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Here at FranchiseExpo.co.uk & The Franchise Show UK we think buying a franchise is the perfect option in starting a business. We have comprised 10 reasons why buying a franchise is better than going alone.
Business in a box
Buying a franchise eliminates all the hard work for example finding a premises, negotiating a lease, hiring reliable contractors and doing all this on-time and within budget. When you buy a franchise you are buying a business in a box.
Proven Module in Place
All franchises have an already-established system in place that you must follow. These systems are designed to improve the overall productivity and increase sales of each franchise. Having a proven system already in place eliminates the guesswork and errors a common business owner would normally face.
Greater Chance of Success
Since there is an already established system in place, there is a higher likelihood of success. If you follow the system the franchisor has put in place, you should be on your way to running a very successful business.
Corporate Image and Brand Trust
If you buy into a franchise system that is already established, the corporate image and brand awareness is already recognized. Customers are usually more comfortable purchasing items they are familiar with and working with companies they already know and trust.
Better Chance of Financing
Banks are usually very comfortable financing the purchase of a franchise because they already have a proven track record. Lenders usually look at successful franchise chains as having a lower risk of repayment default and are more likely to loan money based on that premise.
Most franchise companies offer a 1-4-week training program that is usually held at their corporate offices or at an actual franchise location. The franchisor will train you to run your franchise exactly the same way their other franchise locations are run. This will ensure that you are running your business efficiently and will help to eliminate any common mistakes a new business owner usually faces.
A Network of Support
When you buy a franchise you are never alone. You will always be able to pick up the phone and ask questions to the franchisor. Also to other franchisees who are already set up, so have been through the process.
There is usually no need to worry about advertising your franchise. The franchisor usually takes care of handling all of the marketing. If not, they will have an outline for you to follow and sometimes specific vendors that will have systems in place for you to use.
When you buy a franchise you are also buying an exclusive territory in which to do business. You will be entitled to a certain area and no other franchises (within your franchise system) can be open within that area.
Own Multiple Locations
Being a part of a franchise system will always offer you more opportunities to grow within the network. Once you have grown a successful franchise the next step is to become a multi-unit franchise owner. After you have one successful franchise open with a great management team you can focus time on opening a second location.