Is choosing a franchise the right business opportunity for you?
Franchising allows you to leverage a proven business model with a structured approach to the work while still maintaining autonomy. Thus, a franchise opportunity can give you the best of both worlds as far as business opportunities go.
Here are eight reasons buying a franchise makes sense (and dollars):
Proven Track Record
A good franchise has created a sound business model with a proven record of success. Franchisors will provide you with detailed information about results as part of their required disclosures, meaning you can verify past business performance before buying.
It Is Turnkey
Buying a franchise often means opening the door and turning on the lights. That does not mean there is not a lot of hard work, but with a franchise, you can reduce the workload around finding a territory, securing a location, negotiating a lease, finding reputable contractors, or finding vendors.
Brand Identity
When you buy a franchise, you are also buying the brand. Whether it is regional, national, or international recognition, your franchisor has created a corporate image that is generally well known and established among customers and potential customers. Consumers are more likely to purchase from a brand they know and understand and about which they are confident, regardless of which location they visit.
Training
Franchisors want to be sure that the brand is upheld. That is why they offer training programs that show you the most successful ways to run your business. Training does not stop when the doors open, and many franchisors have reference materials, franchisee networks, and tools that can be accessed at any time.
Franchisees have territory exclusivity and the opportunity to perpetuate a brand image.
Operational Support
As a franchisee, you have access to experts within the company who can provide support and insights to help maximize your business success. These resources can help in challenging times and can help flesh out ideas you have for growing the business.
Marketing
As a franchisee owner, you can take advantage of worldwide marketing campaigns across multiple channels, including print, TV, radio, bulletin boards, magazines, and newspapers. This messaging helps to build brand awareness, advertise promotions, and drive traffic. Your franchisor has the analytics, tested messages, and fully developed marketing plans for you to deploy. Many franchisors also provide collateral material that can be used for in-store promotions, couponing, social media, and other advertising methods.
Vendor Networks
As a franchisee, you are part of a wider network of locations. As such, you can leverage preferred vendor relationships for products, supplies, materials, and office supplies. As part of the larger network, you can take advantage of the corporate purchasing power and leverage vendor relationships to keep costs lower.
Find It and Build It
If you need to find your own site, franchisors have documentation, manuals, and real estate experts to help identify locations, negotiate prices, and find you the best possible deal. Franchisors can also help with the design and build out of your location, ensuring you have the right furniture and equipment.
Financing your franchise is an important consideration. There are options such as private loans, government programs, and investors/partners. Many would-be franchise owners opt to leverage their own retirement savings, a strategy pioneered by Benetrends.
Learn more about how Benetrends can help give you the independence and opportunity for which you long by downloading our eBook, Innovative Funding Strategies For Entrepreneurs today.