Discover The Formula For Success With A Franchise Business
Did you know that franchised businesses have a 97% success rate within 5 years of opening, according to the United States Chamber of Commerce? This is a large success margin which can be very appealing to individuals looking to start their own business, especially since non-franchised businesses only have a 48% success rate within the first 6 years, according to a study conducted by Small Business Administration.
If you are looking to start your own business, an excellent way to minimize risk, while increasing the odds of succeeding is to consider opening a franchise. There are many options available, such as; food chains, fitness gyms and even pet franchises. Whatever your passion is, there is likely a franchise business that will allow you to do something you love, while still making a profit!
When you are researching what type of business you would like to own, it is important to evaluate all of your options and consider the advantage of launching a franchise. Listed below are some of the many advantages to owning a franchise business:
- Spend less time getting started. The difference between starting a franchise business compared to starting a business on your own is, the franchisor steps in to help you expedite the start-up phase by providing you with a plan and helping you make crucial decisions such as site location, hiring new staff members and promoting the grand opening. The franchisor has an invested interest in seeing your business succeed, and will draw upon past experiences in starting other operations to help get your business off the ground.
- Benefit from national brand recognition. Some of the most significant benefits of owning a franchise business are brand awareness and national advertising power. By joining a franchise that is already well-known and respected, you don’t have to spend as much time educating your target market on what your company is all about. In addition to launching national advertising campaigns, franchisors help you establish an effective marketing plan and provide advertising materials to help make your company a success.
- Reduce your risk as a business owner. When you make the choice to start a franchise business, you are essentially buying into a proven business model. Although there is still risk associated in starting any business, franchise organizations have a proven track record of success and offer experience, expertise and resources that help support the growth of your business and minimize costly mistakes. Rather than guessing at the most effective way to build your business, a franchisor provides you with a proven system on how to achieve success.
- Lower costs with group purchasing power. As a franchisee, you will have the ability to reduce your costs by utilizing collective buying power for goods and services needed to run the business. Many vendors are willing to give steep discounts to large buying groups, such as a franchise, which is a benefit that sole business owners do not receive. This also helps reduce the time spent searching for reliable vendors, since the franchisor has already used them in other operations. Many franchisors receive steep discounts on goods and services needed to run the business because they buy in bulk.
- On-going business support. Many new business owners underestimate the number of issues they will face on a day-to-day basis, which is why it is helpful to be part of a franchise organization that provides guidance and comprehensive training allowing your business to grow and prosper. As a franchise owner, you receive on-going assistance with customer satisfaction, new technology, marketing initiatives, hiring, managing personnel and the profitability of your business.
These are just some of the benefits associated with being a franchise owner. Get help from industry experts who will help you investigate and select a franchise opportunity best matched for you today!