Franchise ownership has serious advantages. Especially when you compare owning a business to working for yourself or someone else. Would you like to see what 3 of them are? Keep reading.
1. Instant Access to Operating Materials
When you become the owner of a franchise, you have instant access to all of the materials your franchisor possesses. This instant access includes:
The Operating Manual
Contained in the franchise operating manual is everything you need to know about running the business. And, the neat thing about having an operating manual is you don’t have to waste time looking in 5 different places for the information you need. All of it is right at your fingertips. Literally.
When you own a franchise business, you’re not going to have to come up with marketing and advertising ideas, or hire a copywriter to pen a fancy slogan or two. That’s because it’s all there. All you have to do is use it.
A lot of franchisors have software all set up for you to use. If you’ve purchased a retail or food franchise, you’ll have a Point of Sale (POS) system that’s designed specifically for your business. You don’t have to waste time trying to find one (there are dozens to choose from) on your own.
2. More Freedom and Control
If you ask anyone who’s employed in corporate America these days what their two favorite things about their jobs are, I’m willing to wager (right now) that they aren’t freedom and control.
The only way you can have any chance of freedom-and along with it, some measure of control over your career, is by being your own boss. And there are two very different ways to be the boss.
The Bill Gates Way
In this scenario, you’re an inventor of something-either a product or a service.
Since you came up with the idea, and actually implemented it, you own it. It’s your baby. You have the control. You also have the freedom to bring it to market anyway you want. If it’s a success, it’s your success. If it’s a #fail – you own that too.
The Franchise Way
If you choose to go the franchise route, you’re leveraging someone else’s idea for a product and/or service. If you do your research correctly, you’ll be able to find out ahead of time if the product/service and the franchise system itself is working.
(Hint: If the franchise system is working, franchisees are pretty happy and they’re making money)
3. An Established Brand
One very serious advantage of franchise ownership has to do with branding. When you own a franchise business, you have access to an established brand. (You don't own the brand, however. You're leasing the right to use the brand during your franchise agreement. The franchisor retains all ownership privileges of the brand.)
Branding is one of the things that makes franchise businesses successful.
Today’s consumers like the familiar. It makes them feel good. It gives them confidence when they take their wallets out. Because as you know, consumers are presented bombarded with lots of choices these days.
One more thing: Today’s prospective franchise owners list brand recognition as one of their top reasons for choosing a franchise business as opposed to buying an independent business. Even they find comfort with a well-known franchise brand.
To sum things up, franchise ownership has several serious advantages. It’s up to you whether or not you want to take advantage of them, so you can be your own boss.
The Franchise King®, Joel Libava, is a top franchise expert. If you're looking to buy a franchise, be sure to check out his private consultations, his popular books, and his comprehensive new franchise ownership course. Go here to learn more about The Ultimate Franchise Course and the extraordinary offer he just put together.