Would you be surprised to learn there are 750,000 franchises in the US? This figure shows the huge popularity of franchises, and perhaps you’re one of the many entrepreneurs thinking about becoming a franchisee.
But what are the benefits of buying a franchise? If you’re going to be investing a considerable amount of time and money into your venture, knowing what to expect can be crucial to help you plan ahead.
While there is always a risk when going into business, franchising offers several worthwhile advantages to starting your own company from scratch.
Keep reading to learn about 5 reasons you might want to buy a franchise.
1. Expert Advice and Assistance
Franchisors usually collect a monthly fee from your business, and this means the franchisor is invested in your success. They will explain their business model and be available to answer questions and give you advice.
This can be a crucial benefit when you are finding your way in a new business sector, especially if it is your first time owning a franchise.
2. Recognised Brand
Consumers like to buy from companies they know and trust, and a franchise will already have built up a positive reputation. This can make it much easier to book meetings with potential clients and close sales.
Over time, your business will develop its own local standing and customers will know your franchise provides a superb service within your neighborhood.
3. Increased Buying Power
You can join together with other franchisees to purchase products in bulk, allowing you to use your increased buying power to negotiate substantial discounts.
This can be a great way to keep your costs as low as possible when you are starting out.
4. Reduced Risk
There is always a risk when running a business, but it can be lower when you buy a franchise. This is because you will be following a tried and tested model that has worked in other areas. You can also draw on the experience of fellow franchisees and the franchisor to help you make your business a roaring success.
5. Be Your Own Boss
Although your franchise will have a proven blueprint to help you succeed, you also have the autonomy to make your own decisions. For example, you could decide to run local SEO marketing campaigns to build brand awareness and increase sales revenues, and you can read more now if this is of interest.
You may also be able to decide which hours you will work to give yourself more time to relax while still earning money. Many people find that being their own boss is one of the best reasons to buy a franchise.
Decide if Buying a Franchise Is the Right Choice for You
Buying a franchise is a big decision, but this type of business comes with many excellent advantages. You’ll have invaluable guidance from the franchisor, the ability to buy products at a discount, and a reputable brand name behind you right from the start. Being a franchisee can also allow you to have a more flexible working schedule while still making significant amounts of money.
You could soon be living your dream lifestyle with a perfect work/life balance!
While you decide if you want to invest in a franchise, take some time to read more of our business articles.