If the idea of being your own boss and becoming a franchisee appeals to you, you could consider starting a drainage franchise. The draining and plumbing sector is thriving and highly profitable, so you can sleep easy knowing your financial future is secure. Read on for all you need to know to get started.
Full Answer
Why choose the Drain Doctor franchise?
With the scalability that the Drain Doctor business model offers, you can finally earn money that reflects the work you put in. With the help of our team, you will grow your business steadily acquiring new vehicles, technicians, and office space as your workload increases. The Drain Doctor franchise fee is £35,000+VAT.
Should you open a plumbing and drain cleaning franchise or stay independent?
When it comes to operating a plumbing and drain cleaning business as a franchise or staying independent, there are good arguments on both sides. Franchises offer business-building benefits such as marketing support, budget guidance, and a broad network of fellow franchisees to lean on for advice and assistance.
What are the benefits of being a franchisee?
The franchiser also allows the franchisee to use the business systems and processes, produce and market a good or service. For example, the popular fast-food chain restaurant McDonald’s is a franchise business. So, if you wanted to open a McDonald’s restaurant in your area then you could use their trademark but still be your own boss.
Is franchising better than owning your own business?
But being in business for yourself can be tough and even tougher if you try to go it alone. Franchising can be a strong alternative. With the right company you can get both the benefits of owning your own business and the support of a larger business entity that can help you along the way.
What franchise is the most profitable to own?
Most Profitable FranchisesDunkin'7-Eleven.Planet Fitness.JAN-PRO.Taco Bell.Orangetheory Fitness.Great Clips.Mac Tools.More items...•
What is the downside to a franchise?
Buying a franchise means entering into a formal agreement with your franchisor. Franchise agreements dictate how you run the business, so there may be little room for creativity. There are usually restrictions on where you operate, the products you sell and the suppliers you use.
Does owning a franchise make a lot of money?
Buying a franchise might seem like easy money, but those royalties and fees will quickly cut into profit margins. The majority of franchise owners earn less than $50,000 per year.
What percentage of franchise owners fail?
National Franchise Statistics There are nearly 674,000 franchise owners, according to Zippia. The Bureau of Labor Statistics reports that about 20% of independent businesses close after two years.
Why do franchises fail?
Overseeing and managing a large franchise system requires a significant amount of liquid capital. If a franchisor does not have adequate reserves, or if a large number of franchisees are struggling to make their monthly royalty payments, then this could lead to systemic failure and widespread franchise closures.
What are 3 disadvantages of franchising?
The franchise agreement usually includes restrictions on how you can run the business. You might not be able to make changes to suit your local market. You may find that after some time, ongoing franchisor monitoring becomes intrusive. The franchisor might go out of business.
How long before franchise is profitable?
One common misconception when it comes to operating a franchise is that once you sign on the dotted line and open for business, the customers and revenue will start flowing. This is typically not the case. It normally takes a year or two to become profitable.
Is it better to start a business or buy a franchise?
Bottom line, franchises have a higher overall success rate than startups. Franchises operate under a predetermined business model that has already brought success while independent businesses make adjustments and decisions to their business model as they go.
Is it worth it to own a franchise?
If you're a fledgling entrepreneur or a seasoned business person wanting to diversify your holdings, you've probably wondered, “Are franchises a good investment?” The simple answer is yes, especially if a great opportunity presents itself. There is an obvious appeal to starting a business via buying a franchise.
What happens if you buy a franchise and it fails?
Often the best answer to a franchise that is not succeeding is for the franchisee to sell the business to a third party who becomes the new franchisee for that territory. This allows the failing franchisee to terminate its obligations under the franchise agreement and under any lease.
What's the most successful franchise?
The top 25 highest grossing media franchises of all time worldwide (by total revenue in U.S. dollars) are as follows:Pokémon – $92.121 billion.Hello Kitty – $80.026 billion.Winnie the Pooh – $75.034 billion.Mickey Mouse & Friends – $70.587 billion.Star Wars – $65.631 billion.Anpanman – $60.285 billion.More items...
Do franchises pay taxes?
Franchise taxes are paid in addition to federal and state income taxes. The amount of franchise tax can differ greatly depending on the tax rules within each state and is not calculated on the organization's profit. Kansas, Missouri, Pennsylvania, and West Virginia all discontinued their corporate franchise taxes.
What are the pros and cons of owning a franchise?
Benefits and Cons of Franchising: A SummaryAdvantages of buying a franchiseDISADVANTAGES OF BUYING A FRANCHISEBrand awareness already exists for the business, making it easier to draw in an audience and generate profits.Initial investments can be high, and some companies require payment with non-borrowed money.5 more rows•Aug 30, 2021
What is the red flag in franchising?
Red flags would include a high number of franchisee turnover, more outlets closed versus opened, high franchisee turnover coupled with low number of franchisee transfers. A high number of Sold But Not Opened franchises can be a red flag that would require a closer look.
What are the advantages and disadvantages of a franchise?
franchising-tableAdvantagesDisadvantagesFranchisees may be more talented at growing the business and turning a profit than employees would beFranchisors earn royalties from sales. Franchisees earn money from profits. Achieving growth in both isn't always possible, potentially causing conflict6 more rows•Jan 30, 2015
What are the pros and cons of being a franchise?
