Most of you already know there are many advantages to choose franchising instead of jumping into business on their own. Do you know what those reasons are?
1. Complete and Thorough Start-Up Costs Breakdown
Instead of having to guess, or estimate certain costs, or having to find out the hard way what start-up costs you can anticipate, a strong franchise brand already has this figured out for you and can walk you through the process of what to plan for financially and when you can expect to come across a specific expense. In short, you will know exactly what you are looking at in start-up costs very early on in the process.
2. A Track record of Success
If you are dealing with a reputable and established franchise company you can count on the fact that they have a method of doing business that offers you a roadmap and path to successful results. In addition, they are required to provide you with information through a series of disclosure documents, so you can investigate and confirm results from existing franchise owners before making a final decision to move forward.
3 Established and Strong Brand
A huge advantage with a franchise is that you are dealing with a company that is building a brand on a local and national level that has great value to the customers you are trying to attract. Name brand recognition trumps most locally owned mom& pop operations most of the time.
4 Training and Ongoing Coaching
A good franchise organization has established training programs in place to assist you with getting up and running quickly. To add to this, you will receive ongoing training on new technology, service/marketing approaches and more. Most quality franchise brands will require you to attend training meetings throughout your franchise career to ensure that you are up to speed on all cutting edge technology and services.
5 Consistent and Ongoing Operational Support
Franchisors have experienced and dedicated staff that specializes in different areas of business that provide ongoing assistance to franchisees. You are not alone and put in a position to fail due to lack of knowledge, or experience. Talented staff is always available to coach and assist you while you’re busy building and running your business. This option is always available to you when you hit a rough spot, or when you have ideas you want to share for growing your business.
6 Marketing Assistance
The franchise company will have an established marketing plan and tools for attracting the customers you need to reach. If you have little to no experience in marketing it is a blessing to have someone always there to mentor you in this area of business. You have access to staff experienced in the area of creating a marketing plan and budget, so this doesn’t become a guessing game or a hit and miss situation.
7 Purchasing Power
An experienced brand will have established buying discounts for materials, equipment and vehicles, which helps your bottom line by combining purchasing options on a national basis, which you could not enjoy as an independent operator. This is truly beneficial since you will be buying materials on an ongoing basis.
8 Risk Avoidance
One of the biggest reasons for buying a franchise is that it will help you navigate through the hurdles and avoid much of the risk involved with starting your own business. Obviously, you must complete, but if you do, you can determine with a good amount of certainty what happens when you decide to become a franchisee.
Looking at this list it not only points out several key reasons to think about going with a franchise – the list also brings to the forefront just some of the major challenges you will have to deal with if you have to create all of this on your own. Yes, you do have to pay a franchise fee, but that can be a much better option than having to pay over and over for very expensive mistakes, which is common when operating an independent operation. Not having to suffer through the mistakes and having a partner that has already gone through this process is a valuable asset to have. Joining a franchise to help you start your own business is a smart approach for many people, for all of these reasons and many more.