Joining a franchise can be an efficient way to set up your own business without starting from scratch. Franchising offers those dreaming of running their own company an increased degree of security. If you’re seeking the next big step in your career and want to be your own boss while still being able to leverage the tried and true experience of a trusted brand, franchising may be for you.
Here are 10 reasons why you should consider a franchise:
- Success rate
Franchises have a higher rate of success than start-up businesses. According to the U.S. Department of Commerce, 95% of franchises are still in business after five years, whereas self-launched businesses see a five-year success rate of only 47%.
- Established business model
Franchises leverage the power of a proven model with a team of experienced professionals dedicated to your individual success.
- No experience needed
For most franchise opportunities, little to no prior experience within that particular industry is needed. Franchises introduce you to their business and show you how to successfully build and run it. You will also get industry-specific training and ideas for marketing and future success. Often all you need is passion and a positive outgoing attitude.
You’ll get support from head office and other franchisees, drawing on their experience and sharing of ideas and best practices.
There’s marketing assistance providing you with proven tools and strategies for attracting and retaining customers. If the brand is nationally recognized, the bulk of the marketing is already done, giving you one less thing to worry about.
It’s often easier to secure financing for a franchise than a business you are starting from scratch. It also usually costs less to buy than to start your own business within the same industry. Banks are more likely to lend money to buy a franchise with a good reputation and an established history of success.
- Brand awareness
Franchises have an established brand, proven management and work practices, access to national advertising and ongoing support. Customers are usually more comfortable with what they’re familiar with and working with companies they already know and trust.
Franchising contributes to the economy and your community. In fact, one-third of franchises now employ 10 or more staff members.
- Be your own boss
Although you are getting support from head office, you are your own boss (without all the stress that comes with running your own independent business).
Though you’re in business for yourself, you won’t be by yourself. A supportive and encouraging team will help guide you every step of the way. Franchisees get training, help setting up the store/location, a manual telling you how to run the business, digital collateral (which often includes a website), and ongoing advice.