Benefits Of Buying A Franchise
It’s often said that franchising is about being in business for yourself, but not by yourself. A quality franchise like Granite Transformations provides a proven business model, established operating systems, effective marketing support and the instant credibility of a well-known brand. Yet it also offers the flexibility to work largely how you wish and generate the level of returns that you, your partners and family want out of the business.
There’s plenty of online insights into the advantages of franchising from banks, business advisors, trade magazines and industry bodies, so let’s summarise the key benefits:
Killer Idea – a distinctive product concept or usp that caught your attention and is equally likely to appeal to customers, like ‘the top that fits on top’.
Familiar Brand – it’s better to sell to customers if you’re trading under a recognised brand name, rather than starting from scratch.
Consumer Awareness – knowing the brand name and what it stands for is the first step toward generating customer leads and converting these into sales.
Exclusive Territory – there will be market rivals, but a franchise means you’ll have an exclusive sales area and won’t be competing with others selling the same brand.
Initial Financing – it is easier to borrow money when investing in a franchise with a solid reputation, than finding finance for an unproven start-up.
Training Programme – a good franchisor will provide in-depth initial training and ongoing workshops and refresher courses, so prior market experience isn’t necessary.
Track Record – a good franchisor will have developed a sound business model that works well and delivers successful results over a number of years.
Purchasing Power – unlike a start-up business, a franchise can take advantage of group buying power or in-house manufacturing.
Product Development – a good franchise benefits from an ongoing programme of new product development, to continually refresh the market offering.
Risk Avoidance – less than 7% of franchise owners fail within the first 5 years, compared with 90% of new business start-ups, so the risks are minimised.
Operational Support – the head office support team will provide practical help and advice on establishing and running your business, so you’re never alone.
National Publicity – the franchisor may run a national advertising, PR and online marketing programme, to generate customer enquiries.
Marketing Resources – rather than originating your own material, a franchise supplies artwork, tailored literature, point-of-sale and a website domain.
Location Advice – finding the right site for your premises is critical and the franchisor has the experience and demographic data to optimise your location.
Warranty Provisions – a franchisor will usually have underwritten warranty cover for its products and services, providing peace of mind for your customers.
Business Matchmaking – a franchise structure enables networking with like-minded franchisees and exchanging relevant market intelligence.
Performance Benchmarking – unlike standalone enterprises, a franchise enables you to benchmark sales and revenue performance against colleagues.
Career Ownership – with a franchise you can grow your own operation, have control over your career progression and build up equity in your business.
Franchising is not for everyone, but if you want to run your own business and escape the corporate ‘rat race’, then it’s an entrepreneurial path well worth following. Now, to identify what particular business benefits Granite Transformations brings to the franchising party, click here.