11 reasons why you should buy a franchise
Why would you buy a franchise? We think there are plenty of reasons why it makes sense to invest in your future by investing in a franchised business model.
Here are just some of the benefits:
1. When you buy a franchise you can make an informed decision
A lot of information is available to potential franchisees who do thorough research on the business opportunity and the franchise organisation behind it.
2. When you buy a franchise there is a manual
You are buying into a system of doing business when you invest in a franchise – particularly one that has been established for some years. This creates a shortcut for you and means you don’t have to worry about devoting time, energy and money into finding processes that will work – these have been tried and tested already.
And an operations manual will be your guide every step of the way.
3. When you buy a franchise there is some legal protection
The Franchising Code of Conduct governs the franchising sector. It provides guidelines for documents and timelines for the purchase, renewal and termination process, and encourages good faith between franchisees and franchisors, with financial penalties for misconduct.
4. When you buy a franchise you can get help finding the right location
Running a successful business starts with getting the right site or territory, and many franchisors will assist new franchisees in their search, bringing their experience and understanding of a successful operation to the selection process.
5. When you buy a franchise you can get help with lease negotiations
Investing in a retail franchise means you’ll need to get a good rental for the business to be financially viable. A mature franchise will have relationships with shopping centre landlords and be able to negotiate on your behalf and secure a good lease arrangement.
6. When you buy a franchise you can get training before you start
Unless you have already run a business comparable to your new franchise, it’s likely you’ll need plenty of training to get you up and started. And with a franchise that’s on hand; franchisees generally get training on the brand, the business and the operational processes.
7. When you buy a franchise you can access expert advice
As a franchisee you will have expertise at your fingertips. This could come from the franchisor, your business development or area manager, or the network of fellow franchisees who are doing just the job you do and can offer insights into best practice and ways to overcome challenges.
8. When you buy a franchise you can benefit from buying power
An established network of franchisees will have the advantage of considerable buying power that will give you a competitive edge as a business owner.
9. When you buy a franchise you stay up-to-date with relevant news and regulations
A good franchisor will ensure franchisees are informed about pertinent industry changes or regulation updates. While it is your responsibility for paying employees correctly the franchisor can point you in the direction of the appropriate award or legislation.
10. When you buy a franchise you can keep learning
A national convention is an annual event for many franchise businesses, and it can be a great way to improve business skills, boost personal development and meet with high achievers.
11. When you buy a franchise you can reach for your goals
You’ll be your own boss as a franchisee (within the framework of the system). So you will be able to work hard and make important decisions that will affect your future and the dreams of you and your family. If you’re ambitious, you might look ahead to expanding the business and become a multi-unit franchisee.
When you buy a franchise, choose well
Buying a franchise could be the best step you take. But not every franchisee succeeds. So outline what you want from the business, how you can achieve it with your chosen business model, and be prepared to work hard.
Select a business that suits your financial and lifestyle goals – flexible working hours perhaps –and ensure you have available funds, family support and the commitment to succeed. Then go for it.