How to Buy a Franchise: The Benefits of Joining a Franchise Over Starting Your Own Business

There’s no question that joining the franchise space has its fair share of benefits. Investing in a franchise grants you access to a proven business model, established brand recognition and ongoing support from the franchisor. 

But what would prompt someone to invest in a franchise instead of just starting their own business? 1851 Franchise publisher Nick Powills lays out a few of those reasons in the latest episode of our “How to Buy a Franchise” Masterclass. 

The Work is Done For You

One of the main advantages of joining a franchise is that much of the groundwork is already done for you. When you join a franchise, you are stepping into a business model that has been tested, refined and proven successful. This eliminates the need for you to start from scratch in terms of developing products or services, establishing brand identity and fine-tuning operational processes.

Franchises provide a ready-made blueprint for success, saving you time and effort in market research and trial-and-error phases. The franchisor has already invested in resources to create and optimize the business model, allowing you to benefit from its experience and expertise. This pre-existing framework significantly reduces the uncertainties associated with starting a business. 

In franchising, the phrase “in business for yourself but not by yourself,” is thrown around fairly frequently. But what does it mean? In simple terms, while you will have the autonomy and independence of running your own business, you won’t be left on your own to handle any challenges should they arise. You gain access to all of these resources by paying the initial franchise fee and the ongoing royalty fees, which vary from brand to brand. Ultimately, it’s up to you to decide whether this cost is worth the ongoing benefits and support.

“In many cases, it is. Because the franchisor has spent a lot of money, time, energy, support and infrastructure to build something that I don’t have to build,” said Powills. 

Growth Potential 

Another reason to join a franchise instead of starting your own business is the enhanced growth potential that comes with being part of an established franchise network. Unlike starting a business from the ground up, joining a franchise enables you to take advantage of what has already been constructed. 

Franchises often have a well-defined growth strategy, supported by the experience and resources of the franchisor. This strategy may include plans for opening new locations both locally and globally, providing franchisees with the ability to tap into new markets without the challenges of independent expansion. 

Whatever Your Preference

When it comes to deciding whether to join a franchise or start your own business, it all boils down to personal preferences. If you value the concept of having full control over the entire business, then franchising may not be right for you. However, if you appreciate the benefits of a proven business model, established support systems and the opportunity to be part of a larger network, then franchising might be the ideal fit. Consider your own entrepreneurial goals and then decide which path aligns best with your vision for success. 

If you are interested in franchising, consider checking out https://1851growthclub.com/ for assistance in your journey.