There are many benefits to starting a business through franchising. Here are three lesser known benefits of franchising…
- A Network of Peers– individuals with similar likes and desires. All working for a common good. You are not alone, other franchisee have or are building a similar business. They have similar ‘unknowns’, the pitfalls, the glories. You will connect with other owners either during trainings with the franchisor, at annual events or simply by calling them up with a question. These kinds of relationships can ease stress when things get hectic or provide useful insights on everything from hiring new employees to the latest social media tips.
- Regulatory and Industry Updates
In most businesses there are legal issues, government policies and simply new innovations. Sometimes the day-to-day activities can be so consuming, that you have difficulty staying up-to-date on other important aspects of your business. This is an important benefit of belonging to a franchise network.The franchisor most certainly should be aware of the happenings in your industry and should share that with you through regular communications and even offer solutions to any upcoming issues. For example, legislation at the national level might impact how much you pay your employees and you may not fully comprehend how to implement it. This is when you’re glad to be part of an organization with experts on staff diving into the data to help you seamlessly integrate whatever is necessary.
- Branding Awareness
Branding is more that a name, a logo and a advertisement. The franchisor is busy keeping the brand in front of the public, so while you are making sure people get their sandwiches, have their windows cleaned effectively, or receive high-quality, home care services, the franchisor is talking with the national media. When there is a national ad placed or an article published, it represents you too and what you offer. Not only has this publicity taken no time out of your schedule, it’s yours to use in your local market and share on social media to increase brand awareness for you—and ideally help to grow your business.Your job is to fill the need for your local community and let your franchise support you on other aspects.
Now, let us help you consider which business is right for you…
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