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Why Franchising?

1. Turnkey Business

There are many entrepreneurs that have exactly what it takes to run a successful business but don't have what it takes to get their business up and running. Whether it be financing, negotiating lease terms or even the confidence it takes to quit their job and start their own business.

Buying a franchise eliminates all the hard work: finding a location, negotiating a lease, hiring reliable contractors and doing all this on-time and within budget. When you buy a franchise you are buying a complete turnkey business.


2. Proven System in Place

When you buy a franchise you buy a system. All franchises have an already-established system in place that you must follow. These systems are designed to improve the overall productivity and increase sales of each franchise. Having a proven system already in place eliminates the guesswork and errors a common business owner would normally face.


3. Higher Likelihood of Success

Buying a franchise is very different from starting a mom-and-pop business. Since there is an already established system in place, there is a higher likelihood of success. If you follow the system the franchisor has put in place, you should be on your way to running a very successful business.

4. Corporate Image and Brand Awareness

If you buy into a franchise system that is already established the corporate image and brand awareness is already recognized. Customers are usually more comfortable purchasing items they are familiar with and working with companies they already know and trust.


5. Easier to Obtain Financing

Lenders are usually very comfortable financing the purchase of a franchise because they already have a proven track record. Bankers usually look at successful franchise chains as having a lower risk of repayment default and are more likely to loan money based on that premise. In addition, some franchise systems even provide in-house financing and/or leasing options.


6. Training

Most franchise companies offer a 1-4 week training program that is usually held at their corporate offices or at an actual franchise location. This is what makes franchises stand out from every other business or business opportunity. The franchisor will train you to run your franchise exactly the same way their other franchise locations are run. This will ensure that you are running your business efficiently and will help to eliminate any common mistakes a new business owner usually faces.


7. Ongoing Support

When you buy a franchise you are never alone. You will always have the support of the franchisor and the support of knowing you are part of a growing family. You will always be able to pick up the phone and ask questions to the franchisor or even to other franchisees.


8. Marketing

There is usually no need to worry about advertising your franchise. The franchisor usually takes care of handling all of the marketing. If the franchisor does not handle the marketing, they will have an outline for you to follow and sometimes specific vendors that will have systems in place for you to use.


9. Exclusive Territory

When you buy a franchise you are also buying an exclusive territory in which to do business. Franchisors will only allow a certain amount of franchises to be open within a certain geographical region. You will be entitled to a certain area and no other franchises (within your franchise system) can be open within that area.


10. Own Multiple Locations

Being a part of a franchise system will always offer you more opportunities to grow within the system. Once you have become a successful franchise, owner the next step is to become a multi-unit franchise owner.

After you have one successful franchise open with a great management team you can focus time on opening a second location. Multi-unit franchise owners manage more than one location and are able to sometimes double their income by taking on more than one location. Owning multiple franchise locations can be very lucrative.

 

According to About.com and the article, Top 10 Reasons to Buy a Franchise by Don Daszkowski



 

Advantages of Franchising:

  • Risk minimized. A reputable franchise is a proven business method.
  • Name recognition. A well-known name can bring customers into the business and provide a competitive advantage for the franchisee.
  • Training. A franchisor can provide a regimented training program to teach the franchisee about the business operation and industry even if the franchisee has no prior experience.
  • Support. A franchisor can provide managerial support and problem-solving capabilities for its franchisees.
  • Economies of scale. Cost savings on inventory items can be passed on to the franchisee from bulk purchase orders made by the franchisor.
  • Advertising. Cooperative advertising programs can provide national exposure at an affordable price.
  • Financing. A franchisor will generally assist the franchisee in obtaining financing for the franchise. In many instances, the franchisor will be the source of financing. Lenders are more inclined to provide financing to franchises because they are less risky than businesses started from scratch.
  • Site selection. Most franchises will assist the franchisee in selecting a site for the new franchise location.

Common Reasons for Business Ownership

  • Control Your Financial Freedom
  • Build an asset for future sale
  • Create more control and freedom for your time
  • Emotional fulfillment of building your dream
  • Satisfaction and happiness in day-to-day activities
  • Build an asset to pass on to family members
  • Creat an opportunity to work with family
  • Remove threat of job loss

 

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