Franchising In Ghana Here’s why you should buy a franchise instead of starting your own business

These reasons will change your mind if you intend starting your own business.

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You may want to start a business, but you probably do not have the natural ability or expertise to ensure that it becomes successful.

And even if you are able to start that business, you may get frustrated in the long run as most Ghanaians are very careful when identifying with new products and businesses.

This is because they feel that such products have not been tried and tested. And that is where franchising comes in, where you join a stable business and work your way to the top.

READ ALSO: Why franchising is the way forward for SMEs in Ghana

Getting a franchise also means that you are able to avoid many of the struggles small businesses usually go through.

A workshop organized by the Institute of Financial and Economic Journalists in partnership with Voltic Ghana Limited in Accra on Wednesday touched on the above and much more.

In effect, below are some of the reasons why you should buy a franchise.

Initial work done

Most of the work in developing the business has already been done with all steps and processes being laid out. All you would have to do is to follow the instructions.

READ ALSO: FDA seizes fake Exeter corned beef

Training

A good franchise will have the work laid out in black and white for you. It will show you how to market, budget, how to produce the product or service and how to manage. These are done to enable franchise owners to earn more and spend less time and effort than if they were to open and operate a similar business on their own.

Business already proven to be successful

There is an established Brand and Customer base. Thus, one of the biggest advantages of buying into an established franchise is the strength of the brand and the fact that its customers are loyal.

Reduced Risk

Many a time, starting a franchise of an established brand has less risk than starting a business from nothing.

Highly regarded suppliers

Franchisors often have established relationships with suppliers for all the materials you may need as a franchisee.

Ongoing Research and Development

As a franchisee, you can concentrate on improving your operations and let the franchisor spend the time and money developing new products.

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