Franchised businesses serve as a good option for those who hesitate to start their own company. But like any other business model, it has its benefits and disadvantages.
In Western Australia, printing franchise opportunities are just some of the many ways to take advantage of operating a business under an already established brand, like Signarama. You should consider buying a franchise in the state, as there are expectations of a rebound in economic and job growth.
Types of Franchises
Most people are aware that you can be a franchisee of a certain business such as a retail store, although there are two other common types of franchise models. These are product and processing or manufacturing franchises. A motor vehicle dealership serves as an example of a product franchise, while the beverage industry is often a source of potential processing or manufacturing franchise.
A franchise lets you have access to established procedures and business strategies, so you don’t have to start from scratch. You also no longer have to worry about gaining customers, since the franchisor’s recognised brand or reputation already covers this aspect. In most cases, franchisees can receive support for advertising and marketing campaigns.
Franchisees have no complete freedom in making business decisions since you need to follow standard operating procedures. You also need to pay recurring rates or fees to the franchisor. If you wish to sell the franchise, you will be unable to do so without having approval for a certain buyer. Take note that franchisors are not obligated to renew your contract by the end period.
The amount you need to spend will depend on the type of your preferred franchise. You should also be aware of certain tax implications before pursuing this kind of business model.
Overall, future in franchising looks bright. What is your preferred type of franchise?