Choosing to buy a franchise is a huge decision to make. There are so many things to take into consideration, as franchising isn’t for everyone. But many put off taking the leap as a result of nervousness or lack of confidence. So, to help reassure you, we’ve compiled a list of 20 reasons why you should make the business move.
- The odds are stacked in your favour. According to the British Franchise Association-NatWest Franchise Survey 2015, 97 percent of franchisees report profitability. Failure rates are extremely low among franchises, compared to independent businesses.
- You know what you’re letting yourself into. When entrepreneurs start a new business from scratch, there are so many unknowns. Thankfully, buying a franchise reduces lots of these uncertainties. As long as you perform your due diligence and review the franchise agreement with a specialist franchise solicitor, there should be no surprises
- You don’t need to have industry experience. In fact, you don’t even need previous experience as a business owner. Franchising gives you the opportunity to do something you’re passionate about without having any prior knowledge or involvement in the industry you’ve chosen to invest in
- You can explore new sectors. Because you don’t need previous experience, you don’t have to limit yourself to industries you’ve worked in before when you’re choosing your franchise. You have the opportunity to start something entirely new, whether it’s a business that’s more aligned to your skills and character, or a passion project in a sector you’ve never experienced before
- It’s easier to secure funding. Banks recognise that franchising is a much safer route to business ownership than starting an independent business. Because of this, most prospective franchisees find it relatively easy to secure the necessary funding to purchase a franchise
- The system has already been created. One of the most compelling reasons to invest in a franchise is that the system has already been developed. You don’t have to build the necessary infrastructure or support network for your business because all the hard work has been done for you
- You get help to find the perfect location. Location is closely bound to the success or failure of a new business. Finding the ideal spot can be overwhelming, but franchisors have specialists on hand to help you pick the best possible place for your franchise
- You get assistance to fit out your new business premises. As well as helping you to find the right location, the franchisor will also help you with the fit-out your new premises. You’ll receive support to make sure you get the fixtures and equipment you need to maximise the efficiency of your franchise investment
- You have a ready-made customer base. Often, franchises have already developed brand awareness among consumers. This gives you the benefit of customer recognition, which would take many years to develop with a new business venture
- Most of your marketing is taken care of. Investing in effective marketing campaigns can be financially draining for new start-up businesses, as it takes a significant amount of time, money and effort. In the franchise model, much of this activity is performed by the franchisor. You may be expected to contribute towards a central marketing fund, but you’ll benefit hugely from the national brand awareness promotional activity.