Franchising is a proven path to entrepreneurial satisfaction. Much too often, franchising is deprived the credit it deserves, a consequence of misconceptions and preconceived notions.
Whether planning for the future, diversifying your investments or entering entrepreneurship as a new career track, franchising is certainly a path to consider, and here is why.
Low risk, high reward
The biggest reason to buy a franchise is to mitigate the risk of starting a business from scratch. That being said, anyone seriously considering investing in a franchise should do substantial due diligence. With the right guidance and research, you can determine with a fair amount of certainty what will happen if you become a new franchisee, allowing you to chart out a path toward success.
Unique value propositions
Reputable franchises present several unique value propositions. Some of the more commonly known benefits include investing in a brand that already has an established identity and launching a business without the headache of starting from scratch.
Within franchise systems, the knowledge sharing that occurs between each owner sets the stage for best practices to be implemented in every unit. Ongoing franchisor-initiated marketing support provides franchisees with the branding and messaging to effectively communicate their product and service offerings. Franchisors put time, money and energy into research and development, which brings to market a collection of new products, services and customer/client experiences each year.
Greater chance at making it
When you own a franchise, you operate a business at a much lower risk than as an independent. In today’s economy, the less risk the better. In fact, owning a franchise has a 92 percent success ratio over the course of five years, compared to that of a 23 percent success rate of an independent business. With a franchise, you know what to expect in terms of costs and marketing, and your consumers know what to expect as well because of the established brand awareness.
Flexible to your lifestyle
Plus, franchising doesn’t have to be a full-time endeavor — it can also be part of your financial portfolio. Thousands of people have invested in stable franchises and hire the right people to run the operation, providing a strong return on investment.
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