When you have strong credit, your franchise's financial...
One of the first things a person may consider when deciding to go into business for themselves is whether or not to buy into a franchise. However, a franchise system isn’t right for everyone. If you’re the type of individual who thinks you’re smarter than everyone else and have difficulty taking advice, than a franchise is probably not for you. For the type of person who is a self-motivated, hard working team players, a franchise system offers many advantages. Choosing the right franchise will immediately provide you with a respected name and a professional image that your future clients recognize and trust. Franchises are built on a system with a proven track record of success. Many years of trial and error went into their business operations so franchisors have learned what works, and more importantly, what doesn’t.
Part of business is advertising. You will need promotional materials which take time and money to prepare; one brochure alone can cost thousands to have designed. When you are part of a franchise, professional, custom artwork has already been prepared, so your advertising and promotional materials come to you ready to use without any effort on your part, including the signage for your vehicle. A franchise also negotiates lower prices from suppliers that they are able to pass along to you, saving you money. Most franchises also have a National Ad Campaign which means you would have the advantage of advertising that you wouldn’t otherwise be able to afford.
A reputable franchise will provide you with complete training and marketing manuals that contain information that has been perfected and updated as the world evolves, however, even with the best laid plans, you may still run into a situation where you need guidance. If you choose a franchise that offers full time support, you always have someone who will spend time steering you in the right direction because your franchisor is also invested in your success, so although you are in business for yourself, you are not by yourself.
As an independent if you run into a problem - maybe you have come across something you haven’t seen before or had a customer complaint and you’re not sure how to handle it - who do you ask for help? As a franchisee, one phone call would provide you with solid advice from a trusted and knowledgeable source.
Owning a business where you are the sole owner/operator makes it difficult when you want to take a vacation with your family. A couple of weeks off in a busy market with no one running your business often leads to the loss of some clients on your return. With many franchises, most often there are other neighbouring franchisees who can provide vacation coverage for you. These are people who have received the same rigorous training that you did and you can trust them to offer the same level of service that you would provide, and to not take over your clients on your return.
These are just some of the reasons that a franchise system makes getting into business for yourself a more successful endeavour. It will save you money in expensive mistakes while getting your business off the ground, and since you’re stepping into the game with a well laid out plan, you will start making money faster. Finally, when it’s time for you to retire and sell your business, a franchise will have a higher resale value than an independent business.