Where are you in the franchise purchasing process?
Are you in the “learning about franchising” stage?
If so, this blog post includes information that could help you decide whether to pursue franchise business ownership.
Or maybe you’re already looking at franchise opportunities – right on this website.
If that’s the case, the 3 great reasons to buy a franchise I’ve listed below should solidify your desire to own a franchise business.
And if you’re about to send money in to a franchisor and sign your franchise agreement, you’ll want to keep reading this blog post, as I’ve included a few good reminders, just for you.
3 Great Reasons to Buy a Franchise Business
As promised, here are a few great reasons to buy a franchise.
1. You want more control in your life
Most of the people who use my services come from corporate America. They’ve either lost their jobs or are ready to make a career move. And all of them have one thing in common: Lack of control.
Fact: When you’re an employee, you don’t have control. Your boss does. She controls your salary, your schedule, and your chances of moving up the corporate ladder. (Among other things)
If you want control over your own life, there’s only one way to do it: Business ownership. In this case, franchise business ownership.
If you decide to move forward on a franchise, trust me-you’ll thoroughly enjoy having more control of your life as your franchise business grows.
2. You want to follow someone else’s business system
It’s nice to have choices, and when it comes to being your own boss, you do have several. You could:
- Come up with an idea for a product or service and launch a business based on it
- Buy an existing business and try to make it better
- Become a consultant
- Buy a franchise
Now, there are plusses and minuses to all the options I listed. It’s up to you to determine which path is right for you.
Fact: One of the best things about franchising is the business system you get when you become a franchise owner. You won’t have to guess how to run your business. Plus, you’ll receive formal training on exactly how to use the system for maximum benefit.
If you don’t want to “re-invent the wheel,” consider franchise ownership. It’s great having a solid business system to follow.
3. You want to build equity
The definition of equity: The monetary value of a property or business beyond any amounts owed on it.
In franchising, the goal of every franchisee should be to have equity in their business.
Now, it’s not going to happen fast. In most cases, it takes several years to have equity in a business. Franchise ownership is a long-term play. You’re not going to become profitable overnight.
Fact: Most franchise agreements are 10 years in length. That’s plenty of time to come out ahead* if you decide to sell your business when your term is up.
*There is no guarantee that you’ll have equity in your franchise business. Market conditions and/or a poor business plan can affect your financials. That’s why it’s important to do your homework before you send in your money and sign your franchise agreement.
To conclude, there are lots of great reasons to buy a franchise these days. I only shared 3 of them.
Whatever your reasons are, it’s up to you to make a good choice in a franchise business opportunity. Once you do, do your homework, write a solid business plan, and work with business professionals who are knowledgeable about franchising.
In other words, you need to do everything in your power to increase your chances of success as the owner of a franchise business.
I know you will.
The Franchise King®, Joel Libava, is a top franchise expert. He’s written over 2,000 different articles on franchise ownership and personally consults with people who are looking to buy a profitable franchise. Go here to find out how The Franchise King® can help you become your own boss.