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A Taste For Success – Should I Buy a Hospitality Franchise?

23 April 2018 No Comment

Owning your own business is a dream many people have.  Flexible hours, being your own boss, and turning your passions into a career are all reasons people start their own business.  However, for each reason someone starts a business there are a dozen reasons why someone may not start a business.

Fear of starting something from the ground up and uncertainty of how to actually run an entire business are just a couple of the barriers that people often face when thinking about starting their own business.  If any of this resonates with you, I am here to tell you there is a great middle option for people who want to own a business but are not wanting to build it from the ground up. Below are five reasons how and why buying a franchise is a great way to kick off an exciting new career path.

  1. Research Trends

In the hospitality sector, trends are always changing.  Before purchasing a franchise be sure to do the due diligence trends that are here to stay.  The availability of a bubble tea franchise, for example, is a smart investment.  While this may seem obscure, the data shows that tactile experiences in food and beverage will be one of the hottest upcoming trends.  Bubble tea has experienced significant popularity for many years already, and this up and coming trend will solidify its place in the beverage industry.

  1. Brand Recognition

Purchasing a franchise means you are getting the rights to an already well-known brand.  A lot of the leg work of building up the brand has already been done. So, your role will be to hit the ground running establish and grown the business in your chosen location.

  1. Tried and Tested Systems

Anyone that has started a business from the ground up will tell you that trial and error was the most significant way to really get the business momentum.  There are a lot of books and seminars available on building a business, however the first few years really are just testing thing out to see what works. When you buy a franchise all of this work is done.  Tried and tested systems are in place, just add your determination and hard work and watch the successes roll in.

  1. Marketing Expertise

Rarely is a business owner also trained in high level marketing.  When purchasing a franchise you are also purchasing access to marketing expertise in that particular niche.  Logos, branding and marketing strategies will be handed over to you and you get to decide how to implement them to grow your personal franchise.

  1. Expansion

In a typical 9-5 job you work for a promotion or for the very few to may be run a company.  But you still would be reporting to shareholders and/or a Board of Directors. Owning a franchise gives you the freedom to work hard for yourself, and the promotion could be to buy more franchises and watch your business empire grow!

As with any business decision, buying a franchise has pros and cons.  Buying a franchise will not untether you from hard work, however it means how hard and how often you work is all up to you.  You report to yourself, and you can hire your dream team to build the franchise and hopefully expand. If you are an independent, self-starting worker and want to have a try at buying a franchise, it can lead to tremendous financial success and freedom.

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