The first question many people may ask is “Why should I buy a Franchise?” To quote another, “it is like cloning a successful business and opening it in your own territory.” Next you get to add your own talent, motivation, and local opportunities to make the business yours. By owning a franchise, you get to learn and train from people that have worked out a smooth system. They have spent years figuring out what works well. By using a Proven Business Plan, you put your business on a fast track to opening and being productive. Running a successful business is similar to learning a math formula and following its rules and laws time and time again.
Through Brand Awareness, customers have learned the quality of the franchise product. They grow to trust the brand. This helps drive sales and gives you a competitive advantage over smaller competitors. In addition to an established brand, most franchise companies support their franchisees with both local and national Advertising and promotions to help drive sales.
Purchasing Power is an advantage as the franchisor can purchase items such as goods, services, and supplies at bulk rate. This is passed down to each franchise owner, another competitive advantage for the franchise owner.
Support is one of the keys in franchising. Franchising: in business for yourself, but not by yourself. This is so true because the franchisor is there to make your business successful, because your business reflects on their whole organization. You will be thoroughly trained before you open the doors to your business. Successful franchises continue to support their franchisee through ongoing training, system upgrades, product enhancements as well as question and answer support systems using dedicated representatives within the organization.
The Small Business Association or SBA has gathered statistics that show that 90% of franchises are still successfully in business after 10 years.
Bottom line, if you want to have a higher success rate in business, become a franchisee.