Benefits of Franchising
Owning a franchise offers most of the benefits of traditional business ownership with far less risk and provides additional aspects to assist with success. By buying into a franchise, you have the immediate backing of a recognized brand with a proven track record and business system. Franchise ownership provides:
- A proven idea for higher chance of success
- Reduced risk of failure compared to starting up an independent business of same type
- Name recognition and acceptance
- Corporate marketing support
- Corporate purchasing and negotiating power
- Training and operational support from experts in the business
- Access to others in the same business, their knowledge and experience
- Favorable view of franchising by lenders, as risk is reduced in a franchise system
- Ease of selling your business when you choose to, due to all of the above.
That being said, one has to ask, “How do the owners of franchises feel about their association with their particular franchise?” The Gallup Organization conducted a poll in 2008 on franchisee ownership experiences and attitudes and the results speak for themselves!
- More than 90% said that their expectations were met or mostly met
- More than 90% said they considered their franchise to be successful
- More than 65% said that they would have not been as successful if they had tried to open the same business on their own.
It’s fairly obvious from this data that the proven operating systems, training, marketing and support of a quality franchise model are what make franchising such an attractive option for serious business owners.