When you decide to go into business, you have several choices. Should you start your own business or purchase a franchise? Today, many companies make it easier than ever to purchase a franchise and to assist you in being successful. According to Entrepreneur Magazine, success rates for franchises are greater than 90%, making it the lowest failure rate of any business. How can anyone not be convinced by that alone?
It’s All in the Name
Franchises have spent a long time building up their brand and reputation, making them more established, organized, and easier to work with. With just their name alone, things like marketing and financing become a lot easier when you’re dealing with a franchise that has taken its time to shape their business.
Knowledge and Resources
Franchises already have a lot of systems and resources in place for when you begin your franchise. They can help with finding the perfect location, advertising costs, national campaigns, call centers, human resources, payroll, invoicing, general operations support, and much more.
Don’t know how to negotiate, afraid of making mistakes, or don’t know how to budget what you need? Franchises want you to succeed, and have step-by-step plans to assist you in some of the most difficult of tasks.
In any business, you should be spending a significant amount of time on marketing and advertising. Ordering the appropriate marketing materials (digital signage, banners, menus, brochures, business cards, etc.) for any promotion is all provided by the franchise. You wouldn’t be starting a business from scratch; the franchise has years of experience discovering what works and what doesn’t. Other things they can assist with are social media campaigns, events, sponsorships, print advertising, and video marketing.
In the end, franchises want you to focus 100% on training employees and customer service so they make everything else as easy as possible. Do some research and see what you find, but you’ll always know that a major franchise will be there to support you along the way.
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