Why buy a franchise? Buying a franchise can be a life-changing experience. Many people want to work at their own pace and restrain from the traditional 9 to 5. There are many advantages of owning a business and become the master of your destiny.
We have worked with many clients to help them transition into business ownership and franchising. We research and vet the franchises as much as possible so we can give our clients the best available options. There are 5 main elements that make up a good franchise. We have put together these top 5 reasons that you should look for if you are thinking about investing in a franchise.
Most franchises offer training programs designed to bring you up to speed on the most successful methods to run the business. This is usually held at their corporate offices or at the actual franchise location. The franchisor will train you to run your franchise the same way their other successful franchise locations are run, to ensure that you are running your business efficiently. This will also help to eliminate any common mistakes a new business owner usually makes. They should also have reference materials to assist you in dealing with whatever comes up while you are running the business.
When you buy a franchise and start building and running your business, you can always call on experienced people like the franchisor or even to other franchisees when you hit a rough spot or want to share new ideas for growing the business. Purchasing a franchise gives you a “think tank” type environment, where you all collaborate to reach the same goal – success of the business. As a franchisee, you have access to all of the creative and successful ideas from others who are running the same business you are in.
Also, most franchise companies have staff dedicated to providing ongoing assistance to franchisees. You are never alone; your problems are shared by many. Unlike owning an independent business, your problems are your problems, but when you own a franchise, your problems are the franchisors and other franchisees problems as well.
- Proven System
The most important reason to consider a franchise when buying a business is that you are buying a system. Since there is an already established system in place, there is a higher likelihood of success if you follow it. These systems are designed to improve the overall productivity and increase sales of each franchise. Having a proven system already in place eliminates the guesswork and errors a common business owner would normally face.
- Strong Brand
The corporate image and brand awareness is already recognized when you buy a franchise. The company is building a brand on a regional or national basis that should have value in the eyes of customers you are trying to attract, and customers are usually more comfortable purchasing items they are familiar with and working with companies they already know and trust.
- Marketing Assistance
There is usually no need to worry about advertising your franchise, because the franchisor usually takes care of handling all of the marketing. If not they will have an outline for you to follow and sometimes specific vendors that will have systems in place for you to use. Franchise companies have marketing assistance to provide you with proven tools and strategies as well to help you attract and retain customers in the business. Usually, the staff helps you develop the actual marketing plans and budgets for your grand opening as well as your ongoing efforts to market your business effectively.
When you purchase a franchise, you know what you’re getting yourself into, because the franchisor will be able to provide you better estimates of the profit and cost, which gives a clear vision of the profit level. It’s a lot easier to invest in a franchise than to build a new business, because help is always available and everything is already proven, so there is no need in wasting your money for trial and error in advertising your business to make it look appealing to the consumers. This also helps in saving you time and energy, unlike with the traditional 9 to 5. Franchising allows you to select a concept that fits best with your lifestyle, your goals and to find something you are passionate about.
If you are interested in speaking with an expert franchise consultant, give us a call to discuss the possibility of getting into franchise ownership: 551-804-6185.