There are many advantages to owning a franchise business:
- The business has already been proven to work. The franchisor and other established franchisees are proof of its success.
- The franchisee receives proper training in all aspects of the business and will often receive on-going support from their franchisor. This training can be via a company intranet, newsletters, regular visits by a representative from head office, regional meetings or annual conventions.
- Owning a franchise provides a small business with an instant brand identity. Potential customers will already recognise the brand and will be able to associate the franchise with the brand, which is key to establishing a loyal customer base.
- Buying into a franchise also means inheriting a successful operating system. Operating your franchise can be implemented to the letter but normally there is a degree of flexibility to change things as you see fit or to suit your geographic audience.
- Franchisees can benefit from the franchisor’s marketing expertise, which is often managed by someone who understands how to best appeal to your target market.
- Centralised purchasing is a feature in many franchises where the franchisee can benefit from discounted prices on goods from established suppliers.