One of the best ways to become a business owner for many Americans is to buy a franchise. Being a franchise owner offers many benefits, and for those Americans who dream of owning their own business, buying a franchise is the easiest path to making that dream a reality. If you are one of the many people who dream of having their own business and being their own boss, maybe you asked, "Why should I choose a franchise instead of starting my own business?" Let's examine that question closely.
Sure, you could find a business you want to be in and start that business using the same financing you would use to open a franchise. While it isn't possible to give an exact time frame for when a new business will become profitable, most sources will give an average time of between two and three years. This can vary by the type of business you're starting or even economic conditions while you are trying to build your new business. According to the Small Business Association (SBA), 30% of new businesses fail during the first two years of being open, 50% during the first five years, and 66% during the first 10.
There are a few factors that can make buying a franchise business a better option than starting your own business from the ground up. First, and very importantly, is brand recognition. It takes many years to build a recognizable brand. When you buy a franchise, you are buying a brand that people already know with a product or products that have been fully developed and tested. In short, you are buying a name that customers are already invested in. This can mean less money out of your pocket for the advertising necessary to get a new product in front of the consumer.
More Profit
That sounds great, doesn't it. The less money you need to spend trying to advertise your "new" product is more money that can go into your pocket. The cost of trying to launch a new product, whether locally or nationally, can be an expense a new business has trouble meeting. Without a product that people know and trust, the likelihood of your business failing increases.
Brand Recognition Means Customers
If you choose a successful brand that consumers are already using and that consumers trust, you start with a customer base. Again, this is less cost to you because you aren't spending the money it takes to go out and get customers.
For new business owners in particular, the training you get when you open a franchise can be an invaluable part of the experience. Imagine opening a business for the first time. There are so many details involved with learning how a business works that new business owners can fail regardless of how hard they try. Buying a franchise business puts a team of experts in your corner because a franchise comes with a team that already knows the ins and outs of how to make that business work. The franchisor wants your franchise to succeed and a good franchise has all of the elements in place to help you do so.
These are just a few of the reasons to choose a franchise business rather than starting your own business from the ground up. You can think of a franchise as a shortcut to owning a business. This doesn't mean there isn't work involved or some risk. Any business is going to take hard work and will involve some degree of risk. That's as true with a franchise as it is with any start-up. With a franchise, however, you have a great business strategy already in place, a recognizable brand, a loyal customer base, and the products, services, and resources you need to become successful and stay successful faster than you typically would with a business that is just starting.
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