How many times have you considered buying a franchise? If you’re interested in owning your own business, but don’t have the time or patience to put in the effort and hard work it takes to build something from scratch, then buying an existing franchise might be an option for you. A franchise has already been proven to be successful, so why not let someone else do all the hard work so you can enjoy the benefits of owning your own business? Here are three advantages of buying a franchise that make this route even more attractive.
Higher Success Rates
When you buy a franchise, you don’t have to worry about all of that legwork. An established company has already done all of that research for you. You simply take what they’ve started and do your own brand of magic with it. This gives your business—and your odds at success—an immediate boost. In fact, recent studies suggest franchisees are more than twice as likely to survive than small businesses run by their owners.
Training & Support
For many, buying a franchise is far easier than starting your own business. It’s not that you don’t have what it takes; it’s just that franchising is streamlined and time-tested. These companies (of which we are one!) provide customers with training and support as they need it, marketing and sales help to increase visibility and boost sales, while standardized products and services make sure customers know exactly what they are getting when they come in for service or purchase something from your location.
Proven Business Model
The main advantage of buying a franchise is that you will have an already proven business model to follow. As long as you stay within certain boundaries, you can’t go wrong. This is especially helpful if you aren’t quite sure what will work in your market. You’ll know exactly how to run your business as well as what services/products are going to sell and for how much, etc. Also, franchises to buy typically require their new owners to take classes on how to do things like make sales calls or calculate profits and losses – which means that at least some of your training has already been done for you. This doesn’t mean it’s easy by any means, but there are many advantages to buying an existing franchise instead of starting from scratch.