If you’re looking to have more freedom in your life and to be your own boss, buying a franchise may be the best way to do that. Owning your own business and being in control of every aspect has its benefits, but it also comes with risks and costs that many people aren’t willing to take on. Instead, they choose to buy a franchise with proven systems in place so they can get the same results as an entrepreneur while taking much less risk and keeping costs down. These are just some of the main benefits of investing in a franchise.
Proven Business Model
Having a proven business model is critical for franchise success. It means that many others have tried and succeeded with it, and you can learn from their successes (and failures). Proven business models also mean that there are no surprises along your path to startup: you know what works, what doesn’t work, how to set up your systems, etc. Basically, investing in a franchise lets you pay someone else to figure out all those important things before you start your own business. If you’re trying to choose between starting your own business versus buying a franchise instead, do yourself a favor and take a long hard look at their franchising section—you may discover that it’s best for you to buy instead of build on your own.
Marketing is provided
When you buy a franchise, your startup costs are substantially lower because you’re able to partner with an established brand. That’s not to say that buying a franchise is a walk in the park, but it comes with built-in marketing and advertising. The franchisor will provide all kinds of support, including training and sales materials. When you buy a franchise, it’s highly likely that existing customers will be familiar with your business model and have already been exposed to your branding. If there’s already an established presence for a particular brand, then why reinvent the wheel? That’s just one of many benefits when buying a franchise.
Easier to run
As a franchisee, you’ll enjoy greater economies of scale than if you were an independent business owner. You’ll be able to buy your supplies in bulk, taking advantage of volume discounts and other perks that increase your profits. For example, as a McDonald’s franchisee, you can save money on real estate because many locations share common elements like drive-thrus and parking lots. Your employees will also benefit from training and uniformity across stores; they are likely to stay longer at jobs with greater stability than at mom-and-pop businesses. That helps your bottom line because it means more customers have access to familiar faces and can rely on quality service even during peak hours.
Franchises are cheaper than starting from scratch
Starting a business from scratch is one of, if not THE most expensive things you can do. From filing fees to creating your brand from scratch, there are numerous expenses associated with doing it on your own. Thankfully, with a franchise system, these are all taken care of for you—so there’s no huge expense right out of the gate. If anything, you’ll likely end up saving money as opposed to starting your business from scratch since franchises also come with an operational and marketing model that lets you focus on other aspects of your business rather than trying to create them yourself.
Franchises have higher success rates
If you’re interested in investing in a franchise, you may be curious as to whether or not franchising is a safer way to run your business. The truth is that most new franchise owners report a profitable first year, while 70% of independent businesses don’t even make it past their first five years. In addition, franchises also come with some serious advantages like support and stability. With a strong foundation, help from an established parent company and access to resources like employee training and brand recognition, franchises are more likely to succeed than independent businesses. It might just be worth your while to start considering franchising over venturing out on your own.
Where to find franchises for sale?
Franchises for sale can be found using a franchise directory, an online list of franchises. There are many websites that have franchise directories, which enable entrepreneurs to find investment opportunities from different franchises around the world. The directory contains information about services that include whether or not a franchise has been pre-approved for funding by a financial institution, contact details of franchisors, names of contacts at a particular franchise and so on. Sites like Franchise Gator allow you to search based on product or service category to discover franchises available in your area. This will help you narrow down your options to find one that meets your needs and matches your interest. You can then request more information by filling out a form on their website and they will send it over to you within 24 hours.
Are you interested in buying a franchise?
If you’re interested in buying a franchise, you may have many questions. You want to make sure your investment is sound—and that you’ll still be in business years down the road. The good news is, there are many franchises available from b2b franchises to cleaning franchises and many more. But before making a decision about which franchise to buy, consider browsing a franchise directory and researching the particular franchise you are interested in investing into to make sure it’s right for you.