These are the pros and cons of buying a franchise, according to Lex Baker, franchise management and development director for Wall Street English
Buying a franchise can be a viable alternative to starting your own business, but it’s not for everybody. As a leading English language school franchise, Wall Street English is well placed to understand the importance of getting these decisions right.
For more than 40 years, our franchisees have been helping people to learn English through our blended learning process and right now, as you read this, thousands of people are getting to grips with the world’s most valuable language in more than 400 Wall Street English language learning centres across 28 territories.
Over that time, we’ve accumulated a depth and breadth of experience in franchise development that is unparalleled in our field.
As you can imagine, as the leading operator in our sector we’re constantly approached by potential franchisees attracted by our established reputation, fast return on investment, global presence, long history and ‘business in a box approach’ that makes opening a franchise such an easy proposition for the right people.
However, we recognise that franchise opportunities are not necessarily for everybody, so we thought we’d help you out with a handy and honest guide to the pros and cons of franchising.
When all is said and done, ultimately, running a WSE franchise is a partnership, so it’s vital that both sides are honest with each other up front to avoid any issues or misunderstandings further down the line.
And once you’ve weighed up the pros and cons, if you still think it’s the right route we’d love to hear from you.
Here are the top six reasons why we think buying a franchise is a great idea:
However, investing in a franchise partnership is a huge decision and it’s not for everyone. So in the spirit of honesty, here is some honest advice around making that decision that shows it’s not all a bed of roses:
So there you have it. The pros and cons of investing in a franchise, laid bare for you to review and enjoy.
When all is said and done, unsurprisingly, we passionately believe in the franchise approach. It has worked well for us and for millions of people around the world for many years.
But for a franchise to succeed, it’s vital both parties enter into any agreement with their eyes wide open, which is why we take the selection process so seriously. Buying a franchise can be a life changing experience, so make sure it’s a positive one. Do your due diligence before signing a franchise agreement.
A properly designed and executed franchise system can be an exceptional method of expansion, but franchise systems that are poorly designed or not well managed are to be avoided.
While many entrepreneurs have the skills to run an existing successful business, they may not all have the expertise it takes to get a business up and running, whether that’s obtaining financing, negotiating lease terms, identifying market opportunities, building the right team, or penetrating the marketplace with a new offering. Buying an existing franchise in a well designed system can eliminate much of that risk.
At Wall Street English, we can provide help choosing the right territory and professional support in all work streams, including daily operations, finding the best location, recruitment and training, building marketing strategies and launch planning.
Remember, when you buy a franchise you buy a complete system - everything should be in place to get you off to a flying start. This should help you to eliminate much of the guesswork and help you avoid some of the most common and obvious mistakes.
Operating a franchise requires a certain kind of person: ambitious, entrepreneurial, financially astute and aware of the greater good.
So if you think you have the right stuff and you think Wall Street English might be the right partner for you, we’d love to talk. We’ll be honest and upfront about all the pros and cons. Who knows? You might even end up owning a chain of language schools.
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