What Is A Franchise?
A franchise is business model that has been tried, tested and proven over time to be a formula for business success. According to the US Small Business Administration(SBA), over a ten year time frame 9 franchised business owners out of 10 will still be in business in 10 years. That is an amazing 90% success rate. By contrast, over the same ten year period only 1 of 10 small, privately owned, start-up businesses succeed. That is an alarmingly high 90% failure rate for non-franchised, privately held, business start-ups.
5 Reasons WHY buying a Franchise might be a wise decision?
Brand Name Recognition
This means you will have customer as soon as you open for business because the public are already familiar with the company name and the products or services its sells.
Systems, Processes & Procedures
If there is one thing that is essential to the successful running of any businesses it is to have an orderly method for how everything should be done. This is why franchises typically are more successful than small start-up businesses. Franchisors remove the guesswork for franchise owners by providing written materials detailing all the systems, processes, and procedures to handle every aspect of running the day to day business.
Training & Support
Franchisors provide initial and ongoing training and support to new franchisees. Most franchisors recognize that their corporate success hinges on the success of their franchisees. The more they help the franchise the more the franchisee succeeds.While a private “non-franchised” small business owner is trying to figure stuff out on his own dime and on his own time, his franchise counter-part has immediate solutions available to him through the franchise network saving him time and effort.
Marketing & Advertising
Most franchise companies have an in house marketing and advertising department which prepares all the marketing and advertising concepts, campaigns and materials on behalf of the individual franchisee on a shared cost basis. While the franchisee contributes monthly to a corporate and marketing advertising fund, its one critical part of the franchised business the franchisee does not have to get too caught up in.
Freedom & Independence
Many people have worked large chunks of their adult life(maybe all their lives) in jobs and careers that limited them and that they did not enjoy. It has been their dream to be able to quit and follow an entrepreneurial journey. Franchise ownership may be a solution. While there is never a guarantee of success in business, franchising as a model offers many the order, structure and support they need to achieve their entrepreneurial desires, to be free and independent and to profit and prosper in their own business.
What Franchise should I Buy?
This is the million dollar question. The challenge today in America for franchise buyers is that there are over 10,000 Franchise brands. If you do any research at all you will find that there is just about a franchise for everything. The selection problem for buyers lies in the number of available choices. How can any one person find the time to evaluate so many industries and options.Furthermore, the majority of prospective buyers,are not really clear what type of franchise or business they want. They become discouraged and frustrated.
Business Broker World has Solutions!!
The first steps to success in any endeavor are to clearly and specifically define what you want and why you want it. This is where we at Business Broker World can help. We will work with you to gather information and evaluate your situation in the following areas:
- Your investment amount available to buy a franchise.
- Your business income/financial goals from operating a franchise.
- Your prior business experience/job-career background
- Your education and specialized knowledge
- Your temperament and personality
- Your passion, interests and “WHAT you LOVE to do”
- Your risk tolerance and motivation to succeed.
Finally, once we have completely assessed your overall situation based on the information you provide we will conduct research and identify the most ideal franchise matches for you based on your criteria.