9 Little Promoted Perks of Franchising
9 Little Promoted Perks of Franchising
In the world of franchising, there are several well-known perks. Very real ideals that entice many into opening up their own business. They're also the same positive factors that everyone knows about. Ones that are frequently written over, celebrated in the news, and regularly asked about. They're some of the very reasons people sign up to open a franchise in the first place.
However, there are also plenty of little celebrated perks. Ones that are just as helpful toward one's career, if not more so than the above. They're also far less talked about than their predecessors. Not because they have less to offer the franchising world, they are simply underrated.
9. Lowered Overhead Risk
By working through a company, vs. on your own, there is far less of a risk. With a solid business plan in place and the proper outline for merchandise, how to get started, etc., you go into your profession prepared. There is plenty of support behind you, and advice on how to make the highest amount of profits. That means, if something were to go wrong, there's less to lose. And with all of the security steps in place, it's less likely for your business to fail in the first place.
8. Easier Financing Options
Whether you choose to work with a bank or through the franchising company for your business financing, signing on with a set company allows you far more opportunities. By having a set business plan already in place, the loan application process will be much smoother. In contrast, it can be difficult to "prove" your intentions when striking out on your own.
7. Instant Brand Recognition/Reputation
With a company that's been in business for years, folks will already recognize your name, even before you open your doors. They'll be excited to have a new location in the area, and will know what to expect their first go-around. As for companies that are newer or lesser known, customers can instantly research what a brand is all about.
6. Help Opening Shop
If opening a business sounds like a tough job, it's because it is. However, by working with a brand that has had hundreds or thousands of openings under their belt, you're given a streamlined way to approach the process.
5. There's a "Safety Net"
Franchising allows you to go into business as your own boss, but without being alone. You might be the head honcho, but there's also a company behind you who's there to help and encourage. Reach out to them when needed, or leave them in the background when they're not.
4. Partnering With Others
So long as the franchising companies are on board, business owners have the opportunity to partner with complimenting brands. Find another franchise that would help promote your brand, and find ways to help them help each other. (This often works best with food companies, such as coffees and desserts, or non-food brands that work in tandem with one another.)
3. Rapid Expansion
When things are good, they're great. And with the help of your franchising brand behind you, you can easily expand into a second (or third or fourth) location. It'll also be that much easier, as you have the experience of opening your first shop behind you.
2. Taking Over the Market
With support and research behind you, you'll have an easy time taking over the market. By knowing when and where to put a location, as well as how many customers you have coming in at any given day. That allows you to specifically cater the size of your location, as well as the target market area you're looking to reach.
1. Proven Success
What better way to start out with a company than by knowing it can make money? It already has a proven track record, which gives you peace of mind before ever signing up. Their continued growth works to expand that level of comfort over time.
By Jason Hightower | Nov 20, 2015 | General Franchise Information