If you want to own a business, but don’t have a unique idea you may consider buying a franchise instead.
Owning a franchise is as exciting and as challenging as running your own startup. But it provides a host of benefits that appeal to many entrepreneurs.
Arizona-based facilities services company OpenWorks tapped into the minds of some franchise industry experts. It then created a list of 10 compelling reasons to buy a franchise business.
10 Strong Reasons to Buy a Franchise
You Are Buying a Proven Formula (Less Risk)
Franchisors spend years to build their systems and thereby minimize the risk for franchise owners. Kylee Hoffman, Business Development Coordinator at OpenWorks says, “The franchisor has done the leg work & research to provide their franchise owners with a proven system.”
You Are Provided With Specific Marketing and Advertising Plans
So all you need to do when you talk to franchisees is ask them if the marketing that corporate provides works.
You Have a Built-In Support System
The best franchise systems provide comprehensive support for franchisees.
You Have Flexible Hours and Schedule
It’s easier for franchisees to strike the work-life balance.
Customers Are Comfortable With Name Recognition
Since customers are comfortable with recognizable brand names, it’s more convenient for business owners to draw traffic.
You Have the Ability to be Your Own Boss
Franchise ownership offers independence while reducing business risk to a certain extent.
You a Good Opportunity to Challenge Yourself
Entrepreneurship, in general, and franchise ownership, in particular, provides several opportunities to learn and grow.
The Chance of Success is Much Higher
By associating yourself with a big brand you improve your chances of achieving success.
You Have Access to Formal Training Program
Almost all franchisors have a formal training program in place to equip franchise owners with information and resources.
You Have Access to Real Estate and Technology Resources
Because franchisors have contacts with real estate agents and technology solutions providers, it is easier for franchisees to get started.
For more information, check out the infographic below:
Open Sign Photo via Shutterstock