If you’re considering staring up your own business, you’re probably also considering the possibility of buying a franchise rather than going solo in your venture. Well to help you weigh up the pros and cons, here are a few fantastic reasons why owning a franchise can really benefit you as a business owner.
Training and Professional Development
As a franchise owner you don’t necessarily have to be a whiz at business from the word go. Owning a franchise means that you have access to training and professional development programs provided to franchisees by the company.
This means you get support and tuition from the time you buy your slice of the pie and all the way through your operation, helping you succeed, achieve and profit. You’ll have direct help from a company that already knows how to handle business and get the best results in the field.
Proven Track Record
Buying a franchise means you’ve got the security of running a slice of a brand that’s already well known and successful. Owning a small business can be a big risk, but when you buy in on a franchise you can already see the proven success of the brand and cash in on it’s existing assets, both tangible and intangible (like brand awareness, brand image, trust in the brand name etc).
For example, a Coral Homes franchise business puts the franchisee ahead of many building companies, even as a newcomer, because the Coral Homes brand is so well respected and already a trusted and established name.
Draw From a Wider Knowledge Bank
As a franchisee, not only do you get to cash in on the existing success of the overarching company, but you also get to draw on a wealth of knowledge and experience that you might not have access to if you were going it solo.
An established company will have lots of great information about how to tailor your business to suit the market and demand in your area, and lots of ideas about how best to market your business too. Franchising companies usually promote the sharing of this information and are there to help you get the most out of your business and provide lots of support to ensure your business is profitable and successful.
Access to Established Systems and Processes
As well as helping your business succeed, the franchising company will help you refine the everyday workings of your business. There will already be existing systems and processes in place that are perfectly suited to your line of work and the products or services you’ll be delivering. These elements of your work have already been streamlined for you, so you avoid many of the teething problems that small businesses so often encounter.
Higher Success Rate
Statistically, franchise businesses have a higher rate of success than independent small businesses. All of the above benefits work together to culminate in a much more stable business and help reduce the risk of failure – a risk that’s usually very high when it comes to small businesses.
With so much support offered by franchise businesses and so many advantages of owning a franchise over competing alone in the marketplace, it’s little wonder that franchise businesses are so popular and often very successful. So if you’re thinking of becoming your own boss, why not get a head start by investing in a franchise and reaping the rewards.
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Written by Jedi Wang