Why opening a franchise is smarter than starting your own small business
Starting your own business can be tough in any business climate. Especially in these economic times, it can be hard to find the time and energy to create a new start-up. That is why opening a franchise can be a smarter investment. With franchising, you own your own business, but you also benefit from structure and support from a corporate office. Below are some of the top reasons why franchising is a great option for those seeking their own business venture.
Reason 1: Less Risky
Opening a franchise is a lot less risky than starting your own small business. The franchise already has a proven business model to follow that is supported by a record of growth. All of the start-up work is established with added guidance and you can start a business with a more defined ramp up for your benefit.
Reason 2: Brand Recognition
You already have a brand that is proven to be recognized by consumers. You do not have to worry about building a reputation for a new business from scratch, because the franchisors have already done that for you and provide key tools in advertising, marketing and public relations to drive brand recognition faster. You can start a business with a company that already has many of the right tools in place, guidance and coaching to help you use the tools correctly, and multiple mechanisms to build the brand in your local market.
Reason 3: Advertising
The advertising and marketing tools and planning have already being done for your product or service. With a franchise, you may have local, regional and national advertising and marketing at your fingertips. In addition, since your business’ marketing budget joins forces with other franchise locations, you get more bang for your buck.
Reason 4: Support, Support, Support
With a franchise, you buy into a structured support system that is there to help you open your own potentially profitable business. The corporate office wants you to excel and they are there to support you in many different ways such as marketing, advertising, training, technology, purchasing programs, operational guidance, mentoring etc. They have created a prosperous business, so they have deep experience, expert advice and best practices for you to draw from in this new business venture.
Reason 5: Training
One great thing about a franchise is that you are trained on how to run a potentially profitable business specific to the model you purchased. If you were to start your own business, you may feel like you are in the dark about a lot of things, but with a franchise you are trained on how to be prosperous and that is gold.
These five reasons can make franchising a much more attractive business venture for entrepreneurs than starting from scratch. It is not for everyone, but franchising should definitely be considered in all scenarios. Do you have other reasons that you think should have been included? We would love to hear from you. Leave a comment or DM me on Twitter @JBevisFranchise.