Have you ever dreamt of owning your own business? Of course you have, it is something that many people would love to be able to do but in most cases this dream is clouded by the “what if” question - “what if it fails?”. The fear of failing prevents so many would-be entrepreneurs from taking the plunge. But is this warranted? Well, it’s sad to say but yes, statistically it is warranted - Up to 50% of new businesses fail within the first 2 years of trading. With these figures, it is quite understandable that not everyone wants to pour their life savings into a new business venture.
With any investment, there is usually a certain degree of risk involved and so starting a business is no different. It requires a lot of planning, preparation, thorough research and good implementation.
Getting involved in a franchise business on the other hand is slightly different. Franchises are more likely to succeed than standalone businesses. Although you still need to research the business concept as well as the franchise offering (to avoid any rogue deals), there is a lot less risk involved. In most cases, people who franchise a concept have usually run at least one successful business either selling or providing that particular product or service. And the essence of it is that he/she has created a proven business system with a proven market. Yes, you can breathe a sigh of relief – they have established 2 critical components of the business. 1) The product or service has a viable place in the market and 2.) There is a sound business system in place which is essentially that company’s recipe for success. The advantages of buying a franchise are numerous and are beyond the scope of this article but essentially it is a safer route into the world of business ownership.
Think of any business area that you would like to get into and then look at how many franchise opportunities are within that category - You’ll be amazed! In the world of franchising, there is something to suit anyone’s business interest.
For mothers looking to create extra income, there are many work-from-home business opportunities as well as kids education and skills development franchises such as Mathematics, English, music and art franchises. Kids party franchises are also emerging – entrepreneurs have spotted a gap in the market to organize themed parties for kids as more and more mothers are working full time with limited time to plan a party.
Property related franchises continue to grow and include real estate franchises, bond origination services, property renovation and maintenance concepts, graffiti removal services as well as property inspection services.
Automotive franchises range from well branded car-cleaning concepts to outlets selling spare parts for cars to workshops re-powering scrap batteries.
Spa franchises are increasing in numbers as the health, wellness and beauty industry gains momentum in South Africa. Other franchises in this category include beauty training academies as well as direct selling opportunities for perfume and skin products. There is a still lot of room for growth in this category and is likely to increase steadily over the next few years.
The food and restaurant franchise sector continues to expand with great opportunities from small trailer vending concepts to fast food stores to casual dining and family restaurants.
There is definitely more scope for travel franchises in South Africa, especially niche travel markets like South African safaris, student travel and holidays for the elderly.
Internet and communication franchises would best suit people interested in various types of technology. Some of these franchises include; postal, printing and copying shops as well, computer repair services and cell phone air-time concepts.
These are just but a few of the franchise concepts that are available in South Africa and you can be sure that there will be more and more concepts launched in the future. Watch out for pregnancy and baby franchise concepts, pet products franchises, specialty food franchises, concepts targeting exercise and activities for kids, cooking franchises, as well as concepts that focus on services for the elderly.
Just remember that although buying a franchise has fewer risks than a private start-up, it doesn’t mean that it requires less work.