Why To Buy A Franchise Business?

Franchise organizations offer a structure for launching, operating and growing a business. Indeed, the successful franchisor will deliver the entire framework around which the business is built. Franchisors usually create comprehensive operations manuals and training programs for their franchise owners that cover marketing, operations, accounting, technology and other areas that are specific to the particular business model. These efficiencies are designed to enable franchise owners to earn more and spend less time and effort than otherwise would be required to open and operate a similar business on their own.

Reasons to Buy a Franchise

Corporate Image and Brand Awareness

If you buy into a franchise system that is already established, the corporate image and brand awareness is already recognized. Customers are usually more comfortable purchasing items they are familiar with and working with companies they already know and trust.

Higher Likelihood of Success

Buying a franchise is very different from starting a mom-and-pop business. Since there is an already established system in place, there is a higher likelihood of success. If you invest in a proven franchise opportunity and follow the system the franchisor has put in place, you should be on your way to running a  successful business.

Training

Most franchise companies offer a training program that is typically held at their corporate offices, plus additional training that occurs at the actual franchise location before the grand opening. The franchisor will train you to run your franchise exactly the same way their other franchised locations are run. This will ensure that you are running your business efficiently, and will help to eliminate any common mistakes a new business owner usually faces.  

Ongoing Support

When you buy a franchise, you have the support of the franchisor and the support of knowing you are part of a growing system. You will always be able to pick up the phone and ask questions of the franchisor or even other franchisees. Established franchisors typically also have field staff who can visit your location to provide coaching and consulting if needed. 

You can be your own boss (almost)

You call the shots, you manage the schedule, you run the show--just understand there's a pecking order. "It's not the same as being an entrepreneur, but it's the next best thing," Johnston says, explaining that a franchisee owns an individual unit but has also agreed to follow a formula put in place by the franchisor. 

The chance of success is much higher

Bottom line: A franchise is more likely to succeed than an independent startup, and the security of investing in a proven concept is worth its weight in gold. "With a franchise, the chances of success are dramatically increased because you have the support of the system," Thompson says. "The franchisor has already taken most of the risk. That's what you're really paying for."

Marketing

The franchisor typically takes care of handling the system marketing; these costs are covered by an Advertising Fund (sometimes called a Brand Fund). The franchisee is also usually required to spend a certain amount on local marketing. The franchisor should have an outline for you to follow, will supply graphics and marketing material templates, and sometimes will have specific vendors for you to use.

Own Multiple Locations

Being a part of a franchise system can offer you more opportunities to grow within the system. Once you have become a successful single-unit franchise owner, you may have the opportunity to become a multi-unit franchise owner.

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