Microfranchises, There Are No Excuses For Not Starting Your Business

A few years ago I had the opportunity to be certified as a consultant specialized in Microfranchising by World Vision and the Inter-American Development Bank (IDB).

That experience allowed me to get up close to a variant of the known and successful business model that today is available for small entrepreneurs who want to start small but at the same time with a sure step.

And it is that the adaptation of this model allows giving birth to new formal companies led by entrepreneurs who can now access interesting microfranchise alternatives to self-employ and thus improve their income by directing a solid business and with high potential for success.

The options are many, from small convenience stores, through pharmacies and ice cream parlors to restaurants. So if you are seriously thinking about start your company, there are no excuses, here I share:

5 Reasons to Consider a Microfranchise-Based Business

1. Formula for success

Microfranchises keep exactly the same format with which franchises work and that consists of acquiring the operating license of a well-known brand whose business model It is fully proven.

The advantages are many but the main ones can be summarized in that when you acquire a microfranchise, you are actually acquiring all the experience, prestige and the know-how of the business operation which will save you endless problems that usually have to be overcome with the start of a new company.

2. Attractive price
The great attraction of microfranchises is their price, which, unlike traditional franchises that require considerable investment, now have a maximum price cap of US $ 12,000.00, which makes them much more accessible for entrepreneurs with less investment capacity.

3. Commercial support and brand presence
Like franchises, microfranchises enjoy this enormous benefit of constant brand positioning and identification as part of a commercially strong chain. Factors that inspire consumer confidence and therefore contribute to their growth Small business.

4. Training and constant updating
Another great benefit that franchisees (microfranchise owners) enjoy is their permanent access to training and refresher programs promoted by franchisors. This is because they are the most interested in keeping their brand fully competitive and current in the market.

5. Lower risk in setting up the business
The last and not least reason to consider a microfranchise is to reduce risk in setting up and operating the business. This is because usually franchises are proven business models who have already gone through and overcome the most difficult stages of the beginning of any company.

Hence, unlike starting from scratch and overcoming all obstacles, you actually start halfway through with much greater chances of success, provided that, like any business, you work with passion, dedication and a lot of responsibility in the administrative area. which finally, is a total commitment of the owner.

How do I start a microfranchise business?

These are some recommended steps to consider acquiring a company under this model:

1. The first thing I advise you is to investigate what micro-franchisor options are in your city. You will surely find several and over time the number of companies that offer their brand in this mode will increase.

2. Once you identify which ones may interest you, approach them and request all the information regarding the operation of the license as a microfranchisee. Analyze all the information carefully and if necessary ask for some advice to ensure that you fully understand all the terms and limitations of the contract.

3. Check everything you need to avoid having expenses later that you have not contemplated and that prevent you from operating your business efficiently.

4. Finally, carry out a market study to choose the best location for your new business. The microfranchise chain will surely be able to help you in this process because they will also be committed to ensuring that your business is successful.