You’ve got the passion and drive it takes to run your own business, and you’re considering buying a franchise as a feasible option. It’s important to note that running a franchise is a bit different from running an independent business. Both have their own benefits and drawbacks. But if the following apply to you, being a franchise owner is a good fit.
#1. You Crave Structure.
Whereas starting your own business requires you to figure everything out from scratch, buying a franchise is like buying a business in a box. Everything you need is already established, and there are tried-and-true processes and procedures that every franchisee is required to follow.
If you like the idea of having everything laid out before you with a pretty much-guaranteed plan for success, a franchise is a better fit for you.
#2. You’re a Brand Advocate.
Maybe you’re considering buying a particular franchise because you believe in it and have long supported local franchises as a customer. Who better to be a franchise owner than someone who’s been a raving fan for years? Having passion about a particular franchise brand will make you that much more successful when you run a franchise.
#3. You Don’t Want to Start from Scratch with Vendors.
Running a business requires plenty of research and negotiation to find the right vendors who will deliver quality products at a fair price. But with a franchise, the hard work has already been done. Typically, you’ll be presented with a list of potential vendors to choose from. All you have to do is set up an account and start ordering. They’ve worked with other franchises in your brand family, so these vendors know the deal.
#4. You Want to Take Advantage of National Marketing.
You’re no marketing expert, so you don’t have the inclination to have to do all your own marketing. But with a franchise, much of the branding groundwork has already been done for you. The franchisor often invests millions of dollars into commercials and advertising that represents the brand as a whole, and of course, provides plenty of perks for your local franchise.
#5. You Want a Known Successful Product.
You could open your own hamburger joint and struggle to find just the right formula that makes people rave about your burgers…or you could buy into a system where you already know there are people who will travel out of their way to buy your burgers. The latter is the safer choice and the easier one.
Running a franchise is hard work; there’s no mistake about that. But the fact that you’re paying to be a part of something bigger than your local franchise is inspiring, and can help you reap plenty of financial rewards.