Why Buy a Franchise
Why buy a franchise? The reasons are many, but take a look this article to learn the top reasons to consider franchise.
The goal of financial security seems like a distant dream for many individuals. Hard work, passion, and dedication are but a few attributes one must possess in order to have a chance at obtaining this goal. However, this path towards financial security will not be reached with those attributes alone. For those aspiring entrepreneurs, researching and investing in a solid business framework is also a critical component in securing your financial freedom.
Investing in a franchise provides the best opportunity for success and a chance to reach those distant dreams of financial independence.
Franchising is a business model that has been in existence for over a century and continues to prove its worthiness as a rock solid choice for those dreaming of owning their own business.
The benefits of owning a franchise are truly substantial when you consider all that is included with this robust business model.
Let us take a look at some answers to the question ‘why buy a franchise?’ and the fantastic advantages of investing in a franchising opportunity.
Why Buy a Franchise?
It’s a Turnkey Business
Piloting a plane, which is already in flight, is much easier than starting on the runway and attempting to lift the aircraft off the ground with limited experience. In essence, investing in a franchise allows you to take over an aircraft already in flight. Challenges such as, finding a location, negotiating a lease, purchasing equipment and inventory, are non-existent since it is part of the franchise investment. Although, there is work still necessary to successfully run your franchising business, getting a head start with these advantages makes running your business infinitely smoother.
Franchises Offer Brand Awareness
Nothing signifies a company’s reputation more than its brand. Brand recognition provides much needed comfort to consumers when purchasing products or services. This consumer confidence translates to a loyal customer base, who immediately know and trust the product or service being purchased. If your business is in a high traffic location, this almost guarantees an influx of consumers willing to visit your establishment.
Higher Likelihood of Success
With all the benefits that come along with a franchising opportunity, there is a higher chance of having a successful and profitable business. Following an established business framework prevents many of the pitfalls that can come about when attempting to start a business from scratch. This provides a huge advantage with initially starting a business and allows franchise owners time to focus on other aspects of running a successful business.
Easier To Obtain Financing
The expectations for any lender are limiting the chance of consumers defaulting on repayments and trusting their loans will be paid back on time. With its proven track record, obtaining a loan to purchase a franchise offers a much lower risk of defaulting on the loan than many other lending scenarios. Overall, banks and other lending institutions are more comfortable with loaning money for franchising endeavors, which speaks to the solid reputation earned by the franchising business model.
Training is necessary in order to improve the chances of running a successful franchise. Franchisor’s are well aware of this important aspect of running a business and will offer an extensive training program to ensure the franchise runs efficiently and as error free as possible. Not only is there an initial training program, but just as important, ongoing training services are available to help maintain exceptional service throughout the franchise lifecycle.
Another important key in successfully running a franchise is marketing. A franchisor will provide an established marketing strategy, which can lead to attracting new customers, customer retention, and expanding the overall franchise customer network. A successful marketing campaign will help maintain brand reputation and a positive public perception.
Franchise Versus Startup
Franchise owners benefit from being part of a larger, established business, which has already forged a path of brand awareness and a solid customer base. Along with the ongoing support, supplies, training, marketing assistance, and overall guidance provided by the franchisor, the owner of a franchise has a substantial head start when it comes to opening a business.
In contrast, those starting a business from scratch are not afforded these advantages and usually struggle initially to build their business model, brand, and overall customer base.
This leads to a huge amount of uncertainty and because of these initial difficulties, a larger percentage of independent startup businesses fail to get off the ground.
Be Your Own Boss
Owing a franchise provides individuals the luxury of being their own boss. For those that despise micromanagement, challenging work schedules, and having no control in the decision making process, owning a franchise is your way out of this unappealing cycle. Being your own boss can give you greater control and freedom to make decisions, flexible work hours that suit your lifestyle, greater sense of contentment and satisfaction, and no one peering over your shoulder giving instructions on what to do next.
Ongoing support is a crucial element in order to maintain a profitable franchise. Building a franchise takes hard work, dedication, patience and support from those that have come before you and knows what it takes to be successful. As part of the franchising package, the franchisor will allocate corporate resources to the franchisee, in order to assist with ongoing training, operating system maintenance, financial management, and field support, which can provide guidance on any questions related to running the franchise.
Now It’s Your Turn to Learn More
That Franchise Guy, John Anderson, is your trusted franchise consultant and can help you find more answers to the question ‘why buy a franchise?’ Give John a call today.