Episode 195: The Opportunity To Buy Into A Franchise

So, maybe you’ve heard of the term franchise, and even though it’s a business term, do you really understand what a franchise is and what opportunities it can provide for you and your business?

OK, so let’s jump straight in and get clarity on what a franchise is.

There are two options available:

1.A franchise is a business model where an individual (otherwise known as the franchisee) purchases the rights to operate a branch of an already established brand, following its systems and using its name.

2.OR the other option is to use your existing business, with a proven framework and systems and create this into a franchise model, where other people can buy into your business and run it with your systems. A great few examples of this is McDonalds or Starbucks.

The benefits of buying into a franchise include gaining access to a proven business model that already works, so you don’t need to try and reinvent the wheel. It’s already got brand recognition, and ongoing support in areas like training and marketing.

Before buying into a franchise, you should consider factors such as the initial investment and fees, the franchisor’s reputation, the level of autonomy allowed, and the contractual obligations involved.

Now this is just the tip of the iceberg, which is why I want to introduce you to Rebecca Newenham.

Rebecca’s the founder of an outsourcing agency called, Get Ahead VA. She’s also a franchise consultant and business mentor.

She’ll share some incredible information about either buying into a franchise or starting your own franchise model.

Today, you’re going to learn:

1. What is a Franchise?
2. The benefits of running your own franchise?
3. What are some of the legalities to look into or understand?
4. What do you need to look out for if you want to buy into a franchise?

You can also look at Episode 181: Tips To Scale Your Business & Build Your Team