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- Risk Avoidance: Franchises have the highest success rates and lowest failure rates of any businesses in North America today. The U.S. department of commerce states that over 90% of franchises are still in operation after 10 years. * The United States Department of Commerce statistics show over 90% of franchises are still in operation after 10 years, compared to just 18% for other forms of small businesses. When you buy a Franchise, you are buying a proven business concept and/or model, in many cases; they have proven the concept is viable many times over and in many markets.
- Brand Recognition. A well-known name not only brings customers through the door, but it can open doors to you that don’t open easily for independently owned businesses within your business community.
- Training and Systems. The success of any business model goes back to systems and procedures. A franchise company has developed, worked and refined their systems and can help keep you abreast to the most successful methods to run the business.
- Support. You are in business for yourself, not by yourself. A Franchise company gives you an entire corporate headquarters for just the cost of royalty fees. You also join a network of peers that can provide a wealth of knowledge and assistance.
- Advertising. This is where you really see the strength in numbers! Cooperative advertising programs can provide the kind of exposure that an independent company would find hard to compete with.
- Financing. To buy a business, a lender requires a person to have relevant or transferable experience. It doesn’t matter what your net worth is or how creditworthy you are, you won’t get a loan to buy an independent business without experience. Relevant experience of the buyer is not as much a factor when purchasing a franchise, as the lender will base much of the approval on the strength of the Franchisor.
- Site selection. Landlords like franchises. They often go directly to franchise concepts when looking to lease space. The best retail and restaurant locations will almost always go to a well-known franchise name before it will be leased to an independent operator who isn’t as well established. Most Franchisors also assist with site selection and lease negotiations.
- Opening and Construction Assistance: Opening a business is a huge undertaking, and mistakes made in the construction and opening phases can have devastating and lasting impacts on the business and your initial investment. Franchise companies have done the work already and typically have specifications drawn up and contractors that they work with who have the experience to assist you with your build-out