Investing in a franchise should be a life-changing decision. It will require extensive thought, research and careful consideration. But if you do your homework and decide to go for it, , but there are many benefits to joining a franchise.
Here are my top 10:
1 Feel Rewarded for your own efforts Have you ever you’ve felt undervalued in your career or not appreciated for the efforts you make? As a franchise owner, you are self-employed and all the effort you put into running your business will impact you and your family directly, as opposed to benefiting your ‘employer’.
2 Enjoy a flexible approach to your working life As a franchise owner, you are able to take control of your life and give yourself more freedom and independence. You will set your own work schedule that matches your personal circumstances and your lifestyle. The only person you will be responsible to is you!
3 Minimise Risk As a franchise owner you benefit from a proven business model which has been tried and tested. All aspects of your business will have been trialled and scrutinised to the tiniest detail by the franchisor. They will have a wealth of experience and expertise which they will impart to you.
4 Enjoy on-going support and guidance You will receive on-going operational and emotional support and guidance from your franchisor, the head office team and in many cases the existing franchise network. This will include assistance with administrative tasks, insurance, legal aspects, finance and marketing.
5 Established Training and Support initiatives All good franchisors offer training and development programmes designed to continually educate you and help you grow and develop your business. Your success is their success after all.
6 Operate in a clearly defined geographical territory You will operate your business in an exclusive and protected territorial area. There will be competition but your franchisor will help you focus to help you operate, run and market your business successfully.
7 It’s about economies of scale Being part of an established and reputable franchise business allows you to take advantage of economies of scale. This is because the franchisor is able to secure better rates from bulk ordering, which ultimately will save you money and time. All this contributes towards your all important profit margins.
8 enjoy better access to business funding and finance By buying into a proven and successful franchise, you should have easier access to finance for your franchise purchase. Banks are usually more willing for you to take out a loan, due to the fact that franchising has a much higher success rate than starting a business from scratch.
9 Enjoy the halo of association with a reputable brand and and reputation You will not have to dedicate great swathes of time, energy and money trying to raise your business profile in your territory. Business will be easier as your clients are more likely to be drawn to a strong known brand name because it will be viewed as more reliable, trustworthy and because they will know what to expect from association with that brand.
10 Territorial marketing support No matter what your experience is of ‘marketing’, you will not have to dedicate time, energy or effort to producing new marketing collateral from scratch and on a regular basis, while trying to get your new business up and running. Good franchisors dedicate their head office resources to this task and will create positive publicity and marketing campaigns both nationally and locally. And you’ll soak up the benefits of this activity at a localised level.
So there you have it. The views of a clearly biased franchisor explaining what the key benefits of investing in a franchise are.
A note of caution though; when you buy into a franchise system you are entering into a partnership with your franchisor. You are not buying a job or a salary. Your role will not be easy. You will need to commit all your passion, heaps of energy and untold skills to building the business you have bought in order to make it a success.
Anyone who tells you ‘it’s easy’ or you’re ‘guaranteed’ to make ‘millions’ is not being straight with you.