Starting a business from scratch can be a rewarding endeavor, offering the flexibility of being your own boss and the potential to grow your wealth. Unfortunately, it can also be a daunting task; in order to start a new business, you will need to create a new business model and business plan, and will have to generate brand awareness for your new business. Considering the amount of work and time starting and running a new business requires, it is no wonder that only one in every three businesses that are started survive long-term. This is why many entrepreneurs choose to buy a franchise instead of creating a new business. When buying a franchise, you are provided with a proven business model and many other tools and resources that will help your chances of success.
Buying a franchise has three major benefits:
Existing business plan
One of the most common reasons that new businesses fail is that they don’t have the proper systems and structures in place that are necessary to succeed. As a franchise owner, you will receive a proven business model that will save on the trial-and-error involved in developing new processes and methods.
Support
Another advantage of buying a franchise is the support you will receive from the franchisor. Your franchisor will provide ongoing management and operational support to help you successfully grow the business. Many franchisees also offer specialized training programs and other development opportunities to their franchisors that will help them succeed.
Brand Recognition
One of the largest benefits of buying a franchise is that your business will have an existing, recognizable brand, starting on day one. Your customers will already be familiar with your products/services thanks to their past interactions with the brand as well as national advertising campaigns run by the franchisor.
If you are an entrepreneur who is thinking about starting their own business, it is important to consider the strengths and weaknesses of both starting a new business and opening a franchise. For a new business owner, a strong franchise system can greatly help you on your path to success.
For more advice on starting or purchasing a business or franchise, contact us today.