The advantages of franchising
Listed below are a few advantages that franchising can offer you as a business. While franchising is considered by many as a shortcut to success there are a few drawbacks as well. It can be said however, that a positive attitude can be very rewarding in franchising.
- Rate of success: The success rate in starting up a new business from scratch is low. When you are buying into a franchise, you are not buying a business you are buying the right to use a proven business model. A business concept that is established and also successful. Franchisees stand a better chance at succeeding statistically as compared to people who start independently. In any given business, the first few years of business are critical. Figures indicate that beginners last through these critical years in franchising more than any other businesses.
- Assistance: You cannot go wrong with a business in franchising. This is because you are offered a great deal of assistance when starting up and beyond. When you buy a franchise you get equipment, training, supplies and the instructions as well.
- Name: If you have a franchisor with a big name you stand to benefit further. In this way people will trust you more. People buy from you when they know that they can trust you.
- Loan: If you are just starting up, you can be sure to procure a loan. Considering that franchising is a relatively safe business, banks are likely to process your loan easily.
These are the advantages of owning a franchise.