subject: When You Buy a Franchise You're Buying Value [print this page] When You Buy a Franchise You're Buying Value
There are many good reasons to pursue the dream of owning a successful franchise. For starters, when you buy a franchise you're buying a proven system.
Buying a franchise comes with the advantage of knowing that the business has been successful in other locations. The business idea and the process of running it successfully have already been proven. So the learning curve you face is far less steep.
When you buy a franchise you're also buying a brand name. Most established franchises are already recognizable to consumers: Ace Hardware, Dunkin' Donuts, Great Clips, etc. Awareness of the brand offers potential customers assurance of uniform quality and builds their trust. As a result, from day one, you draw on a customer base that's already established.
You also benefit from the advertising and promotion that the owner of the franchise company (franchisor) does at the national or local level and you'll very likely receive detailed input for a local marketing plan.
Another thing that the best franchise systems offer is ongoing support. Since the franchise company has a vested interest in how well you do, ongoing training, system upgrades, product enhancements, and question and answer resources are provided. The franchisor also offers you guidance and direction in such areas as accounting procedures, personnel and facility management, and business planning.
In most cases obtaining the financing you need to buy a franchise is easier than trying to fund a business of your own. The franchise name and reputation are usually recognized and highly valued by lenders, so banks are more likely to fund your franchise purchase.
In addition, relationships with suppliers have already been established, enabling you to participate in bulk purchases of products and supplies. This translates to major price advantages versus independent competitors.
If all this sounds appealing, the smartest way to begin is to sit down with a Franchise Consultant and determine whether you're right for franchising and franchising is right for you.
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