Business opportunities have gained in popularity over recent years, with both businesses and those looking for a self-employment lifestyle recognising the many benefits they can present. Even some of the biggest companies offer up the chance to run a business under their brand name.
Here at Challenger, we’ve also developed our own opportunity with the benefits of a
self-employment lifestyle. But before you sign anything, it’s a good idea to read up on what they entail to learn exactly what’s involved so you can be sure it’s the right kind of business opportunity for you. Therefore, we’ve put together some advice and tips to help you find the best business opportunity for your requirements.
What is a licenced business opportunity?
Essentially, licenced business opportunities involve the licensing of the intellectual property of an existing and established brand – you pay for the rights to use the company’s business model, branding and resources, drawing on the reputation that the company has built during its operation.
Depending on the individual business opportunity, you’ll pay a fee and/or royalties for access to their knowledge, services and/or products for a prescribed length of time, saving you all the hassle and uncertainty of starting your own business from scratch.
What skills do you need to make a business opportunity work?
Because a business opportunity is a ‘ready-made’ opportunity, all the groundwork has already been done for you, so you don’t need to worry about all the usual start-up responsibilities associated with going it alone.
When you sign up to these types of business opportunities, you’ll be given all of the information – and training – required to start operating pretty much straight away, so you can be earning way quicker than if you had to do all the initial groundwork yourself! This also means that you don’t necessarily need any specific skills, although it’s fair to say that you need to have a range of transferable skills that can be applied to the process of running your own business.
Most licensees are confident individuals with the capacity to absorb new information quickly and handle the responsibility of taking on a lead role in a business environment. Great interpersonal skills, lots of steely determination and the ability to be adaptable and self-motivated are all key ‘soft’ skills that will help you make the most of these types of opportunities.
What types of business licences are there?
Product, manufacturing and business format licences are the 3 key types of opportunities that you’ll find available:
Product business licences – a retail based business model where store owners are given privileged permission to use a manufacturer’s trade name in exchange for a fee or by purchasing a defined number of products.
Manufacturing business licences – this is where the business licensee if allowed to manufacture and sell a product using the licencing companies formula, ingredients or specifications, with the right to use its company name and trademark.
Business format business licences – the licensee is allowed to use the name and trademark of the licensing company, plus their processes and systems, providing the full service/product established by the parent business.
Licenced business opportunities can be found across a wide range of sectors, from technology to fast-food – which means there’s pretty much something available for everyone!
Our tips for finding the right business opportunity
In order to identify the right kind of business opportunity, we’ve put together eight tips to help you:
- Self-analysis – consider your strengths, weaknesses and the types of professional activities that you enjoy. If you have an existing interest in the type of business you’ll be involved in, you’re much more likely to stick with it. Also consider income levels, working hours and other lifestyle factors that might influence your decision.
- Research – with so many business opportunities out there, you need to explore what’s available to ensure you find the right fit. What kind of industry do you have experience or an interest in? Start there! Also check out the geographical requirements to find opportunities in the right location.
- From the horse’s mouth – when you’ve found an opportunity you’re interested in, talk to licensees that are already established to gain a firsthand understanding of the business in action.
- Legalities – make sure you fully understand the legal side of the opportunity, such as your rights and responsibilities, the financial side of things e.g. royalties, any exit strategies and information regarding copyrights and trademarks. Get a legal professional with business licence experience to look over the paperwork for you if you’re not confident in your own ability to understand the ins and outs of any agreement.
- Investment – what kind of funds do you have available, or will you need to raise finance? What costs will you need to cover e.g. will you need to pay for premises or can you work from a home office? What are the ongoing fees and commission/royalty figures? How long will it take to realise a return on your investment, and will it bring you the kind of income you need to satisfy your personal needs?
- Take advantage of any meetings offered – getting to know the business model is one thing, but you also need to feel confident that you can happily work alongside the business licence management team too. Get to know them, attend all meetings offered and take the time to familiarise yourself with their staff, processes and products.
- Training and support – make sure the opportunity you’re considering comes with the right level of support. What is the training process, and is this a one-off arrangement or an ongoing scenario? Do you have a contact to call on if you’re faced with a problem, or are you going to be left to figure things out autonomously?
- Head not heart – while it’s easy to get carried away with the appealing idea of being your own boss, make sure your decisions are made from your head, not your heart! Yes, you need to be genuinely invested in the business and feel enthusiasm for the product or service you’ll be making/selling, but you also need to put emotions aside when making your final decision to buy into the opportunity.
Challenger’s Lead referral business opportunity
We hope you found the above advice helpful, and if you’ve decided becoming your own boss and arranging your day to suit your needs, while still having the potential to achieve life changing earnings is for you, and if you have an interest in mobile and communications technology, or are a bit of a ‘dab hand’ at sales, then we have our own business opportunity that you may wish to explore.
We’ve developed a fantastic model that will enable you reap the revenue from businesses forever from getting just one bill.
We offer you the training and support. You don’t need any experience in this field at all, as you’ll be fully trained by our experts. You’ll benefit from our in-house marketing and promotion activities, and you can run your business from your own home, as we deal with all the deals and distribution on your behalf.
Learn more about our brilliant business opportunity here, or give us a call on 0800 269 546 if you need any further advice on business opportunities and licensing.
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