Pro: You Avoid Much of the Headaches Associated With Trial and Error. ... Pro: Logistics and Processes Are Already In Place. ... Pro: Financing Your Business Becomes Easier. ... Pro: You Start Seeing Money Faster. ... Con: It Costs Money to Own a Franchise. ... Con: You Lose Some Flexibility.
What are the benefits of franchise?
Franchises offer business-building benefits such as marketing support, budget guidance, and a broad network of fellow franchisees to lean on for advice and assistance. Independents, on the other hand, value the freedom to operate the way they want to. In the end, there is no right or wrong.
Who was the first plumbing company to make a guarantee that if there is delay, it's you we pay?
Benjamin Franklin Plumbing was the first plumbing service company to make a guarantee that, “If there’s any delay, it’s you we pay.” The company’s unique selling proposition is presented in an easy and memorable rhythm that customers remember on hearing only a few times.
Is it better to be a franchisee or independent?
Franchises offer business-building benefits such as marketing support, budget guidance, and a broad network of fellow franchisees to lean on for advice and assistance. Independents, on the other hand, value the freedom to operate the way they want to. In the end, there is no right or wrong. But being in business for yourself can be tough and even tougher if you try to go it alone.
Who owns the territory of Roto-Rooter?
Territories are owned by Roto-Rooter, and the management of the territory is contracted out. There are about 60 locations within North America, located in smaller to mid-major markets.
Is Bluefrog a franchise?
The current roster of bluefrog Plumbing + Drain franchise partners is composed of franchisees in related industries, as well as independent plumbers who are looking to apply the proven system with a viable exit strategy.
Why is it important to operate under a franchise?
And finally, another advantage is that operating under a franchise might make it easier for you to secure the finances you need. Whether you’re starting your own business or considering starting a franchise, you’ll need finance to invest in the business.
What are the advantages of franchise?
One obvious advantage of a franchise is that you don’t have to start from scratch. When you set up your own business and have to do market research, develop business plans, and test your product/services. Whereas a franchise already has a system that has been tried and tested.
What is franchising in business?
Franchising is an arrangement where the franchisor grants the franchisee the right to operate under its trademark and/or tradename. The franchiser also allows the franchisee to use the business systems and processes, produce and market a good or service. For example, the popular fast-food chain restaurant McDonald’s is a franchise business.
What can a franchisor do for you?
The franchisor you work with might also be able to help give you resources and information on how best to market your business. Some franchises offer franchise marketing plans, which provide detailed information about market analysis, strategy, and budget.
Why do franchisees offer training?
Franchisors offer support and training for their franchisees, which helps you to learn all about the business and how their company business model works. This can save a lot of time because the company will be able to share their tips, tricks, and secrets about how to run a successful business.
How long does it take to build a brand?
Building up a brand and ensuring customer loyalty can take years , however, if you use a franchisor who is already well-known and respected, then your business is more likely to succeed.
Why do people like to start their own business?
A lot of people like to start their own business and be their own boss because they can make their own rules. However, one big disadvantage of a franchise is that you need to follow the rules, regulations, and the system which is already in place.
Why Start a Drain Doctor Business?
But there’s a reason why our determined franchise owners have decided to enter an industry with high earning potential and unwavering demand for services…
How long is the drain doctor training?
Upon joining Drain Doctor, you will begin our Sure-Start programme which ensures you are fully prepared for launch which includes our ten-day in-house training course at Drain Doctor HQ.
When did Ben join Drain Doctor?
Ben joined Drain Doctor in January 2020 having seen the recession proof nature of the business. Little did he know that foresight would come in handy when COVID-19 arrived in March!
What are the advantages of franchising?
The advantages of franchising are many. The concept allows you to buy into a proven system with an established brand awareness, giving your new business a head start. That should give your business an advantage over others and create greater potential for success.
Is it good to start a business through a franchise?
Franchising can be a great idea for the new entrepreneur or an experienced business owner looking to expand his investments. A little research and a lot of soul searching will help you decide if it is right for you.
Trends and Facts About Drainage Franchises
Drains get blocked: it’s as certain as death and taxes. And, regardless of the condition of the economy, people will always need saving wherever sewage has escaped.
Franchising
One of the most attractive characteristics of franchising is that you inherit a reputation. While there's a shortage of drainage specialists in the UK, people are more likely to approach a company they recognise, rather than engage with a complete stranger - especially in an emergency.
Facts About Drainage Franchises
There’s a shortage of plumbers and drainage specialists in the UK. This means that a good plumber who builds a reliable reputation will always be in demand.
Franchising Vs Independent
Banks and moneylenders often favour franchises. This is because franchise businesses are built on robust foundations - they have a prior record of success, a strong financial history, and a proven business model.
Drainage Franchises
Explore our range of drainage franchises, and get the country’s pipes moving today!
What is Zoom Franchise?
Franchise Description: Zoom Franchise Company, LLC is the franchisor. Franchisees operate a business that provides drain cleaning and sewer inspections, maintenance, repair and replacement work for residential and commercial customers. Franchisees will operate the Zoom Sewer and Drain Cleaning franchise using the system and marks as described in the Franchise Agreement.
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