When you ask people why they want to buy a franchise, many cite that it’s easier to run than starting your own mom-and-pop business from the ground up, and though that’s true, there’s plenty of other reasons why franchising has grown so popular. Franchising is responsible for creating tens of thousands of opportunities for small business owners and providing millions of jobs to Americans. Some of the reasons might not be as obvious as others. So, here are a few reasons why you should join the millions entering the world of franchising.
No Business Experience Required
Franchises often get celebrated as the best way for those new to entrepreneurship to gain experience in starting a business. Little to no experience isn’t a problem from some opportunities since franchisors provide you with the training necessary to operate their business model. The most important skills to have are personality, drive, and determination. The rest can be taught!
Good Track Record
One of the benefits of buying into a franchise is that you’re buying into a business that already has a good track record. Meaning, they’ve previously worked out the kinks that come with starting a new business, they’ve avoided pitfalls and know how to get and keep customers. Most franchises already have a proven system and strategies in place, a set way of doing business, and they’ll train you on any needed aspect of running their franchise.
When entrepreneurs open their business, they often run into the challenge of getting customers familiar with their brand and building a reputation. Hours get spent on promotion and marketing. With franchising, you usually buy into a business that is already well-known, trusted, and beloved by customers. Plus, if marketing is needed, your parent company can help out with that.
Ongoing Operational Support
Every business owner needs support, and with franchising, you get tons of it. Corporate will be present every step of the way, from construction and finding the necessary equipment, to providing training and marketing strategies. The support doesn’t stop there though, when you open your doors, expect your franchisors to continue to check-in and offer support well after you’re established. Another group you’ll get assistance from is your fellow franchisees. Because they’ve at one point or another been in your shoes, they’re often willing to offer a unique kind of support that non-franchise owners don’t get.
Higher Likelihood of Success
Like a parent/child relationship, franchisors want their franchisees to succeed; giving you all of the tools and resources you need to excel. Franchises are said to be five times more likely than non-franchise businesses to be around 10 years later, and it’s not hard to see why. When you buy a franchise, you’re also purchasing a wealth of resources all geared toward your success. If you need extra training, you’ve got it. So, with that higher likelihood of success comes opportunities for growth from a single-unit franchise owner to a multi-unit franchise owner.
Did you know that franchisors can help you find the right location? Corporate will understand that the site of your business is a significant factor in its success. Often, larger companies have full departments dedicated to scouting prime real estate and helping you negotiate the best deal. Another reason to buy a franchise is that franchisors only allow a certain number of franchises to be open in a geographical region, which means less competition.
Financing is Easier to Obtain
Because of the proven track record of success that franchises tend to have, lenders often feel more comfortable investing in them. This makes for an attractive reason to buy a franchise, as banks associate franchises with having a lower risk of default. And in some cases, franchisors will even have in-house leasing options.
Blackmore Franchise Consulting: Guiding You Every Step of the Way
Navigating the waters of franchising can be overwhelming, but at Blackmore Franchise Consulting, I’m here for you every step of the way. I’ll help you find the best franchise for you and assist you through the process.
Ready to get started? Contact me today!