Many people dream of being their own boss but don’t want to start a business from scratch, you might be one of them. If so, keep reading because the solution could be buying an existing business in the form of a franchise.
In this article we’ll take a look at some of the advantages of buying a franchise, then we’ll explore the disadvantages in another post.
So, let’s take a look at the good things about buying a franchise:
Proven business model
The biggest advantage to franchising is that you’re getting a proven business model, one that has a success record.
This also means that franchising has less risk of you getting it wrong than if you are starting from scratch.
Of course it will still depend on you to put in the effort to duplicate the results!
One of the biggest tasks of a new business is building their reputation. With franchising you don’t have to worry about this because you’ll be buying into a company that has already established their brand and their reputation.
Being part of a franchise has a benefit when it comes to advertising and marketing. As a franchise owner, the marketing and advertising will either be done for you, or you’ll be given the materials you need such as brochures, ads and so on. Although this comes at a cost to the franchise owner, you benefit from advertising in places you might not be able to on your own.
The franchisor should provide all the training you need in order to be successful.
Because franchisors want their franchisees to be successful, they’ll offer ongoing support for them. They’ll help with training, as mentioned above, as well as help with any problems that arise. Their goal should be to make sure that the franchisee has all the tools and support they need in order to be successful.
Making the Decision
So far, so good, but of course only you can decide if franchising is right for you, but I hope this article helps you make an informed decision. Now read this post where we’ll look at the disadvantages of buying a franchise. These are the ones that can make or break your financial future, as with any business there can be pit falls, be informed before you commit to anything.