Owning a business is the goal of many entrepreneurs but finding the time and resource to start one from scratch can be a HUGE challenge, one that may not always be overcome. Buying a franchise is a great way to skip the ground-work and emerge in a new market with an existing brand. There are a variety of reasons why you should invest in the purchase of a franchise. The top ten reasons to buy a franchise to make your dream a reality are:
1- Standards and Training – Typically, most franchisors will already have created a training program as well as have standards in place to ensure that the business is run successfully.
2- Operational Support – Most franchisors will offer support to help you with any issues you may have once you begin operating and will continue to support you for as long as you run the franchise.
3- A Proven Business Model – Most companies with a successful franchise model have already ironed out all of the kinks and have successful operations procedures and products.
4- Central Marketing – Most franchisors will actually reserve a percentage of their profit to market the brand, product or service for you to further ensure the success of your franchise as well as their franchise brand.
5- Location Research – The franchisor will often have prospected locations that they feel will be successful for a new franchisee to start their business. They may provide assistance with negotiations to ensure that your starting costs are low to help you get the best possible start.
6- Brand Recognition – The greatest advantage of buying a franchise is that your company will have already or be in the process of promoting its brand awareness. This will help your business stand out as it will be recognized as opposed to being unknown to individuals.
7- Construction and Design – If a franchise business is dependent on a physical location, they may already have a construction team or architects who can provide the best costs to building an environment that is suitable for the brand.
8- Suppliers are in Place – A franchise will usually have an existing supply chain meaning you will not have to find sources and negotiate the best prices for your supplies; they have already done that for you.
9- Limited Risk – A franchise company wants to see you succeed so they usually will do some basic market research for you or only offer opportunities in areas where they feel comfortable that the business should thrive. This is much safer than starting your own business as the potential for market share and sustainability of your franchise opportunity has already been assessed.
10- History and Reputation – Many individuals are creatures of habit and as such may be leery of trying new things. Therefore, emerging in a market with a known and trusted brand has a great benefit over starting a business that no one has ever heard of!
So, now that you are convinced and see all the advantages, the next step is finding the franchise opportunity which will best suit you. The best thing to do is to browse the site and see everything that is out there, round down your decision to 5 or 10 and contact them for more information to find out who is your best prospect.