Owning a franchise comes with ongoing support that almost guarantees first year success. Although you are not working within your own entrepreneurial vision; you have full support from your franchise community, brand recognition and marketing utensils, training that has been proven to successfully educate employees about customer service, and access to the equipment needed to maintain a successful business.
4 advantages of purchasing a franchise over a start-up business are listed below:
- Training is paramount to franchisors. It ensures uniformity and consistency amongst all franchisees.
- As an independent business owner, it is up to you to establish a training system that educates your employees and enables them to handle any situation that comes their way.
- Franchise owners receive training materials that prevent accidents and unfortunate situations whereas a small business owner you learn how to operate through mistakes and discovered successes.
- As an independent business operator, brand establishment is going to be difficult when you are buying into a new franchise model with no successful proven marketing plan or fan base.
- By purchasing a franchise, you are exposed to a brand that is established and hopefully already has the trust of its customers.
Successful Advertisement model
- Parent companies constantly provide franchisees with marketing materials and strategic plans that run system-wide advertisements and promotions.
- It is up to independent business owners to establish stable ongoing marketing materials that build customer loyalty and sales.
Higher Success rate
- Franchises usually survive their first five years and maintain high percent growth rates. However, it’s a gamble when it comes to independent business owners.
Owning a franchise can be a very eventful yet flourishing venture that almost guarantees immense success. If you are looking to purchase a franchise, do your research and ensure that you are getting in business with a parent franchise that possessed a very high success rate. If you’d like to learn more about Openwork’s franchise opportunities, visit our website to find out more here.