Buy a Franchise Instead of Starting Your Own Business
For running a successful business, then very few people have the natural ability or expertise to be efficient in all aspects. That is where the franchisor’s experience comes into play.
Franchise organizations offer a structure for launching, operating and growing a business. Franchisors usually create comprehensive operations manuals and training programs for their franchise owners that cover marketing, operations, accounting, technology and other areas that are specific to the particular business model. These efficiencies are designed to enable franchise owners to earn more and spend less time and effort than otherwise would be required to open and operate a similar business on their own. Here comes the first:
The ability is offered by the franchise organization model to the franchise, to grow under a common brand and share in the benefits of a larger group of business owners. All franchisees share in the collaborative benefits of the organization through the support and oversight of the franchisor including:
- Group advertising resources not typically available to small, independent business owners
- The ability to sell products and services to markets that company-owned outlets have difficulty serving because of higher operational costs and lower motivation of employees in company-owned outlets
- Lower risk of failure and/or loss of investments than if you were to start your own business from scratch
- An opportunity to enhance your management abilities within an established business model that you couldn’t experience in most employment situations
This collaboration from the franchisor’s perspective:
- Offers the franchisor a method of rapid expansion
- Allows the franchise owner community to grow due to a duplicable system and support
- Features increased buying power for goods and services due to higher volume with suppliers
- Provides steady cash flow to the franchisor to facilitate overall growth of the system
- Can fund the brand recognition effort to grow nationally and globally
Franchising offers you for a better chance to succeed
Research by Government over the years has indicated that the success rate for franchise-owned endeavors is significantly better than the rate for non-franchise-owned small businesses. franchising makes up a significant part of the national economy and presents a statistically better chance for success than other business options, which is good news.
Most individuals seek three common elements when choosing a franchised business:
Franchise owners are happy and making more money
There’s a lot of truth to this statement, “It’s been said that if you love what you do, you can’t help but succeed.” If the franchisor understands that its franchisees are the heart and soul of their success and understand a very basic premise, if the franchisees are happy then they’ll generate more revenue, then it will build on that reputation and financial model.
Be sure to investigate their commitment to their franchise owners as you evaluate franchise organizations. as well as their future development plans to enable their franchisees enjoy continued growth and success.