Many people dream of owning their own business, but not everyone has the skills or experience to set up and run an independent company that they can call their own. That’s where franchises come in handy. If you don’t want to go at it alone, buying a franchise can allow you to get started with far less risk and expense than if you were going to open your own business from scratch. Here are three great advantages of buying a franchise instead of starting your own company from scratch.
Higher Success Rate
A lot of people view starting their own business as something that they would like to do, but can’t because they don’t have enough startup capital or knowledge. If you choose to buy a franchise, however, you are provided with an established brand and streamlined way of doing business. This means that your chances for success are much higher than if you started your own business from scratch. For example, QSR Magazine notes that approximately 85 percent of franchise owners report financial success within just one year. The rate is so high because franchisors provide training, marketing plans and other guidance throughout all steps in the process and after opening day.
Training & Support
A big advantage to buying a franchise is that it comes with training and support. It’s much easier to get off on the right foot when you have help from day one. Even small franchises come with training, marketing, and customer service support. And it can save you hundreds of hours in costly trial-and-error mistakes. According to Franchise Direct , 75% of new businesses fail in their first year while most other businesses take several years before they hit profitability—costing thousands along the way!
Proven Business Model
You don’t have to start from scratch and figure out what works—and what doesn’t. Many businesses fail because owners don’t know how to run them. This can be frustrating for both parties, as many business owners might not even realize that their business is failing until it’s too late. With franchising, you get access to a proven business model—one that has stood up to time and has performed well across many industries. You also get access to ongoing support and new ideas, which will help your business grow faster than it might on its own.