Have you ever considered starting your own business? If so, it can take a lot of work. But franchising gives you the chance to experience the excitement of business ownership without the stress. With so many benefits of franchising, it’s easy to reach your potential and find your path to success. Here’s why you should start a franchise.
1. Achieve Your Dreams
Many Americans dream of becoming their own boss. Very few actually make it happen. A franchise lets you achieve these dreams and gives you greater freedom than you’ve ever imagined.
Sure, you’ll be working for an existing company, but many of the day-to-day decisions are yours to make. Set your own schedule and plot your own course as the owner of a franchise.
2. Enjoy Lower Risk
Of course, one of the reasons that fewer entrepreneurs start their own business is because of the potential risk involved.
An astonishing number of startup businesses fail in their earliest years, which can be devastating to their owners. Franchises represent an established business model, giving them a lower failure rate than independent companies.
3. Explore Diverse Options
You might immediately associate the word “franchise” with the term “fast food.” But franchises represent a wide array of different options, ranging from casual dining establishments and coffee shops to gyms, financial services, auto rental agencies, and many more.
One of the key benefits of franchising is that you can find a company that matches an industry that you’re passionate about.
4. No Prior Experience Necessary
You don’t need to be an industry expert to make it as a franchise owner. Franchisors want their franchisees to succeed, which is why so many of them provide training and educational resources to help you grow. Many franchisees can even learn on the job, gaining opportunities to build revenue and implement new skills at the same time.
5. Easy Access to Equipment and Supplies
Regardless of what type of business you’re in, you’ll need access to equipment, inventory, and more. This is a great reason to should start a franchise since your franchisor can connect you to suppliers and vendors who’ll get you the equipment you need.
And since all franchise locations use the same equipment, you may be able to get a significant discount.
6. Easier Access to Business Funds
To cover things like the franchising fee and other startup costs, you’ll need a small business loan. Thankfully, it’s generally easier to meet the eligibility requirements of a franchising loan than those for financing if you’d started your own company.
As a franchise owner, you’ll have greater access to the funds you need to get your company rolling without the headache of a strict application process.
7. A Pre-Existing Customer Base
Arguably, one of the best benefits of franchising is that you’re already a household name. This notability means that you won’t have to work as hard to build a customer base. Instead, your local community will immediately recognize the company brand and know exactly what to expect every time they visit your establishment.
8. Magnificent Marketing Materials
Most major companies have an extensive marketing department. As a franchisee, you’ll be able to take advantage of nationwide ads on TV, billboards, and more. Even local marketing efforts are governed by the promotional materials your franchisor provides, and all you’ll need to do is implement these materials in your store and beyond.
9. Continued Innovation
There’s never a dull moment when you’re a franchisee. In an effort to keep up with the competition, most major franchises are constantly innovating and adapting.
This innovation means adding new menu items, adjusting their services, and integrating digital technology and apps to better serve the customer. Franchisees get a front-row seat to cutting-edge business techniques and share in the excitement of innovation.
10. Investment in Others
The rewards of franchising are more than just material. For many of your employees, this will be their first job, a stepping stone on their larger career path.
As their first boss, you have a unique opportunity to pass on life lessons that your employees carry with them for the rest of their lives. This leadership role may be a good reason why you should start a franchise: to make a difference and not just a profit.
Where to Find Your Next Golden Moment
At Franchise.com, we’re committed to providing opportunities to worthy business owners. That’s why we offer a franchise finder. Use this locator tool to find franchise opportunities in your area and explore the possibilities of owning a business of your very own.
