Why should I buy a franchise?
People often ask why they should buy a franchise. There are several good reasons to consider a franchise versus starting a business on your own. Here are five notable reasons to buying a franchise.
1. Proven systems
First, the franchise has developed a “proven” system or method of doing business. This comes from their experience with the business and in the field of franchising. As outlined, in my book “Franchising Without Fear”, not every franchise has the business experience along with the franchise experience. I recommend you take these two factors into account when looking into buying a franchise.
2. Be in business for yourself, not by yourself
Franchising gives you the opportunity to be in business for yourself, but not by yourself. It is advantageous to have a partner, mentor, experienced advisor, and peers who can help you along your new business journey. Franchising gives you that, so consider carefully who you will be working with along with the culture of the business before you buy a franchise.
3. Support in all areas of business
Everyone has different skills and experiences and brings them to the business. Rare is the person who can “do-it-all” well. The franchisor is there to offer support in all areas of the business — even ones where you are not experienced. They help you fill in for the gaps you have. They have seen the issues that can arise and know how to deal with these problems effectively. Passing this knowledge on to you will help you get started much faster and avoid potential traps.
4. Training and systems
The extensive training and support the franchisor provides will help you prepare for unexpected issues.
5. Customer Acquisition
Customer acquisition through marketing and advertising is one of the most costly aspects of any small business. It is how customers are found and how they keep coming back to you. Through the franchisors’ proven methods of marketing and advertising you will save time and money because you won’t be needing to constantly try new methods or reevaluate what works. The franchise has a much larger reach and buy-in and will help you with your target marketing and advertising so you can be successful.
Five reasons to buy a franchise
The above five reasons to buy a franchise are just a few of the considerations when you are going into business. With over 3000 different franchise options in the U.S. alone, your choices are varied and each franchise comes with its own management, systems, and culture. Be certain to research before making your final decision.
If you would like help with narrowing your options, Select Franchise Consulting’s , Trish Benedik has a great process to guide you to the perfect franchise. You can also check out her book Franchising Without Fear on her website or Amazon.com or Barnes and Noble.com