If you are taking the time to read this article then it’s highly likely that you’re thinking of getting out there by yourself and being your own boss. You are to be congratulated for this brave step because many people find it difficult to make the transition from being guaranteed a salary at the end of the week or month to not really knowing if your business idea is going to be successful or not. In the interests of clarity, you should know that many new businesses fail within the first 2 to 3 years of starting up and so it is important that you enter into any new venture with your eyes wide open to the probabilities.
It’s always best to reduce the amount of hurdles and issues that you’re going to come across when trying to be your own boss and so if there is a way to hit the ground running and to become a success more quickly, this is an option that you should be looking into. It depends on the sector that you want to get involved in and where your experience comes from but if you are currently or were involved in the hospitality industry then you might want to look into a Thai franchise restaurant opportunity. This is one of the many franchises that are currently available to you and so if you have never really considered the franchise option before then maybe the following reasons why it is an excellent idea might help.
It lowers your risk – As was mentioned briefly before, there is a risk when you go into business by yourself and start at the very beginning. If you sign up for a franchise, however, the risk of failure is lowered considerably because the franchise is already successful and already has an established customer base who enjoy the French-pressed coffee or Thai food.
The product or service is established – The franchisor has already done all of the hard work when it comes to the product service that you are currently interested and it is already being sold successfully in the Australian market. When you try to start at the very beginning by yourself, it is an idea that maybe hasn’t been tried before and so you won’t know if it is a success until you actually try. The franchise is already in business and generating profits.
Better purchasing power – You get the opportunity to be able to buy goods at a much lower cost because they are supplied through the franchisor. If you can buy the things that you need in order to make your business work at a much lower price, this creates more opportunities for higher profits.
When you buy into a franchise, you will be using a business name that is already widely recognised within the Australian community both locally and nationally. You will also be able to take advantage of an efficient operation that has been built up and improved upon over the years so that you can better control quality.