The routes one can take to become a business owner are quite uncomplicated. One can either start a business from scratch, buy an existing business or become a franchisee. As with any case, there are pros and cons to each option.
But in this blog, we’ll do our best to cover what are the benefits of buying a franchise.
From the outset, there must be an understanding that franchising is built upon a specific business model. Success is derived by following a franchise’s proven set of systems. Here’s a prime example. Many of us are familiar with some of the most popular franchise brands like Mcdonald's. But what is it that makes a customer go back again and again? Because the customer has learned the product and service will meet their expectation of satisfaction repeatedly. The franchisor—or brand—has already invested the time, research, and money into developing the business processes which, if replicated correctly, spell success. A franchisee obtains access to these assets when they purchase a franchise. Franchises are designed to be a turnkey solution for business ownership, a fact that is advantageous compared to other business ownership avenues.
When someone makes the decision to go the franchising route, they have greatly reduced their overall risk of having the business fail. As explained above, the assets and operations are already in place. Couple that fact with the intense amount of training and support that franchise organizations place on their brands and you have further reduced the risk of failure. Lastly, franchisees have access to not only corporate guidance, but that of their peers as well. Franchise brands know that their network of franchisees will band together to ensure success. We like to say that, with franchising, you’re in business for yourself—but not by yourself.
Training & Support
One key benefit is the ongoing training and support that franchisees have access to when they purchase a particular franchise brand. Some of these training and support programs are complex and quite effective in getting a new franchisee up to speed in operating their new business. Some even have their own “Universities,” where an intense couple of weeks are spent with top corporate franchisee business trainers. Validation is another key area. This is where franchisees get access to existing franchise owners to discuss the true day-in, day-out details they’ll need to know to ensure the success of their own establishment or practice.