The 5 Best Things About Franchise Ownership
There are lots of great reasons to write about franchise ownership. For this article I’ll focus on five of the best reasons to own a franchise. See, a lot of people use real complicated franchise investigation procedures to ferret out the best and worst franchises. They even develop lists for the pros and cons of buying a franchise.
And, what makes the franchise investigation process even more cumbersome, people continually ask me: “What is the best franchise to buy?” As if I knew the perfect solution all the time? Well, I can write about the investigative process all day long. What I’d like to do is focus on the end result. You’ve bought the franchise. You’re operating it.
Related: Secrets Your Parents Never Told You About Franchise Investigation Procedures and Franchise Prices
Every time a franchise applicant decides to purchase a franchise he knows in his gut that it’s right for him. He understands the business model, has established rapport with the franchise staff, and is excited to implement his business. Intuitively he knows it’s right for him.
Following The System
Every franchise has a series of processes and procedures that have made it successful – you’ve got access to a proven operating system. As the owner you receive training to understand how to implement and execute. You learn how to implement the systems that have been developed for financial management and reporting, operations, marketing, sales, public relations, purchasing, and customer service relationship management.
What’s great about the training and the procedures is that the franchisor has formalized their best practices and shows you how you can benefit from their use. As an added benefit you have the ability to work with other franchise owners who contribute, like you will, to the implementation of these best practices.
Related: 4 Simple Questions In Your Buying A Franchise Checklist
A Proven Customer Base
Successful businesses know who their customers are, where they are located, and what their buying preferences and buying cycles are. Predictive analysis helps business understand the demographic and psychographic characteristics of their customers. When a franchisee opens up the doors the research has been conducted on her market area, the business is located proximate to those customers, and those customers appreciate the interaction with the new owner and her staff. And they return for more purchases.
A Complete Marketing & Advertising Program
One of the most challenging aspects for any new business is defining your brand, your mission, your marketing message, and delivery methods. Think about an established franchise business. They’ve tested and refined the message, developed proven marketing and advertising materials along with media placements, frequency and pricing, and some even do the placements for you. Sure, there is a price to all of this, but it’s an investment that shows very strong ROI.
Back Office Support To Die For
Now that you’ve got your business up and running, you need accounting and payroll software, a website, perhaps a pay per click program, a customer relationship management program, brochures, forms…And as a franchisee you have direct access to experienced leadership and management support from the home office.
This assistance and expertise increases your chances for success and helps accelerate your ability to grow your business.
Related: The Top 5 Reasons To Work With The Franchise Coach
Working On The Business – Growth Focus
It might be difficult for some people to understand but if you follow the proven operating systems of the franchise and execute the marketing, sales, purchasing, and customer support systems as designed; there is a real good chance that you are going to be successful at growing the business.
Most non-franchise business start-ups spend a significant amount of time in their first few years developing systems, testing alternative systems – essentially working in their business in order to refine and prove out the effectiveness of each system. During this time business grows, but usually on a fit and start path. Franchise systems enable owners to work on growing the business.
As you consider the benefits of franchise ownership think about your ability to develop an asset that has increasing value. And, please add these 5 reasons to the pro side of your franchise investigation procedure list.