Ten Reasons for Buying a Franchise

What’s your number one New Year’s resolution? To work out more? To become a better parent or spouse? Or perhaps it’s to finally escape the ups and downs of corporate American and start your own business?

You’re on your own for the first two –but I have some solid advice for you on the last one…now is the time to take your very own piece of the American dream. If you are ready to take a step forward in your career path, business ownership may be just what you need. And if you have a real desire to be your own boss, probably the easiest and safest way to become a business owner is through franchising.

Why is franchising such a sound and proven way to own a business? Consider these ten reasons:

1. Brand Awareness.  A franchise company’s brand/trademark is probably their most valuable asset. As soon as you open a franchise, your customers will know who you are and what you do. And while you are building your brand in your local area, the franchisor is working to keep the brand top of mind with a national audience.
2. Training. If you start your own business from scratch, you have to learn everything on the fly and that can take a long time. By joining a strong franchise system, you take advantage of their well-organized training programs aimed at giving you the optimal skills to start and run your business.
3. Ongoing Support. Most franchise companies will have a dedicated staff to help you as the business ramps up and also for years down the road. They will provide reference materials, operations manuals, online support and any number of other methods to help you get the most from your business.
4. Marketing Know-how. What’s the best way to attract customers to your particular business? TV? Radio? Direct mail? Online? Don’t worry – a franchisor will not only know the answer but will help you develop the actual marketing plans and budgets for your business. You won’t waste time or money because the franchisor will know what works and what doesn’t.
5. Purchasing Power. A big advantage to owning a franchise business over being a stand-alone business owner is your purchasing power as part of a large organization. Whether it is furnishings for your retail outlet, computer equipment for your home-office, or the products you will be selling, most good franchisors have negotiated a lower price based on group buying power. This not only saves you money, it allows you to offer better pricing to your customers.
6. Real Estate Assistance. Finding the right site for your new franchise can make or break the business. That’s why many franchisors offer assistance in site selection and lease negotiation.
7. Build-Out Assistance. Are you an expert in the design and build-out of a retail store? Don’t worry if the answer is “no.” Your franchisor will provide plans and assistance so that you not only get the most for your money – you also maximize the efficiency of your space. Many franchisors even provide turnkey or business-in-a-box solutions to build-out, along with lists of what to order and when.
8. Reputation. A good franchisor understands that a reputation must be maintained daily and is therefore responsive to both their franchisees and to their customers.
9. Track Record.  A business with a strong track record of success will allow you to estimate how successful you will be at that particular business.
10. Risk Avoidance. Of course it’s never a sure thing but your chances of success as the owner of a franchise – one that’s part of a strong franchise system – are much better than that of someone starting a business by himself. If you like to take chances, feel free to explore creating and opening your own business. If you are someone who avoids risk, franchise ownership may work for you.

Is it time? Chances are you’ve been waiting a long time to take control of your future. Is this the year you finally decide to take the next step?  If this is your year to take control, consider using a free franchise consultant service, like FranChoice, which can help you narrow down your choices to a list of businesses that make sense for you.

If you prefer to explore franchising on your own, you may be interested in our “Career Transition Guide,” which details the steps for finding your perfect match in a franchise business.