Going into business for oneself is a dream for many. But there are a variety of ways to go about it. Is buying a franchise smarter than starting your own business from scratch? Check out some of the many benefits to determine if a franchise is right for you:

  • Buying a proven model
  • You’ll have a steady supply of ongoing advice, guidance and support from head office
  • Franchises are more likely to succeed than independent small businesses. According to the US 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%
  • You’ll acquire an established brand name that customers are already familiar with and will grow to recognize as the brand expands nationally
  • You speak to and validate the overall success and financial model with existing franchisees before buying in.
  • Training for your staff will be provided
  • Ongoing technical advice and assistance is available
  • There is increased buying power, often resulting in lower purchasing prices for goods and supplies
  • You will have access to organized marketing/brand promotions and collateral
  • Shared best practices between franchisees