Top 3 Advantages of Owning a Franchise
Owning your own business is a serious commitment. It is not something you can do on a whim and hope things just work out in your favor. It takes some serious planning, research, and an extra special dose of grit. The grit might become even more of a factor if you are thinking of starting from scratch.
The good news is – you have options. You don’t actually have to start from scratch, and there are hundreds of businesses readily available with the planning and research already built in. Behold everyone’s favorite f word – a franchise. That’s right, this business model is not just reserved for French fries – but can come in the form of almost any industry you can dream of.
Aside from the obvious benefits of having a proven business model ready for your investment, franchising also offers a host of other benefits – some that may have not even crossed your mind. Well, luckily for you, we lay them all out here.
You Are Not Alone
Being a business owner for the first time can be intimidating – especially if this is your first time outside the corporate world. That is where franchising truly shines. Because a franchise is part of a proven system, you never have to go at it alone. From the start you are provided a blueprint for running your business, jam packed with a plethora of training and support.
Franchising allows you to be in business for yourself, but never by yourself. The training is built specifically to set up the franchise owner for success, giving them all the tools they need to run the business appropriately. And not only do you have support from the top, but you are surrounded by a system full of other owners, all at different stages of the process.
Access to Capital
As the adage goes, “it takes money to make money,” the same reigns true for investing in a franchise business – but with a twist. A common barrier many people face who start businesses from scratch lack access to capital. They often must use their own money and find business partners or investors to back their idea.
While you would still need to use your money to invest in a franchise, you actually have a better chance of obtaining financing with franchising. Because this a business model that already has credibility in the market, the greater the chance the bank is willing to approve the loan.
Power of Partnerships
As an independent business owner, when they say start from scratch, they really mean that. You are starting everything from the very beginning from financing to finding the necessary suppliers to vendors to obtain the resources necessary to run your business. That is also where franchising takes the cake.
As a franchisee, you benefit from the collective purchasing power of the franchisor that can leverage its network and negotiate price discounts through bulk purchasing. This puts you at a much greater advantage – particularly from a cost perspective as the inventory and stock will likely be lower than being on your own.
Should I Invest in a Franchise?
Ultimately, deciding to invest in a franchise is a personal decision. People go into it for a variety of reasons from wanting to be their own boss to hoping to find more financial freedom. Franchising can offer a lot of upside depending on what your ultimate goal is for that next chapter.
At Evergreen Franchise Advisors, we understand the complexity and seriousness of making a decision such as this. If you considering if a franchise is a right fit for you, we can help. Representing more than 600 of today’s leading franchise opportunities we help you make the best decision based on your marketplace and skills – schedule a free consultation today.