Are you thinking about opening your own business? Instead of starting from scratch, have you considered opening a franchise?
When people think of franchises, they often think of fast-food restaurants. However, you can find franchises in all sorts of different industries. There are franchise gyms, clothing stores, flower shops, hotels, and more.
But, why should you start a franchise instead of starting your own small business?
Check out this guide to discover the top reasons why you should start a franchise.
1. You’ll Have a Recognizable Brand
Building a brand is one of the hardest parts of starting a small business. It takes a lot of time, effort, and money to create a reputable brand from scratch.
The great thing about a franchise is that from the moment you open your doors, you’ll have a recognizable brand. While you still need to employ strategies to grow your brand, you’ll already have a customer base from day one who trusts your brand and is willing to do business with you because of your name.
2. Lower Risk
Starting your own business comes with a lot of risk. In fact, 20% of businesses fail within the first year and 50% of businesses don’t make it past the 5-year mark.
With a franchise, you’ll have the backing and support of a larger corporation. These corporations come with tested business models that have already proven to be effective in various parts of the country.
Due to their history of success, getting a loan for a franchise is a lot easier than getting a regular small business loan. Banks know that investing in a franchise is less risky than investing in a new business with no proven track record.
3. No Experience Necessary
Many people are under the assumption that in order to start a franchise, you need to have years of business management experience under your belt. But, this is not the case!
As long as you have passion for the franchise you’re joining, you’ll be able to succeed. As a franchisee, you’ll be offered extensive training and support in regards to the company’s business model and their industry secrets.
With this insider information, you’ll be equipped with the right tools for success.
4. More Buying Power
Another major benefit of opening a franchise store is that you’ll have more buying power.
When you purchase a franchise, you automatically become a part of the franchise system. This means that you’ll benefit from the franchise’s established relationship with trusted suppliers. In turn, this means that the materials you purchase will be less expensive due to the company’s collective buying power.
5. Built-In Support Network
Another great thing about starting a franchise is that you’ll have a built-in support network. When you need help or advice, you can turn to other fellow franchise owners with more experience.
Whether you need advice on recruiting new team members or stepping up your marketing game, there are other franchise owners who will be able to offer you support. This is the case whether you choose to run a franchise shoe company or start an estate sale company.
Are You Ready to Start a Franchise?
Now that you know how to start a franchise, it’s time to hit the ground running. Before you know it, you’ll be running a successful franchise business.
Be sure to check back in our blog with more business-related news and tips.