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There are typically three paths to going into business for yourself: starting a new business, buying a new franchise, or purchasing an existing franchise. Each option carries pros and cons, which we have outlined below.

Franchising is a way of being able to open your own business with the guidance and support of a larger parent company.

A contractual agreement is entered into by the franchisor and the franchisee. The franchisee agrees to pay an initial fee and royalties to a franchisor in order to use the trademark, business system, and sell the products and services of the franchisor, as well as complying with certain standards the franchisor puts in place. The franchisor provides access to the brand name, operational manuals, initial training, and some ongoing business support. Depending on the franchise, they may offer even more than this - ongoing training, marketing support, technology programs, and so on.

Franchisors do well when their franchisees do well, so it is in the franchisor’s interests to ensure their franchisees can thrive.

Buying a franchise is a great route if you are looking to become an entrepreneur but don't want the risk of starting a business from the ground up. There is a low risk and high revenue possibility in owning a franchise as well as brand awareness. Along with high profit margins, you are provided all the support and resources of a larger company. Owning a franchise gives you the independence of a business owner while offering guidance.

Some of the most successful businesses across a variety of industries are franchises - it’s not just fast food chains! Buying a franchise is a great route if you are looking to become an entrepreneur but don't want the risk of starting a business from the ground up. As a franchisee, you benefit from the brand name, marketing, operational systems, and the products and services of the franchisor you work with. This gives you access to a wealth of knowledge on how to succeed in your business, giving you the independence of a business owner with the support of a bigger company’s resources and knowledge