Have you given any thought to owning your own business? Starting a business from scratch can be tricky. Owning a franchise offers a number of advantages and you should carefully consider this option when making such an important and life-changing decision.
1. Brand recognition — Starting a business from scratch can be slow and time-consuming as you try to build brand trust and loyalty. By owning a franchise, you can hit the ground running and make more money, faster.
2. More financing opportunities — Bankers are more likely to provide financing to those seeking to own a franchise of an established and successful business. In today’s economy, that’s a big deal.
3. Training opportunities — Franchisors often have standardized training programs in place for new franchise owners and their employees.
4. Marketing program – Some franchisors provide a marketing and advertising program. Marketing materials and promotional products are ready to go, and often the franchisor will help the franchisee to create a local marketing plan
5. A proven formula — The brand has already been proven to work, increasing your chances of success.
6. Trust — Your customers already trust your company and your product. Trust like that is hard to establish and can take years.
7. On-going support – Even after your initial training, your franchisor will provide on-going support to you and your employees throughout the life of your franchise agreement.
8. Good supplier relationships — These have already been established by the home office and will allow you, as franchise owner, to purchase your supplies in bulk, which will save you a great deal of money.
9. Ease of research — Thanks to the Federal Trade Commission, franchisees have the right to information about the franchisor’s company, including the history, financial and litigation records, and a current list of franchise owners, complete with names and contact information.
10. An established niche — Each franchise caters to a specific niche, and once consumers are comfortable with that niche, they are unlikely to change. Owning a franchise gives you a piece of that niche without all the extra footwork.