There are 10
reasons to select a franchise opportunity if you want to own
your own business.
1.
Track Record of Success.
Any good franchise company has developed a method of doing
business that works well and produces successful results. Even
better, they're required to provide you with a great deal of information in
their required disclosures so you can investigate and verify the
results with existing franchisees prior to making your final
decision.
2.
Strong
Brand.
One of the biggest advantages of franchising is that the company
is building a brand on
a regional or national basis that should have value in the eyes
of customers you're trying to attract.
3.
Training
Programs.
A good franchise company has training programs designed to bring
you up to speed on the most successful methods to run the
business. They should also have reference materials to assist
you in dealing with whatever comes up while you're running your
business.
4.
Ongoing
Operational Support.
Franchise companies have staff dedicated to providing ongoing
assistance to franchisees. You're not alone when you're building
and running your business, and you can always call on
experienced people when you hit a rough spot or want to share
new ideas for growing the business.
5.
Marketing Assistance.
The franchise company has marketing assistance
to provide you with proven tools and strategies for attracting
and retaining customers. Usually, the staff helps you develop
the actual marketing plans and budgets for your grand opening as
well as your ongoing efforts to market your business
effectively.
6.
Real
Estate Assistance.
Most franchises have manuals and other documentation, as well as
staff, to help you find the right site and negotiate the best
possible deal on your site. This is a very important advantage
that can hold costs down and provide the best possible chance of
success in any site-driven business.
7.
Construction Assistance.
Franchise companies can also provide a wonderful benefit in
helping you design the layout of the business and select the
right contractors to do your build out, as well as making sure
you get the exact mix of furniture and
equipment you need to maximize the efficiency of your initial
investment.
8.
Purchasing Power.
A good franchise can take advantage of the buying power of the
entire system to negotiate prices for everything you need at
significantly lower levels than you could achieve as an
independent operator. This applies not only to initial furniture
and equipment purchases, but also to the supplies, inventory,
uniforms and everything else you'll need on an ongoing basis.
9 & 10.
Risk
Avoidance.
This one is so important that we'll call it both 9 and 10! The
biggest reason to buy a franchise is that, if you're smart, it
will help you avoid much of the risk of starting a new business.
Make no mistake--you have to do your due diligence, but if you
do, you can determine with a fair amount of certainty what
happen if you become a new franchisee.
As you look at
this list, it not only shows a number of reasons to think about
getting a franchise--it also shows you just some of the major
challenges you'll face if you have to create all these things
yourself in an independent business. You do have to pay fees in
a franchise that you could avoid in an independent business, but
it's kind of like the guy in the Fram Oil Filter commercials who
says, "You can pay me now or you can pay me later." You can pay
the franchisor the fees, or you can pay for many expensive
mistakes by not learning the lessons of others that have gone
before you. Using a franchise to meet your goal of starting a
new business is a wonderful approach for most people, for all
these reasons and many more.