If you are a seasoned business person or a fledgling entrepreneur, you may have considered franchising. When you buy a franchise, you are assured of a successful, established business. Although buying a franchise does not guarantee long-term or immediate success, its continuous success outweighs drawbacks.
- Benefit from Support and Training
You receive a comprehensive training program to give you the skills necessary to run the franchise successfully. Most franchises offer an initial training system and ongoing support. You will also receive assistance with marketing and advertising as part of the package. When a business is emerging in the market, it can be challenging to create a customer base. But, a small franchise is part of a renowned brand both locally and nationally.
- Easy Access to Financing
Aspiring entrepreneurs struggle to secure the required funds to start a business. Creditors’ mitigation procedures and stringent criteria may be a barrier to a potential business owner. On the other hand, lenders look at a franchisor’s reputation and track record when deciding whether or not to provide the funds. Therefore, their reputation and history are seen as a lesser risk, making acquiring funds to grow the business more accessible.
- Less Risky Way to Own a Business
You are less likely to fail in your first business venture. This is due to running a tested and tried business model perfected. In addition, the franchisor has acquired industry experience and knowledge.
- Privileged Rates on Equipment
You can obtain a discount when buying equipment or stock in a franchise. This is because the franchise has better purchasing power with particular suppliers.
- You are Your Boss
Not being answerable to anyone is the most common reason for starting a business, and franchising does precisely that. Being the boss allows you to create a flexible schedule and control your professional path.
- Immediate Brand Recognition
Franchises have a trusted and well-known brand name. It is challenging to have people identify your brand. However, a franchise is an already known brand across the country. And the positive brand association is an indispensably valuable and elusive commodity. When a customer thinks about your services, values, and business in a single glance, it will help you generate sales.
- Can Seek Advice from Other Franchisees
While it is essential to get support and information from the franchisor, it is equally beneficial to have an experienced franchisee at your disposal. You can enquire about their experience in a similar brand and business. While still new in the franchise, start identifying franchisees to act as mentors.
- Evading the Startup Stage
The beginning stage of a business is probably the most challenging. You have to prepare a business plan, conduct market research, develop your product, test it, etc. You don’t have to go through this phase if you purchase a franchise. All challenges faced when starting a business have been dealt with and overcome. So, you’ll be buying a successful and running business.
