by Nigel Ward, Managing Director of The Cost Reduction Company

Deciding to invest in a license is a very important decision and requires research and consideration before you take the plunge.

There’s an array of benefits to joining an established business on a license, making it a popular decision with people who decide to set up their own business.

Claim the rewards of your own work

Do you ever feel like you’re not being credited enough for your hard work in your current career? Have you reached a ceiling in your organisation and not getting the recognition you should?

With a license, you are self-employed, so any effort you put into running your own business will impact you directly, rather than benefiting someone else. With your own license business, the more you put in, the more you get out, which to most will feel far more rewarding and empowering.

Flexible working

A license business allows you to take control of your life, giving you the freedom and independence to organise your own work schedule to suit your lifestyle.

Or perhaps you’re prepared to work the odd weekend, so you’re able to have more time off later in the year. All this is possible with a license opportunity – you have no one to answer to but yourself.

You may have a young family and a license can help you build your working hours around the kids schooling and activities.

Risk avoidance

You will also benefit from a proven business model and there will be systems that are set in place to follow.

The good news is that all these systems will be tried and tested by the business owner, which will have a wealth of experience and expertise.

For example, The Cost Reduction Company has many years’ worth of experience and a proven model. Therefore, we know exactly what works when helping licensees to launch and expand their businesses locally.

If you follow your business owners’ systems correctly, it is highly likely that your license business will be successful.

Receive ongoing support

There’s no doubt that setting up your own business can be a daunting and stressful process. If you invest in a license, you will receive ongoing operational and emotional support from your business owner, including assistance with admin, insurance, legal documents, finance and marketing.

Training and support programmes

The majority of business owners offer training and support programmes to educate you on how to run your business successfully. Our business has a tried and tested training programme, which is an essential part of any new licensee’s journey.

For example, The Cost Reduction Company provides a two-day training course, ongoing business mentoring from an experienced licensee and regular sales and marketing help thereafter in order to keep licensees up to date with the latest technology and industry changes.

territory that will work best, taking demographics and geography into consideration to ensure a new territory is occupied by the franchise’s typical customer base.

Benefit from a reputable brand name

If your business is backed by a strong brand name, you won’t need to spend time, energy and money trying to raise your business profile, like you would when setting up your own business.

Customers are more likely to be drawn to a strong brand name because it’s viewed as more reliable, trustworthy and customers know what to expect.

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