There are a number of reasons buying a franchise is better than starting your own independent business particularly if you’ve never run your own business before. We’ve outlined the top 8 but you may have some more.
- Brand – You get access to a well-known brand meaning you don’t have to work to develop your identity, people are already familiar with the brand.
Training – The franchisor usually provides all of the training you need to get you started as well as ongoing training to keep your business running, perfect for anyone who has never run a business before.
- Tried and tested system – Others before you have tried what works (and what doesn’t) leaving you with the benefits of their experience.
- Buying power – Being part of a large franchise group gives you the buying power to negotiate the best rates with your suppliers.
- Site selection and negotiations – Franchisors will research the best locations for you and negotiate the best possible deal with the landlord so you don’t have to.
- Marketing expertise – As a franchisee, you will receive all the marketing support you need to drive customers to your business.
- Business support – Get help with all of your back office needs such as HR and accounts.
- Mentoring – Franchisors will help and guide you ever step of the way with advice to help you develop your business.
- Expansion path – There are opportunities to expand and purchase new franchises as you become more successful.
Of course, franchises aren’t for everyone. Some people prefer to have more flexibility and control over their business which isn’t always available under a franchise model. Some people simply cannot afford the upfront costs involved. If you do decide you do want to buy a franchise, it’s important you do your due diligence first. MSI Taylor’s franchise experts can help with this process with everything from sourcing finance to going over the numbers. Contact us to see how we can help.