The first question you should ask yourself when thinking of starting in business is how much will it cost to start a business? Knowing the maths of starting a business will have a great bearing on the viability and success of your business.
Start-Up versus Franchise
The difference in investment required between a start-up v Franchise is greater than you might think. On average it costs only around £5,000 to to launch a start-up business in the UK today. That number will probably surprise you. It sure doesn’t sound like a lot, does it? But, what do you say when you learn that the average UK startup spends a further £22,756* in the first 12 months of trading? That’s on top of the £5,000!
These costs are essential but they hurt, because as every business owner will tell you, costs are heaviest at the very beginning of the business journey.
Here’s where some of the start-up costs in year 1 will go:
You will need to be thorough and spend considerable time researching your project / business idea. You’ll check if there’s competition locally and how they are performing. You’ll need to gauge what demand there is for your business and gear up to service that demand. You might need to engage professionals to assist you in this process.
Legal and professional fees
You will need a solicitor to handle various legal matters and affairs for you and your business. This will range from checking and confirming that contracts and lease agreements are in order. They will also assist you with essential intellectual property protection.
Marketing & Advertising
You will soon start incurring considerable costs when you consider this aspect of your new business. Marketing and Advertising covers all costs related to branding, website design and development, online marketing, advertising campaigns, and promotional materials. On top of this
Training and Professional Development:
It may be necessary to invest in training and professional development to enhance skills and knowledge relevant to your business. This comes at a high cost.
This is a catch all category for things like public liability Insurance, software licences and local area marketing. You might choose to advertise in local magazines or print a flyer to be delivered to home or businesses locally.
The difference with a franchise like Raring2go!
With a Raring2go! franchise, the research has all been done for you! Because of that we know there’s a space in the market and we’ve fine tuned how we service the demand. Furthermore, we’ve established a brand, reputation and awareness already so you don’t need to invest time or money doing that.
We’ve also covered nearly all the legal and professional fees. You’ll still need a lawyer to review our franchise agreement of course. But everything else is done and you won’t need to contribute a penny. Most importantly, we’ve covered the intellectual property protection which means you’re protected.
Similarly, we’ve addressed the marketing and branding considerations. As a Raring2go! franchisee you’ll be fully and robustly branded so no need for you to invest further. Our website is amazing and a powerful beast too. It packs a punch and if full of capability, capacity, opportunity and potential. To create a website with a fraction of the power of ours would cost thousands. But with Raring2go! it’s all done!
We also provide all training in our systems and operation as an incoming franchisee. This training is ongoing and without limit. As a new franchisee we also provide 1 on 1 sales training from an industry professional. Again, no need for you to contribute to this cost.
Now, compare the cost of a stand alone start up against a franchise
Now, what’s your surprise level if I tell you that starting your Raring2go! franchise will cost only £12,995. Or in other words, less than half what a start-up can expect to spend in year one of business alone!
Contact us today to find out if a Raring2go! franchise is the right business for you. Just CLICK HERE.
*according to a study commissioned by Geniac.