Top 20 reasons to buy a franchise

28/06/2018 14:00 | Start a business

Top 20 reasons to buy a franchise

Buying a franchise is a big decision to make. There are so many things to take into consideration. To help you understand if the franchise model is right for you, here are our top 20 reasons as to why making a franchise investment could pay off big time.

1.The odds are stacked in your favour

According to the British Franchise Association / NatWest Franchise Survey 2015, 97% of franchisees report profitability while failure rates are extremely low in comparison to independent businesses.

2.You know what youre letting yourself into

When entrepreneurs start a new business from scratch, there are so many unknowns. Thankfully, buying a franchise reduces lots of these uncertainties. As long as you perform your due diligence and review the franchise agreement with a specialist franchise solicitor, there should be no surprises.

3. Its easier to secure funding

Banks recognise that franchises are a much safer route to business ownership than starting an independent business. Because of this, most prospective franchisees find it relatively easy to secure the necessary finance to purchase a franchise.

4.You have a ready-made customer base

A franchise provides an established product or service that already has an element of brand name awareness. This gives you the benefit of customer recognition which would take many years to develop for a new business venture.

5.The system has already been created

The most compelling reason to invest in a franchise is that the system has already been developed. You don't have to build the necessary infrastructure or support network for your business because all the hard work has been done for you.

6. You can find a franchise that suits your skillset

When youre considering buying a franchise you don't have to be limited to industries that you've worked in before. You have the opportunity to start something entirely new, maybe one that is more aligned with your skills or passions.

7.You get help to find the perfect location

Location is so critical to the success, or lack of it, for a new business. Finding the ideal place can be overwhelming, but franchisors have specialists on hand to help you pick the best possible spot for your franchise.

8. You get assistance to fit out your new business premises

As well as helping you to find the right location, the franchisor will also help you to design the fit out your new premises. Youll receive support to make sure you get the right level of fixtures and equipment you need to maximise the efficiency of your franchise investment.

9.Most of your marketing is taken care of

Investing in effective marketing campaigns can be financially draining for a new start-up business, as well as taking significant time and effort. In the franchise model, much of this activity is performed by the franchisor. You may be expected to contribute towards a central marketing fund, but you'll benefit hugely from the national brand awareness promotional activity.

10.You can learn from mistakes that your franchisor made

Running a business can be tough at the best of times and making mistakes along the way is almost inevitable. The good news is that although errors will happen, you dont have to make the same ones that the franchisor made as you can learn from their oversights.

11.The franchisor has your back

There are always new developments in the world of franchising, and it can be challenging to stay on top of things when you're busy running your business. Thankfully, franchisors will always keep you informed of any regulatory, legal or industry-specific changes that will affect your franchise.

12. Help is at hand

Running a franchise can be tough at times but most franchises have help lines that you can contact at any time should you need help, advice or guidance.

13.You join a team of franchisees

If you own an independent business, you often have to work through your problems alone. But when you make a franchise investment, you become part of a network of franchisees. If you encounter any challenges, you can rely on the advice and support of more experienced franchisees who have probably been there, done that'.

14. You get to attend franchise exhibitions

Franchise exhibitions are an excellent opportunity to hear from experts, receive additional training, and meet other franchisees. Very often entry is free and provides an invaluable chance to network and learn from franchise professionals.

15.You dont need to have any particular industry experience

In fact, you dont even need previous experience as a business owner. Franchising gives you the opportunity to do something youre passionate about without having any prior knowledge or involvement in the industry youve chosen to invest in.

16.You have access to experts

One of the enormous benefits of franchising is the team of experts that the franchisor will have recruited to support you and other franchisees. This support team aim to understand whats working and whats not within the franchise model and then share this knowledge with franchisees.

17. Youre in control of your future

Buying a franchise puts you in control. You get to decide how quickly you grow your business, whether to invest in additional franchises, or whether to just create a profitable business and sell it on at the end of the franchise term. The point is that no one else influences your destiny.

18..You can decide when and where you work

In the early days, you may have to work long hours as a franchisee resulting in late nights and giving up weekends off. However, once your business is up and running, youll get to manage your schedule to suit you. This means that you get the flexibility that can be difficult to achieve when working for an employer.

19.Theres an opportunity to grow

If you make it as a successful franchisee, you may wish to expand your business. The ability to grow is much easier within a franchise as you can purchase additional outlets or territories once your original franchise is established. Becoming a multi-unit franchisee can be challenging at times but can also be lucrative and rewarding.

20. You can feel proud

One of the best things about being a franchisee compared to working for someone else is the sense of pride youll feel that youve built something of your own. When your franchise experiences success, you should be proud that its all down to your dedication, abilities and efforts.

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