If you’ve always dreamed of owning your own business, you might want to consider exploring franchising opportunities. Building a business is hard work and franchises offer you the chance to have a complete support system and a proven method to help your new venture succeed. Franchises come in all shapes and sizes ranging from retail to restaurant to real estate. No matter which niche interests you the most, here are 9 benefits of owning a franchise rather than navigating a new business on your own.
A Proven Step-by-Step System
If a company is offering franchise opportunities, then they have already successfully used their business model to launch businesses in other locations. You can build on their experiences and utilize their step-by-step model to start your own business. Rather than taking a trial-and-error approach to starting a business, you can use a proven successful method to kick off your venture.
Instant Brand Recognition
One of the most challenging tasks for a new business is creating a recognizable brand. When you choose to open a franchise, you get access to a company’s already well-known brand. You’ll save time and money by using an existing logo and a name that the community already recognizes as legit.
Burger Franchise Business Training
The best franchise opportunities, such as a burger franchise, will provide you with comprehensive business training. Even if you have no experience in running a business, you’ll have access to the resources and educational materials you need to learn the ropes and successfully build a profitable company.
A Support Network to See You Through Challenges
Every business faces challenges and when you hit a rough patch for the first time, you’ll be thankful to have the support network that most franchisors offer. The best franchise will offer ongoing assistance and mentorship to help you figure out how to navigate challenges and overcome difficult obstacles.
Marketing Strategies to Create Buzz
Franchises usually receive training in marketing strategies to help create buzz before, during, and after the business launch. Even the best companies won’t succeed without adequate marketing plans and many franchises will offer and plug-and-play approach to marketing that you can use in your community.
Get Help Choosing the Right Location
It’s sometimes difficult to find a prime location for a new business, but many franchises will provide education on how to find the best real estate and negotiate pricing. Having this support can save you thousands of dollars and help you avoid some critical mistakes during the early days of building of business.
Take the Guesswork Out of Design and Décor
Many franchises will provide businesses with a complete guide to designing, building, and decorating a location. Rather than spending months trying to find the perfect furniture, equipment, paint colors, and décor, you can utilize a predesigned layout to take the guesswork out of setting up your business.
Enjoy Instant Credibility with Suppliers
When you are working with suppliers, you might find that some are hesitant to work with a new company that has no references or experience. But if you’re part of a well-known franchise, you’ll have instant buying power and credibility, giving you a wider range of choices and potentially better prices on the supplies you need for your business.
Sadly, a significant percentage of new businesses don’t survive for more than year. When you start a business, you are taking a huge financial risk, but you can minimize the risk and maximize your profits by choosing a franchise that already has a proven model for success. Any fees you have to pay upfront to open your franchise are well worth it because of the many benefits you will enjoy as part of a larger, more experienced network with all the resources that come along with being a franchisee.
Ultimately, buying into a franchise is a big step, but it can make a huge difference in whether you are successful in your new business venture. Rather than trying to navigate a new business on your own, a franchise will give you a vast network of resources, training materials, and unparalleled support to help you truly achieve your dreams as a business owner.
Noel B. Lorenzana is an Illinois Registered Certified Public Accountant with over 20 years of experience, dedicated to providing outstanding tax and accounting services to individuals and small businesses in the Chicagoland area. Contact him at firstname.lastname@example.org to find out how he can help you with starting or buying a franchise.
The information presented in the above article is general in nature, and not warranted or guaranteed. If you have questions on buying, selling or starting a franchise, be sure to speak with a Certified Public Accountant or a trusted business advisor. You are welcome to contact me if you would like a free consultation to discuss your business questions.
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Disclaimer: Any accounting, business or tax advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, I would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.