Top 5 Reasons to Buy a Franchise

Ah, the life cycle of a career; it is interesting to see the various paths people take.

• The bright-eyed graduate: Entering the world of employment
• The professionally growing employee: Harnessing and developing skills and maybe burning the midnight oil
• The relocated employee: Trying something new and in a different environment
• The downsized, unemployed or employee on disability: Looking for a new position as a result of a layoff, termination or injury
• The veteran executive: Exercising leadership skills and moving up the ranks
• The relaxed retiree: Making time to pick up old and new hobbies, perhaps enjoying family and friends or finding a dream job which they never pursued

No matter what stage of life or employment you find yourself, opening a franchise can be a rewarding and fulfilling decision, and one you can start at any time in your life. The sales consultants at Franchise Solutions have weighed in with their top five reasons to buy a franchise and have made suggestions of businesses to explore.

Related Article: 10 Signs You Should Own a Business or Franchise

1. You can learn from others’ mistakes. Most franchise systems have been honed, refined and vetted before they are offered to others. This can save a great deal of time, heartache and money (potentially) in the long run versus someone starting a new business which had never been replicated before. For example, Kumon Math & Reading Centers was started in 1954 by a high school math teacher and today his method is applied and practiced in 25,386 locations around the world.
2. There is strength in numbers. Most franchise systems foster a sense community among their owners creating a network which contributes to the best practices shared among the group. This support system is a valuable asset to new owners learning the ropes of any business. Liberty Tax Service has more than 4,000 offices in U.S. and Canada and promotes a fun culture within the franchise system. Great ideas are tested and implemented to see if they will benefit the entire organization. Liberty Tax encourages franchisees to share their ideas.
3. Purchasing power equals reduced rates. To piggyback on the previous reason, strength in numbers, when a large group combines orders to purchase products say, for inventory, companies can offer discounted pricing that you may not otherwise receive as a single business owner. The larger the franchise system, the larger the orders, the bigger the savings. ServiceMaster Clean, for instance, is a division of The ServiceMaster Company, a Fortune 500 company that also parents six other franchises. The combined buying power of the entire franchise network results in the ability to buy supplies cheaper than owners would be able to as independent business owners.
4. You benefit from brand recognition. Many franchises have spent time and money on marketing and advertising campaigns to strengthen and build brand awareness of their company name, logo and slogans. And have established a good reputation for offering excellent products and/or services. The better the brand awareness, the more customers are attracted to their company. Cruise Planners is an American Express Representative Agency which lends instant credibility to new franchise owners with a trusted, well-recognized brand.
5. Franchises offer on-going training and support. When you purchase a franchise, usually you don’t need to have experience in that particular industry because most franchises include intensive training which is often held at their corporate headquarters. Take for example how Jimmy John’s Gourmet Sandwiches supports its franchisees. They offer seven weeks of training for general managers and three weeks for assistant managers. As far as on-going support, they create newsletters, hold meetings, provide a toll-free phone line, assist with grand openings, give access to internet to support field operators and hold evaluations.