How Platinum aims for 100% success...
Nothing in life is guaranteed, we all know that, but I know one thing for certain – if you don’t believe that...
Starting your own business can be dauting as many can fail so, to ensure that you are successful you need to utilise any advantage that you can get; fortunately for franchisees they are provided with a lot more advantages than a normal business owner. Below, you can find a list of just some of more influential advantages that most franchisees receive from deciding to take this higher chance of success route for starting your own business.
For most Franchises, you will find that they offer either an intensive course for training or multiple training sessions, for the purpose of teaching you the method of running the franchise the same way other successful franchisees are running theirs. This provides you with the knowledge of how to make the franchise a success with the guarantee that it works as proven by other franchisees.
Issues occur for every business and normally a business owner would have to try to foresee and resolve all issues by themselves, however for franchisees they are normally provided with a dedicated experienced team of people for such occasions. This team can offer continued support on a number of different areas:
As the operational aspect of your business will not differ much from the other franchisees in your franchise, your dedicated team will have already faced and resolved most (if not all) issues that you will face on an operational level. This can be critical as if the operation stops running, you’re not making money, so having this aid can save you a lot of time, money and stress.
The marketing techniques that you employ for your franchise will have to be tailored to your area but the franchisor’s support team will be able to provide you with successful campaigns delivered, from franchisees businesses, for attracting and retaining customers. If you decided that you want to try something new, then you can ask for assistance in developing and budgeting your new strategy with your support team. This does depend on the franchise as some control all aspects of marketing.
If your franchise requires you to operate from a building, which is likely for a retail franchise, then you are provided with support for identifying the optimal area for your site. They can then use their brand purchasing power and experienced negotiators to purchase the site and/or construction resources at the best possible price, something unlikely to be achieved when you are starting your own business, by yourself.
Brand reputation is a large buying influencer for any global market, this is because customers want to purchase a product/service which they can trust and, if they have purchased from a particular brand before, they know what to expect. When starting your own business, nobody would have heard of your brand, whereas a franchise already has a substantial amount of customers that would’ve provided online reviews, provided referrals through word of mouth and would likely have repeat custom.
Working from a recognised brand in your industry means that, before you’ve even sold your first product/service, you can expect a certain amount of people in your local area will already know and want some of your products without any need for marketing or PR.
Bankers want to lend money; it’s one of the ways that they make money themselves, however, they only want to lend to individuals/companies that they can trust will pay them back. Franchisees have a unique advantage when trying to secure finance as they have the backing of a proven track record business from the franchisor and, for this reason alone, lenders are more likely to provide finance for a franchisee over a traditional entrepreneur.
Not only is it more likely that you can secure funding from a bank, for some franchises it’s also possible to secure funding directly from your franchisor; either way, the backing of your franchisor is a massive advantage in terms of funding your business.
When you are setting up your own business, franchise or not, you need to understand and limit all risks (as there will be many). Franchises are not immune to risks, no business is, but as long as you do your due diligence when choosing a franchise, you will find that the franchise model inherently has less risks than starting your own business. The main reason for this, is that you aren’t reinventing the wheel; you have a proven business operational model that works, with an experienced support team that’s genuinely invested in your success and a recognisable brand in your industry to sell from.
If you want to utilise these advantages of being a franchisee for yourself then take a look at some of the franchises we have to offer – Franchise Opportunities