Buying Franchise in 2019: Top 5 Reasons Why
Striving for new business goals is a sign of a successful entrepreneur. Whether you are thinking of buying a franchise in 2019 or kick-starting a business of your own, the entrepreneurship thought is itself motivating. If you’re baiting upon franchise business but still skeptical about it then we assure you this post will be of great use.
Franchising always enables the multi-national companies to grow, whilst giving enthusiastic people the opportunity to kick-start their own business endeavor under their brand name. In this post, we offer you key 5 reasons why buying a franchise in 2019 could be the best decision for you. Continue reading!
5 reasons to choose a franchise in 2019
- Good track record
An already established company provides you a proven marketing method of doing business. You can always trust their marketing strategy that yields successful results, considering their track record.
As per Huy and Van Phan, franchisees, Goddard Systems,
“Franchising has allowed us to do what we love while running our very own business! It gave us the opportunity to work for ourselves and to serve a real purpose, instead of just working on the things we do well for a boss. Franchising is a great way to start a business when you want to work for yourself but have only a little idea on how to start it. Coming to America as war refugees, we knew hard work and a little leap of faith could get you far in life and franchising paved the path for us.”
2. An established brand
One of the greatest advantages you get in buying a franchise in 2019 is credibility with your consumers. An established brand assures customers of quality and standard, hence reducing much of your marketing effort to establish yourself and gain the trust of your customers.
As per Gianna Kagel, owner of Assisting Hands,
“A franchise helps you navigate bureaucracy and offers advice about how to handle certain situations that come up that other franchises may have faced before you. It also helps for getting group discounts on marketing materials and having a team to help build your brand locally as well as nationally. It is a good way for entrepreneurs to start their own businesses while still having the resources of a bigger company.”
3. Easy to get funding
Unless you’re born with a platinum spoon, it’s difficult for you to arrange the capital needed to pay the franchise fees, launch and operate your new franchise. Since the brand has already established itself in the market, it easily gains the trust of the banks. The company helps the franchisors in availing loans. Banks usually loan 50% of the investment required and 70% needed for the established franchises.
As per Anthony Santini, franchise owner, The Salon Professional Academy,
“The fact that the business plan and all financial projections are already done makes it much easier when applying for a loan. The history — if [it’s] good — with a franchise is hugely credible with the bank.”
4. Support from other franchisors
Thanks to the franchise communications that offers automated and structured methods for your operations (including taking orders, recording feedbacks etc.) you can reduce much of your workload. Besides, you can always reach out to other franchisors for guidance and support whenever there is an issue that seems tough to be managed single-handedly.
As per Jeff Huguet, franchise owner of Nurse Next Door,
“In my prior stand-alone business, I had nowhere to turn to for advice when things got tough. The only other people I knew that had a business like mine, were competitors. They weren’t sure as heck going to share their best practices with me. I literally was standing alone, with no one to get coaching from, unsure if the next move I was making would make or break me. It became a trial and error proposition. That’s why I really enjoy owning a franchise. I know that there are a bunch of other partners with experience out there I can turn to for advice.”
5. Access to employee training
Usually, traditional training consumes a lot of your time and money. Thanks to the eLearning software, you can now easily and quickly train your staff.
As per Bijay, CEO of Sparkwork,
“While franchise owners manage to master one part of their business, they however struggle with other areas such as training their staff on explaining customers about the products/services, managing orders etc. When you are buying a franchise in 2019, you must also ensure your business is well-equipped with digital transformation technologies and LMS is one of them, thereby eliminating ‘rookie mistakes’ from the training curve. We help franchisors provide franchisees with online training in all major areas of their new business.”
Editor’s note: Considering buying a franchise in 2019? If you’re looking for information to help you choose the right one, use the questionnaire below to help us guide you in a rightful manner:
What type of franchise are you interested in?
Food & Restaurant
P.S This form is only for those who’re interested in buying a franchise in 2019 or in the future.
Write down your reasons for buying a particular franchise. Ask yourself the following questions –
Do I need a specific annual income?
Am I interested in pursuing a particular field?
Am I interested in retail sales or performing a service?
How many hours can I work? How many am I willing to work?
Do I intend to operate the business yourself or hire a manager?
Will franchise ownership be my primary source of income or a supplement to my current income?
Do I get bored easily? Am I in this for the long-term?
Would I like to own several outlets?
You can always reach out to us if you’re seeking any expert advice on your new business venture. Click here to contact us today.