Ready For Franchise Success? Here's Why This Business Model Is A Sure Shot Winner
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In the world of business, risk is a constant companion, but franchising offers a beacon of stability.
Pav Masutes, founder and CEO of MyStayInn, a short term let management and technology firm, sheds light on why investing in a franchise is not just a smart choice but a secure one. "Running any business has several risks, but investing in a franchise greatly reduces those risks," Masutes explains. "Franchise businesses are very successful, with less than 3% failing compared to 50% of non-franchised businesses within the first 5 years."
The numbers speak for themselves. According to Masutes, "93% of franchisees are profitable, with over 66% of those franchisees running their businesses for over five years." The recent surge in franchising demand, driven by the post-COVID-19 economic landscape, has created a fertile ground for potential franchisees seeking stable and rewarding opportunities.
Related: The Franchise Model in the UK: A Promising Path for 2025
MyStayInn's journey began with a focus on property company (propco) operations, but the company faced significant challenges during its initial research and development (R&D) phase.
"Originally, we started as a propco company, but the challenges and loss of income during our R&D phase forced us to develop our own software and in-house management system," Masutes reveals. He adds that the development of these systems, though costly, has proven to be a game-changer. "We spent thousands of pounds building the excellent systems and processes that are now creating and breaking records for us and our clients," Masutes says.
With these proven systems in place, MyStayInn is poised for growth. "Now, MyStayInn's mission is to grow, and we want to share this excellent, proven system we have built with other aspiring Short Term Let owners and operators," Masutes states.
When you join a franchise, you're getting a tried-and-true system that makes success a lot more likely. Instead of crossing your fingers and hoping for the best, you've got a solid plan that makes hitting your goals a lot more certain.
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