Are you a business-minded individual who dreams of opening your own business? Unsure where to begin? Unless you have an innovative idea for an independent business model, you might be feeling stuck. Fortunately, there is still a way to become a successful business owner: Buying a franchise concept.
Franchise ownership is a fantastic path for aspiring entrepreneurs. Franchise benefits include providing you with business experience and helping you build wealth. They also come with some unique benefits you can tap into right away. If you’re considering purchasing a franchise, here are four franchise benefits you can reap immediately.
Instant name recognition
One of the primary franchise benefits is the company has already established brand recognition. Even if you’re the first franchise in your area, there’s an increased likelihood that at least some consumers have heard of your company. You can benefit from this established name and reputation immediately, drawing in customers faster.
Plus, franchise concepts have internal marketing teams that are tasked with creating marketing campaigns, advertisements, social media and web content that generate brand awareness locally, regionally, and nationally (even globally for some brands!). When you purchase a franchise, some of your investment dollars are used to support these brand-building efforts.
Not starting at zero
Franchisors sell their businesses with the expectation that owners will follow their processes and business practices. The structure of a franchise is what the parent company has used to find success. Experience in areas like marketing, technology, sales and customer retention, accounting, and equipment are all part of the franchise’s “road map” in addition to training and ongoing support from the franchisor. Leveraging a proven business model can help you avoid the complexities of organizing a business from square one and lets you focus solely on growth.
Reliable supplier network
Many franchisors come with a network of suppliers that have been tested and established. Not only will this help you know your suppliers are reliable, but it also may help you leverage buying power and reduced costs. Starting out with a pre-vetted network can be a huge help.
Peer engagement and support
One of the most unique benefits of a franchise system is being able to learn from and grow with a network of like-minded peers; people just like you with similar goals, aspirations, challenges and ideas. A network of supportive franchise owners are truly able to build a stronger brand presence working as one collective family of owners who care about their own success AND the greater good of the entire concept.
Aside from these immediate benefits, owning a franchise can offer many other incentives—financial, professional and personal—as your business grows. Becoming a franchise owner can give you a head start in entrepreneurship and help your investment become profitable faster.
If you’re ready to take the leap and explore franchises available for purchase, Tenet Financial Group can connect you with a franchise consultant to help you choose the right franchise for you. In fact, you can join free franchise tradeshows from the comforts of home and do all your research virtually, such as the Great American Franchise Show on July 9, 2020.
Tenet Financial Group will have a virtual booth at this trade show and can answer all of your funding and franchise financing questions. Or, contact us directly today at (888) 901-3335, Option 9 to reach a Senior Consultant.