Looking to buy a franchise? Taking the step to become an entrepreneur can really be a life-changing experience. There’s many reasons to buy a franchise, even if you don’t have any prior business experience! Here’s just 10 advantages of owning a franchise and finally being your own boss.
1. Franchises Have a Proven Business Model in Place
When entrepreneurs buy a franchise, they’re buying into a proven system of doing business. By working within the framework of an established and tested business model, entrepreneurs can eliminate the guesswork that new, independent business owners face while also benefiting from the support of the franchisor and fellow franchisees.
2. Entrepreneurs Have a Turnkey Business
With a franchise, the difficult work of finding a business location, negotiating leases, hiring contractors, establishing relationships with suppliers, and the like are already taken care of. This makes it easier for entrepreneurs to hit the ground running and focus on running their business effectively.
3. Greater Brand Awareness
One of the key advantages of franchising is the fact that franchisors already have a recognized brand image and greater awareness already built into them, something that contrasts with new, independent businesses who need to build their brand image from the ground up. This not only reduces marketing costs, but also means that franchisees can benefit from a built-in base of potential customers.
4. Franchising Has a Higher Rate of Success
By joining an established brand that can offer sustained corporate support, entrepreneurs who buy a franchise often enjoy a higher rate of success. While this success is not guaranteed, having the benefits of owning a franchise can often make life easier and ultimately, a better chance at success.
5. Easier to Obtain Funding
Most lenders are usually comfortable financing franchises due to the proven track record, making it simpler and quicker for franchisees to obtain financing in many cases. In addition, some franchisors provide in-house financing systems as well as discounts for veterans and others who qualify for special financing deals.
6. Franchisors Offer Training
Another key advantage of buying a franchise is the extensive training system offered by the franchisor for new franchisees. These training programs are often held at their corporate headquarters as well as onsite locations for more hands-on training. These comprehensive training programs help franchisees understand the details of their new business so they can hit the ground running without any problems when they open up shop.
7. Ongoing Corporate Support From Franchisors
In addition to the initial training offered, franchisors offer ongoing corporate support for their franchisees to help them succeed over the long haul. This sustained support often includes business coaching and consulting to help franchisees grow as entrepreneurs and run their businesses effectively.
8. Marketing and Advertising Support
Marketing and advertising support, in particular, is a key part of this ongoing corporate support from the franchisor. They usually handle all marketing efforts from an Advertising Fund, taking the burden off the franchisee and leaving it to the professionals.
9. Exclusive Territory Rights For Franchisees
When entrepreneurs buy a franchise, they usually obtain the rights to operate in a specific geographical territory. This limits competition from other franchisees under the same brand and gives them free reign over a certain area without fear of encroachment.
10. Superior Purchasing Power
Finally, franchisees can leverage from group purchasing power, making the cost of supplies significantly cheaper and saving money over the long-term.
If you’re looking to buy a franchise and take advantage of the benefits of owning a franchise, get matched with your perfect business opportunity at AskMrFranchise!