Reasons Why Buying into a Franchise Opportunity is Better Than Launching Your Own Brand | You want to start a business but are caught in the classic debate of buying into a franchise opportunity or starting everything from scratch. While there are certainly benefits of launching your own brand, here are some reasons why buying into a franchise is the stronger option!
Proven Brand Name and System
First and foremost, the most significant benefit is that you’re using a brand that already has a reputation within the industry. This is critical in many industries because you’re joining a family that has already experienced success and knows how to do it again. For example, this is particularly important in the food and gym niches because people want a name that they can trust. Finding a gym franchise opportunity in Brisbane, for instance, shouldn’t be any more difficult than finding fast food franchising opportunities. Both are available in abundance, the trick is finding out which will work best for you.
As well as the name, you’ll also get a business model that works. It’s like flat-packed furniture where success is around the corner so long as you follow the instructions correctly. The franchise has succeeded, failed, learned from mistakes, and now provides a simple guide to success so that you avoid common mistakes and don’t have to guess.
Support from Leaders
Since you’ll carry the brand name and system, the franchisor will be cheering you on and standing in your corner. Often, you’ll have access to phone support or live chat support, meetings with company leaders, seminars and conferences, and even rep visits. If ever you have a question, there’s somebody higher in the company ready to help (something that you don’t have when going it alone).
Fortunately, you’ll follow a tried-and-tested model with the support of people who have been through everything and seen it all in the past.
Next, franchisors often set their new franchisees up with extensive training so that they have a good shot at success. Especially for those lacking experience, this training has tremendous value. It often covers:
- How to hire and train employees
- How to manage the day-to-day running of the business
- How to manage finances both short-term and long-term
- How to market and advertise effectively
As well as learning general business advice, the training will also teach you the ways of the franchise. You’ll know what the franchisor expects of you and the level of freedom you’ll have in terms of marketing.
Higher Chance of Success
Another reason why buying into a franchise opportunity is better than launching your own brand is that your overall chance of success is much higher… for all the reasons we’ve discussed today (and more!).
When going it alone, you’re starting with a blank canvas. As well as paying for training, you’ll have to introduce the brand to customers and work much harder just to get each customer. Why? Because working with a new brand is a risk, nobody knows the name. On the other hand, working with a known brand is much safer.
What’s more, you’ll pay more for marketing, and you’ll have to make mistakes just to learn. When working with a franchise opportunity, people have already made the mistakes and cleared the way for you to succeed with less stress and pain. It’s essentially like the following somebody through a forest as they hack away at the vegetation and clear the path.
When buying into a franchise opportunity, you won’t have to spend so much on advertising because the brand is already known. You’ll have training opportunities and support from company leaders. You’ll follow a tested system, and you’ll have a higher chance of success!