What is Franchising?
What’s the first thing you think about when you hear the word “franchise”?
If franchising is new a idea to you when it comes to business, chances are you are thinking about film franchises, such as James Bond or Marvel. That’s usually where most people who don’t work in that world will think when they hear that word.
Maybe you might know that big brands like McDonald’s are a franchise, or maybe that train companies in the UK operate under a “franchise” from the government. Unless you work within a specific sector of the business world, there’s no reason why you should know any more than that – but, franchising can mean a whole lot more. Especially for someone like you who is looking for a way to start their own business.
What is business ownership format franchising?
Put very simply, this kind of franchising is when you enter into a partnership with an established brand to launch your own business. You pay an upfront fee ( called Franchise Fee ) and in return you get to replicate their business model in a location of your choosing.
For example, with the Geek Retreat franchise, you will be able to open your own Geek Retreat store and be able to use their branding and have access to all their suppliers. You’ll be the boss, but you’ll also be a kind of partner in the business, too.
Basically, it is an “out-of-the-box” business you can buy into.
Franchising is a blueprint and build-it-yourself kit for your own successful version of everything the franchise can do, and – even more importantly – a way of doing things which has already been proven to work across dozens of locations. On top of that, you’ll also be trained in all their systems, how to make it work for you, and receive support from an expert team.
You’ll be avoiding all the problems and obstacles that you would normally face starting your own business, and jumping straight in with something which has already be perfected and proven.
This is a very simplified overview, so please feel free to ask if you want any more details! Franchising has become one of the most popular and secure ways of launching your own business in the UK, and helps thousands of people like you every year fulfil their dream of business ownership.
For more details on the benefits of franchising with a brand like Geek Retreat over going it alone, check out this page: Why Choose Us
What franchising is NOT
Franchising is not just for being part of a large, multinational brand. In fact, most franchises are smaller businesses with just a few dozen locations in the UK, and work in all kinds of different industries, including gaming stores and cafes!
The other thing franchising absolutely is NOT, is a way to buy a job. It is an investment opportunity, and a way for you to transform your life for the better by starting your own business.
Sounds pretty good, right? Well, then there’s just one question you need to ask yourself:
Are you the right kind of person for franchising?
It’s not a financial shortcut, and it’s not necessarily cheaper than going it alone. However, it is a lot less risky than going it alone, and much, much more likely to get you a good return on that investment in a reasonable amount of time.
So, the first thing you do before you go any further is to make sure you understand the investment involved. You will need to pay a Franchise fee to join the franchise, which is payable in 2 parts with the initial part just £4,000, but that’s just the entry fee to the franchise system. You are still going to need to lease and setup your own store, and have enough working capital to get up and running.
It’s a substantial investment.
Learn more about exactly what’s involved here: Geek Retreat Franchise – Your Investment
Other than that, it’s all about having the right ambition and attitude – we can teach you the rest!