Updated: November 16, 2022
Being able to start your own business is always a great achievement. But it is also a difficult challenge, especially if you have no prior experience in entrepreneurship.
Some of us may have the courage and the determination to go out and build a new venture. However, not everyone can afford the risk, have the time nor possess sufficient knowledge to start a business from scratch.
Fortunately, there’s always the option of franchising a business.
There are many definitions of what franchising is. My favorite would have to be the one that says franchising is a form of leverage that allows a person to start a business quickly and efficiently.
By leverage, it means being able to use the resources, skills, and knowledge that other people had already learned to start a business. Simply, franchising allows you to take a shortcut to start a business. But only if you’re willing to pay the price.
Franchising a business is indeed much more expensive than starting one on your own. But with that cost also comes great advantages, five of which are given below.
A ready and tested business model
One of the most challenging tasks in starting a business is engineering the processes within.
When you buy a franchise, you are automatically getting an already running and proven effective business model. And all you have to do is follow an operations manual.
Franchising a business allows you to save time and already get started on running your business, so you could earn income sooner than designing one on your own.
Skills and knowledge training
Before franchising, a friend of mine has never cooked a hamburger in his life, but he does love eating them.
So when he became a burger joint franchisee, he felt so good and proud that he does not only know how to properly cook burgers but he also now knows how to actually make one from scratch.
Buying a franchise allows you to upgrade your skills and knowledge through training and seminars, which of course, you can later on use for other possible ventures.
Implement efficient marketing strategies
Chances are, the owners of these businesses didn’t have any marketing knowledge because if they did, they would know how important those are in giving a good first impression to customers.
When you become part of a good franchise business, you wouldn’t have to worry much about sales and marketing strategies. Because these tasks, which include market research, planning, and brand building are already being done for you.
And all you have to do most of the time is to implement them!
Have business technology within reach
It pays to be good with numbers if you’re an entrepreneur, but not everyone should spend their nights punching numbers endlessly on a calculator.
With a business franchise, you get hold of payroll, inventory, and other programs and software that will help you focus more on business development and less on crunching figures all night.
Buying a franchise business can be expensive, but that’s only because you’re paying for the technology that will allow you to have the time to do more for yourself and your business.
Being part of a family
When sales figures are low, a small business owner usually has no one but himself to depend on when thinking of strategies that will improve his profits.
But a franchisee has a network of co-business owners whom he can ask for input, feedback, and support.
A franchisee is never alone because he is always guided by the mother company and supported by other franchisees who are united with him in pursuing business success.
Ready to discover more about franchising? Then check out these articles:
- Start Your Own or Buy a Franchise Business, How Do You Decide?
- Buying A Franchise Business: How To Know If You’re Ready
What to do next: Click here to subscribe to our FREE newsletter.