The Year of the Franchise: 4 Reasons This is the Time to Buy
The time is right to start a business, and for those who have not run one before, a franchise is often a great choice. You are dealing with an established brand with a proven business and marketing plan, and a lot of support from the franchisor. That why this may just be the year of the franchise.
Often the franchisor offers financing as well, and this can be a good way to get a loan without some of the hassle involved in purchasing another type of business. In addition, a business broker will often have a list of franchises available in your area, so you are sure to be able to find one that fits for you.
So why is now the right time to buy? There are several reasons this is the year of the franchise.
The Price is Right
Many franchises are priced affordably when you look at the cost of purchasing another business. Established supply chains make purchasing inventory and raw materials easier, and costs simpler to determine.
While just like any other business, a franchise is not guaranteed to make money, for what you invest you also get a lot of proven concepts and advice. You are also often entering a community of other franchisees with the same parent company.
Let’s Make a Deal
Want to find great managers and employees? There is already a strategy in place when it comes to the hiring process, and many existing franchises already have employees and managers who are committed to the business. The only change for them would be who signs their paychecks and the name of the company. The same policies and procedures remain in place.
At the same time, you do have some freedom as a franchisee to offer incentives and bonuses for those who stay on or become a part of your franchise. Essentially, you can make employee and management deals of your own that ensure long-term commitment and that protect your earning potential.
Big Bucks, No Whammies
Growing a business can be a challenge, but in general, franchises experience growth faster than other businesses. This is often because there are a limited number of outlets available in any one market, allowing the business to achieve market leadership and avoid the market saturation risk often associated with other businesses.
This can mean big bucks without some of the whammies that often stop other businesses in their tracks.
Essentially, the franchise model allows someone to become an entrepreneur with much less risk than they would have by starting their own business from scratch. While revenues are by no means guaranteed, the support, networking, market protection, and other advantages mentioned above mean that while risk is not eliminated, it is certainly mitigated.
For anyone who is looking to own their own business, a franchise is often one of the best choices out there. Buying a franchise can still be tricky though. You will need someone to help you make sure the business is sound, operating at a profit, and that all the legal i’s have been dotted and t’s have been crossed. Ready to make the move and buy a franchise of your own? Contact us here at email@example.com see what franchises we have to offer, and how we can help you celebrate the year of the franchise.