Many of us can’t help but wonder what life would be like ifWE were the boss? If you are a regular follower of the Hundred Acre Consulting,it’s been on the back of your mind for a while now, and you are not alone. Asyou lean back and forth on whether you should invest in a franchise or start abusiness from scratch, here are some advantages of franchise investment toconsider.
1. No experience necessary
Perhaps your interest in a specific business type issomething that you have no prior experience. With many franchises, that isperfectly acceptable to them. You, as a blank slate is perfect for thefranchisor to mold you into just the franchisee, they want to see becomesuccessful. The franchisor provides the training you need to understand theindustry and your role.
2. Developed technologies and advanced work methods
New independent businesses spend the first couple of yearsbuilding, defining, and redefining the way they do things. These lessonslearned can amount to much wasted time and effort along the way. Yourfranchisor has already endured those growing pains for you ahead of time. Whenyou start your franchise, you are taking with you the best tools and methodsfrom the start.
3. Trustworthy suppliers
Franchisors have established relationships with suppliers,and pass that benefit to their franchisees. Never will you worry about where tosource the materials and resources for your business.
4. Economies of scale
When your business is within a franchise network, you andevery other franchisee get to leverage your buying power to take advantage ofvolume pricing. This economy of scale works to your advantage in areas of notonly goods and services but also marketing, scientific research, technology,and other vital business tools and processes.
5. Hit the ground running with extensive franchisor support
Not only will the franchisor teach you about the industry,but they show you every piece of the business. When you open your doors thatfirst day, you will have the knowledge and confidence of what you’ve beentaught leading up to opening day. The franchisor considers your franchisesuccess to contribute to their overall success, so the franchisor is there tosupport you along the way beyond opening day.
6. Loyal customer base and brand recognition
One of the most significant advantages of investing in afranchise is that your franchise brand comes with a reputation and customerbase from the start. People come to your brand, knowing precisely what toexpect, and you have been trained by the franchisor to deliver to thatexpectation.
7. Lower risk
With all of these advantages we listed, not only do theygive you the best chances for the success of your franchise investment. Theyalso provide a considerably lower risk of failure if you follow the provenroadmap that your franchisor provided you.
8. Attract financing easier
Obtaining financing for a new business is a risk for thefinancer as well as the borrower. Financers may mitigate their risk by imposingstrict requirements and risk mitigation measures. These often prove to be asignificant obstacle for the prospective entrepreneur. When it comes tofranchise investment, however, the proven success model eludes to a lower riskto the financer, for the reputation of the franchise works to the franchisee’sbenefit.
2020 starts a decade of possibilities
New decade, new year, new ideas, and new opportunities awaityou. Let’s begin in 2020 with a HUGE bang. A franchise consultant like HundredAcre Consulting can help you get started with finding that perfect franchisematch for your goals and future vision. Contact us, and jumpfeet-first into your resolution!
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