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The concept of franchising has enormous potential. Consider a successful brand that is run through a franchise. Franchising attracts business owners and aspirants due to its vast potential, but many are still skeptical about starting a franchise or operating with a franchise model. The business world is divided between supporters of franchising and independent business. However, in many ways, franchising outperforms independent ventures. If you are also unsure or skeptical about what business model you should pursue, read on as we present a few reasons why you should pursue a franchised business.
Franchises are available in nearly every industry. They come in various sizes, ranging from a small initial investment and working part-time from your home office to investing a larger sum and working full-time as the employer of a large team.
A Strong Brand Image
The brand name is already established with a franchise. That means 90% of the job is already done. Potential customers will recognize your offering even before you begin. This right to use the franchise's name and logo is one of the primary benefits you pay for when you buy a franchise.
Ad campaigns and marketing tools are typically provided in a franchise - either nationally for the brand, locally for individual franchisees, or both. Franchisors also assist in publicizing the launch of a new franchisee's business, making an impression on the local market when the ribbon is cut on opening day.
The Business Functions
Mistakes in marketing and product pricing have already been made and corrected, and the business model has been polished as a result of years of prior, hands-on experience. If the system had not been reliable, it would not have expanded and would not have a network of franchisees.
You will receive the necessary training to be successful. Franchisees typically attend classes to be fully trained in how to run the business, and your key staff (if your business is large enough to employ people) will also receive training. This is extremely beneficial in avoiding many headaches and sleepless nights.
Franchisees receive ongoing support from franchisors in a variety of forms, including free phone lines, visits from the head office, a company intranet, regular meetings, and so on, in addition to initial training before starting their business. Such assistance is invaluable if a franchisee encounters a problem and requires advice, and it also ensures that franchisees are kept up to date on relevant issues such as technological advances or changes in financial law.
Because franchises have a lower risk of failure, banks, and other investors are more willing to lend money to franchisees, and franchisors frequently have special agreements with specific banks to provide funding options. Sometimes franchisors will lend money to you, and you may be eligible for government funding grants or loans.
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