Are you considering buying a franchise? It may be difficult to determine which franchise model is right for your business. The most common franchise has been the traditional brick-and-mortar model such as gym studios and storefronts. New technology has introduced new business models to the marketplace. Here’s a guide to three franchise models that you can consider for your business, written in collaboration with F45.
Brick-and-mortar businesses have a physical presence and offer customers a face-to-face experience. Some examples would be restaurants, gym studios, and storefronts. If you’re more comfortable having customers walk into your business this may be the best choice for your startup.
Location is said to be the most critical factor in the success of a brick-and-mortar business. For more insight on how the brick-and-mortar model is structured, you can take a look at an F45 franchise for sale; the F45 fitness franchise is one of the fastest growing in the industry, with over 1200 franchises across the world.
Technology has made it possible to operate a business almost anywhere, creating a rise in home-based businesses. Apart from the convenience of working from home, this franchise model can offer you several other benefits such as lower start-up costs and overheads, and tax advantages. While this type of setting may be great for some people, for others it may be inconvenient, such as in cases where there are many distractions at home.
“Home office working isn’t for everyone. It’s best suited to someone who is organized, self-disciplined and committed to their business. If that’s you, the flexibility and freedoms offered by a home-based franchise could be the perfect fit,” says What Franchise.
To make a home-based business work you would need to set up a private workspace where you will have minimal distractions.
Do you like the idea of operating out in the field? Do you cringe at the idea of being stuck in an office all day? This franchise model may be just what you’re looking for. According to Entrepreneur, not only can mobile businesses be flexible, but they also offer lower startup costs. Some examples of mobile businesses are food trucks and maintenance services.
Due to the fact that mobile businesses don’t offer the benefit of walk-in traffic, but need to generate all of their business with outbound marketing efforts, you should ensure that your franchisor offers a great marketing program, if this type of model is of interest to you. You can make use of technology to maximize your efficiency.
According to Entrepreneur, the majority of franchise owners say that their
“business lifestyle was a determining factor in their choice of a business model”.
To get a good feel of how each franchise model operates, it’s a good idea to visit an existing franchise, before proceeding with your choice.
Written in partnership with F45.