When you think about Virtual Reality, you probably consider space-age gaming environments that allow you to walk around and interact with digital real estate.
And, while VR gaming is a thriving sector, the world of Extended Reality (XR) is where things are really booming.
Extended Reality encompasses both Virtual Reality (VR) and Augmented Reality (AR). For the uninitiated, Augmented Reality superimposes computer-generated images onto our view of the real world (either via a headset or a screen).
AR is likely to be a feature of your smartphone: the Ikea app, for example, allows you to point your camera around your living room, placing virtual furniture around the 3D space, helping you choose appropriate colours and sizes, etc.
VR franchises are booming, and not just because of the gaming side of things. According to Forbes, global spend on XR technology increased by 78.5% between 2019 and 2020, representing that VR franchises are offering a unique entry into a booming industry.
Franchising
When you're considering entering a specialised niche like VR, you'll need to thoroughly understand your market demographic and how to appeal to them. For many new companies, this presents a range of obstacles. Someone can be an expert in the technology but have little understanding of the needs of the commercial market.
VR franchises offer a way in to an established marketplace. Your expert partners already understand who their customers are and know how to attract their custom. Most importantly, your parent company has a reputation for quality products and customer service.
New companies often struggle for visibility among the established marketplace, making the prospect of joining forces with a VR franchise such an attractive proposition.
Your VR franchise partner will provide world-class training to ensure that everyone involved in your business becomes recognised experts in the field. Additionally, your franchise partner will provide HR support and offer a ready-to-go business infrastructure, covering compliance with business and employment regulations.
One of the most visible benefits of taking on a VR franchise is the adoption of instantly recognisable branding, offering immediate curb-appeal for your new business (even if your curb is a virtual one).
Inherit the image and reputation of an established parent company and see your business boom right from the start.
Facts About VR Franchises
There's more to VR than just gaming and entertainment, although gaming is a significant marketplace offering full immersion into digital worlds.
XR technologies are expanding into industrial applications - in fact, according to VR Intelligence, 65% of established XR companies are working in industry rather than gaming.
Games like Pokemon Go and Oculus Rift from Facebook make headlines, but XR and VR franchises are revolutionising the way that products are designed, developed, tested, and manufactured.
VR is used to simulate work in hazardous environments or used instead of expensive equipment that is easily damaged. There's also a range of potential uses in healthcare and education that have mass-market appeal, making VR franchises a potential goldmine of future potential.
Franchising Vs Independent
Banks favour the franchise model when it comes to assessing risk: the business model has been tried-and-tested, and there is a history of profit and growth to back up a funding application.
Independent companies without the support of an established partner, however, find it more challenging to achieve their start-up funds through borrowing because they tend to have little by way of reputation in their field.
Nearly half of all independent companies go bankrupt within three years because they struggle to recoup their initial investment.
Franchise businesses, on the other hand, tend to hit the ground running: they have support from their franchise partner and instantly recognisable branding, which helps them to penetrate the market right from the start.
VR Franchises
Explore our fantastic range of VR franchises, and move mountains, get gaming, and change the world around you today.
Find your brand new start with Franchise Direct.