If one of your goals has always been to start your own business, owning a franchise can be a great investment. Here are our top 5 reasons why buying a franchise could just be the solution for you:
Countless years are spent by franchisors in order to perfect their franchise system which in turn greatly minimizes the risk for a franchisee. While trying to perfect this system the franchisors run across many hurdles and discover effective and efficient ways to overcome them. By doing this the franchisor is laying a solid foundation for their franchisee and paving a clear way forward.
A successful franchisor has everything running systematically making things much easier. Form site selection, fit-out, supplier selection, branding, marketing to grand opening plans and beyond. This way the franchisor has already verified and tested the business model. This gives the franchisee a head start and helps eliminate a lot of trial and error and expensive guess work.
Banks are more comfortable providing finance to a franchise with a good reputation and a proven track record. Having a strong systematic franchise model mitigates the risk for failure opening doors to obtain funding easier and through multiple avenues.
What could be better than starting a business with a brand that customers already recognize, trust and love? In the consumer’s mind brand often equates to reputation and it’s easier to sell to customers already familiar with a name. This associates to less efforts and time spent to establish your business.
Buying a franchise means you get more than just the initial training. You also get access to on-going support to help your business grow, answer questions, help with finding customers and lots more. Majority of the people know what they want to do but are not able to figure out which steps to take first. Franchising helps with that because a good franchisor will “hold your hand” through every step and you won’t have to do things along. Almost all franchisors offer training and support programs to assist you from start to finish.
Franchisors want to be sure that the brand is upheld. That is why they offer training programs that show you the most successful ways to run your business. Training does not stop when the doors open, and many franchisors have reference materials, franchisee networks, and tools that can be accessed at any time
As a franchisee owner, you can take advantage of worldwide marketing campaigns across multiple channels, including: print, TV, radio, bulletin boards, magazines, and newspapers. This messaging helps to build brand awareness, advertise promotions, and drive traffic. Your franchisor has the analytics, tested messages, and fully developed marketing plans for you to deploy. Many franchisors also provide collateral material that can be used for in-store promotions, couponing, social media, and other advertising methods
One of the major expensive of a new business is usually marketing but with a franchise you get more bang for your buck since brand awareness is already in existence. Guidance can be sought, on the ideal places to market for that particular franchise. There are many reasons to franchise, but whatever your reasons are, talk them over with potential franchisors. Never be too timid or afraid to ask questions, go through franchisor’s references, or simple go and chat with the existing franchisees.
By: Haider Shah