The Benefits of Franchising

Always wanted to start your own business, yet never had the time for elaborate business plans and convoluted marketing strategies? Well, I have one word for you: franchise. You see, starting a business from scratch is risky, to say the least. You spend a lot of your time, energy, and even money, developing a business idea that may or may notwork out in the end. That is why so many people out there choose not to take on the entrepreneurial life, and instead stick to dealing with their same-old boring nine-to-five jobs. However, franchising presents another, more reliable, alternative to all up-and-coming entrepreneurs who wish to become their own bosses. So, let’s take a deeper dive into the various benefits of franchising and why you need to get one yourself.

Established business model

Starting a business all on your own is much like being an inventor. There’s a chance you come up with something ingenious and revolutionary that’ll benefit the rest of mankind, and then there’s also the chance of creating something extremely wacky and useless, like the many flying machines people have made in the past. However, with franchising you need not worry about becoming a master of silly contraptions as you effectively get your hands on a fully tried-and-tested business model. Meaning, you spend less time developing your crazy business ideas and more time actually making profit.

Brand recognition

Ever wondered why people go to McDonald’s and not that new local joint down the street? Two words: brand recognition. Namely, people are more likely to buy products from brands that they know of in place of brands they’ve never even heard before. Likewise, when you buy a franchise, you essentially acquire that brand’s selling power as your own. As a result, you can start right off the bat instead of wasting months (or even years) building a name for yourself to attract new customers.

Ongoing support

As in real life, the fear of the unknown is one of the scariest things first-time entrepreneurs have to face. Luckily for them, the franchisor is there to provide them with ongoing support and assistance throughout the whole ordeal. This includes: extensive training, business consultations, marketing ideas, and general guidance, to name just a few. For instance, finding a well-developed mechanic business for sale means you don’t have to worry about the secrets and the general know-how of running a successful business. Instead, you can focus on doing what you do best, leaving the franchisor to take care of the rest for you; making it an alluring option for inexperienced or first-time entrepreneurs who need a general push in the right direction.

Lower costs through group purchasing

Finding the right kind of supplier is crucial for the success of your business. Failing to do so could result in costly hiccups in your overall supply chain, effectively compromising the quality of your products and services. Now, with franchises it’s a completely different story as you’re immediately given access to a much wider network of long-standing suppliers. This way, you skip the tedious task of bartering and re-negotiating contracts with suppliers and merchants, allowing you to focus on growing your business instead. What’s more, some franchises have the added benefit of acquiring goods through group purchases, dramatically lowering the cost of supplies and making your business more profitable in the long run.

Pre-existing marketing campaigns

Usually, the parent company will support your business with already developed marketing strategies while you focus solely on your day-to-day business operations and making profit. What’s more, they’ll also conduct their own market research, customer surveys, product testing, and the like, thus removing the costly guesswork out of the equation which, in the end, benefits both parties. More sales equals more money, and more money equals more fees to collect for your franchisor. So, it’s really in their best interest to help you market your products effectively.
In conclusion, buying a franchise offers first-time entrepreneurs a chance to start their own business and be their own bosses, even though they might lack the general experience, or the technical know-how, of running a business.