Not all ex-military will want to become employees. There will be some who will want to set up their own business.
That’s where a franchise comes in. There are obvious advantages in buying a franchise, the most important being that you will be purchasing a tried and tested business concept. It may not be cheaper than starting your own business but it does bring with it a recognised brand image.
It is estimated that whilst only one in five new-start businesses will still be trading after five years, some 90% of franchise operations will have succeeded.
Some of the benefits of buying a franchise are:
- You will have the opportunity to purchase a business concept that has already been tried and tested in the market.
- The risks of setting up a franchised business are substantially reduced when compared to establishing a new business in the same market.
- A franchise will provide a brand image that the public will recognise.
- Business premises will all comply with an established interior and exterior design to assist with brand promotion.
- Specifications for the equipment required by the franchise will be clearly identified from the outset.
- Publicity and ongoing marketing can be arranged by the franchisor as part of the contractual agreement.
- Comprehensive training in all aspects of running the business will be given to you by the franchisor, both initially and on an ongoing basis as methods are improved.
- The 'operations manual' received as part of the franchise will give standardised procedures for accounting, sales, and stock control.
- The franchisor may be able to provide you with better terms for the centralised bulk purchase of raw materials or goods used by the franchise.
For more information on franchises please see www.thebfa.org
