the franchise model is reliable, transparent, and a hassle-free model of owning a business with profitable returns. Owning a franchise business is easy and can be acquired by different categories of investors thus you don’t need to break the bank to own one.
What better way to thrive even as a new business owner other than owning a franchise business?