A franchise owner, or a franchisee, is someone who buys a business that is part of a chain, using the same name, trademark, product, and services.
The franchise organization model offers the franchisee the ability to grow under a common brand and share in the benefits of a larger group of business owners. Though each business is independently owned and managed, all franchisees share in the collaborative benefits of the organization through the support and oversight of the franchisor.
Franchising can be an intimidating venture, and weighing the “pros and cons” is imperative to making the decision to become a franchisee. Check out the list below and ask yourself if these advantages could work for you!
Advantage 1: Explore a New Career, Work in a New Industry! No Experience Necessary
Buying a franchise allows you to work in a field that you don’t necessarily have any previous work experience in, but that is intriguing to you. Franchise brands (also known as franchisors) offer extensive and thorough support and training to franchisees in order to educate them and help them understand their company’s business model. By entering into an already established brand that has been operating (assumedly) for years, you will be privy to knowledge, experience, and industry secrets that you would otherwise have had to learn over the course of your career through a trial and error process. Owning a franchise allows you to tap into previous owners’ and leaders’ collective years-worth of first-hand experience, increasing your chances of success.
Advantage 2: Lower Risk
Franchises are a more secure investment than new businesses because they have the support and backing of a larger, established corporation. These corporations have business models that have been tested, often in different markets across the country, and have already proven themselves to be effective.
Advantage 3: Loyal Customer Base and Brand Recognition
One of the hardest parts of starting any new business is finding your first customers, which is one of the reasons so many people turn to franchising; when you buy a franchise you get to bypass a lot of the work that goes into marketing and branding a new, unknown business. Investing in a franchise grants you access to an established, loyal customer base and potential employee pool. Buying an established and recognized brand can give you an accelerated path to profitability by bringing in customers and prospective employees from day one.
Advantage 4: Collective Buying Power
When you purchase a franchise and become part of the franchise system, you’ll benefit from your franchisor’s established deep-rooted relationships with suppliers. This means that materials will be less expensive because of the franchisor’s collective buying power.
Advantage 5: Hit the Ground Running with Extensive Franchisor Support
Most franchisors prioritize supporting their franchisees — especially when they are just starting out — by offering them pre-opening assistance with operations like site selection, design, construction, financing, training, and grand-opening programs. The help doesn’t stop there: Some franchises even give loans and other forms of financial assistance to their franchisees.
Advantage 6: Be Your Own Boss
Owning a franchise allows you the chance to be your own boss. You’ll be able to craft a more flexible schedule for yourself; revel in having more autonomy over your career; you can even choose to work from home, if that’s what you want. You’ll own a business while having a support system to turn to when you’re in need of advice or assistance. In franchising, there’s a saying that you’re in business for yourself, but not by yourself.
It’s been said that if you love what you do, you can’t help but succeed. There’s a lot of truth to this statement. If you can align yourself with a franchise that really fits, you’ll be much happier, which in turn results in higher productivity. Being a franchise owner can improve quality of life and adventure! You can put your hard work ethic and drive into something to call your own.
Why dream it when you can live it?
EWYN Studios is always looking for new franchising opportunities! Think you may be interested? Click HERE to learn more.
