It’s no secret that the biggest benefit of buying into a Franchise is the opportunity to be associated with a well established, high profile brand right from the start. But not all Franchise styles work for all types of people and it pays to think carefully about which type of Franchise will best suit your style, personality and skill set.
The 4 Most Common Types of Franchises are:
Retail Franchise – With a retail franchise you will occupy a retail space, and sell products or services directly from the premises during designated business hours for ‘walk-in’ clientele. This is referred to B2C. Most retail franchises deal with the general public and rely on having a high traffic address or location. Management of a retail franchise requires you to do business during specific hours and will usually include weekends and some evenings. The Kwik Kopy franchise system is a ‘b2b’ style franchise system, which does not require Owners to work on weekends or evenings.
Management Franchise – This type of franchise is generally run from a regional head office or offices and involves hiring and training a team of service providers who will be the face of the business. This type of franchise best suits service providers who don’t need a specific location to operate like van-based businesses or portable training and education services. In this type of franchise you would be responsible for marketing and managing the business and you will have a staff who will be responsible for the sales of product or provision of service.
Single Operator Franchise – A single operator franchise requires a lower level of financial investment, but usually requires a larger investment of your personal time because you are the sole employee. Ideal for home based businesses, smaller start ups and mobile operators, a single operator franchise has two individual types – Manual and Executive. A manual single operator franchise includes trade supply and delivering products or services, while an executive single operator franchise encompasses more ‘white collar’ options like accountants, consultants and skill trainers.
Investment Franchise – Particularly popular with corporate investors, an investment franchise requires a significant financial investment, but does not require that you work directly within the business. In an investment franchise you would oversee the business in an advisory role only and hire an experienced management team to manage the running of the business on your behalf. The types of businesses ideally suited to this type of arrangement are – hotels and restaurants.
With any of the options above, you have the opportunity to start a business with considerably reduced risk, but it’s all about finding the right franchising option to suit your style, personality and skill-set to make sure you’re making the most of the opportunity to increase your chance of business success.