5 Benefits Of Owning A Franchise
You’ve probably seen the signs on fast-casual or fast food restaurants, maybe even in the windows of fitness centers or daycares, “FRANCHISE OPPORTUNITY AVAILABLE,” but have you ever seriously considered purchasing a franchise?
Why consider a franchise? Whether you’re just starting out, looking for a career change, or coming out of retirement, owning a franchise is an incredibly beneficial business investment.
Currently, there are over 750,000 franchise establishments in the US, and those establishments help hire over 7.5 million Americans. So not only is owning a franchise beneficial to the franchisee, but it also helps stimulate the economy and job industry!
For you, a franchisee, let’s take a closer look at the benefits of owning a franchise business.
Established Name
This is one of the biggest benefits of owning a franchise business. Because you’re not starting from scratch, you’re already beginning halfway up the ladder of success by franchising a known company.
Typically, it takes several years to build up brand recognition with a startup, and luckily you’ll have the brand recognition and support of the franchisor and the marketing team to get you started off on the right foot!
Corporate Training & Support
Speaking of support from the franchisor, you’ll have an entire system ready to help and support you from day one.
You’ll go through franchisee training before you open the business, and usually, you’ll go to headquarters and meet all the people you’ll be working closely with over the length of your franchise agreement.
You’ll have a marketing team, franchisee support team, corporate management, supply team, customer service specialists, and more.
Low Failure Rate
Did you know that 90% of franchises are successful compared to the 15-30% success of a business that started from the ground floor?
That’s because the initial business, before turning it into a franchise, found success and created a business model and training to ensure that the franchises succeed as well.
Again, as an established brand, you’ve already got a large customer base. Think of what would happen if a Chick-Fil-a, Starbucks, or Crumbl Cookies opened in your town (if you don’t already have one). You’d have people lined up out the door on the first day!
Pro tip: Read our article, “How Much Does It Cost To Buy A Franchise?”
Low Overhead Costs
Since you now belong to a chain of businesses that order all the same supplies, you’ll get to enjoy low overhead costs since you will most likely be ordering from your corporate supply team.
This is because the corporate supply team will order in bulk, and the more you buy, the cheaper it is. Low overhead costs mean more affordable prices for your products or services AND a higher profit margin for you!
Ability To Grow
Now that you own one franchise, you will have a greater chance of opening up more locations to become an area developer or even a master franchisee!
In our previous article, “What Are The 4 Types Of Franchising,” we explain what types of franchise ownership are available in more detail.
Want To Know More About The Benefits Of Owning A Franchise? – Speak With MVision Franchise!
Here at MVision Franchise, we have curated the largest network of franchises and start-up concepts to choose from. In addition, we offer support and guidance, from the first meeting to the grand opening!
Founder of MVision Franchise, Dr. Marc Camras, has worked with and coached hundreds of individuals, helping them find and start franchises. He is also among the top 5 global executive coaches and has remained in that bracket for over a decade!
To learn more about Marc Camras and how he and the MVision Franchise team can help you, browse our website and schedule a Discovery Call!
We also encourage you to check out our blog page with helpful articles like “How To Set Goals To Own A New Franchise Business In 2022” to give you more insight into becoming a successful franchisee!