Franchise: 4 reasons to own a franchise now

Franchise opportunity has gained tsunami of attention and there are a lot of franchise opportunities for sale today. Well, this is indeed a good thing since the global economy is forcing people to explore entrepreneurship and also the business ownership. The bottom line is with the unemployment rate pretty high people still have to pay their bills and also put food on the table. This is perhaps the reason why more and more people are going into business. With business however, there are two options, you can either open up a traditional business or else you can buy a franchise for sale. As a matter of fact, owning a franchise business means that you have the right to use the parent company’s name and also sell the company’s products while the franchisor sets the standards and also does the marketing and advertising on behalf of you and also makes all the internal decisions. So, it comes with an inbuilt safety net.

Below are 4 reasons why should you own a franchise

Become your own boss: being the franchise owner means that you are the person in charge of everything. You have the freedom to work whenever you want and wherever you want hence have the liberty to fire and hire yourself as many times as you want.

A proven system that works: honestly, if you do not have the expertise to start a traditional business from scratch and grow it successfully then buying the franchise business is the best thing to do because here the methodologies are all tested and you are actually investing on a proven system that works.

Higher rate of success: figures can never go wrong and statistical record say that traditional businesses having a 95% failure rate. However, 74% of franchise owners say that franchise business is profitable. Based on the needs and your goals, buying a franchise opportunity for sale can be profitable.

Branding helps: The Franchise opportunity also comes with an established brand name which is in place and you do not have the tension to create a brand and grow it from scratch. Let’s say you open up your franchise and if your franchise has the name McDonald's on the front, it’s obvious that you will get a better chance of success.

Franchise: what you should know

Yes, we all dream about that day when we own out successful business and make lot of money. Still entrepreneurship stands as a scary proposition, and embarking on the path on your own is difficult, stressful, and also you may fail. This is where the Franchise business helps. Why? Well - franchise business offers you the brand name. This in turn makes your business folder credible and recognizable hence buying a business franchise stands as a great idea because the methodologies are proven and tested. Quite ideally therefore and the brand name supports you in generating income right away.

The franchise business hence comes with an inbuilt safety net and this is totally different from the independent business opportunity. In franchise business you no more have to start everything from scratch because as a business opportunity it offers you a complete package with the promise of marketing, accounting, distribution and other technical support.

Here are the top four key points which you might consider before taking up any franchise.

Cost: well this is important to consider the cost of the franchise. Honestly, the costs of franchises can run from a few hundred, to millions, so it is important that you identify which opportunities you can afford. So, figure out what your price range is before you simply start with one.

Reputation: look for a business that has a proven track record, and has a pretty solid and loyal client base. Take this, as you buy the franchise business you are buying into a brand so make sure that the brand you choose gives you the return on investment you want.

Legality: Franchise business is certainly governed by very specific laws so also ensure that the franchise you are buying into has all their ducks in a row when it comes to the legality issues. If you have doubts, have a lawyer go over it with in order to fine tune everything.

Royalties: Now this is important. The royalties you pay on your turnover usually varies from one franchise opportunity to other. Be calculative here and choose the franchise business which has not so high amount of royalty to cripple your business. Well, you need to cover costs, pay your royalties, and at the same time make a living out of it.

Research: speak to a number of franchise owners and figure out what their earnings are like. Also, do some research prior jumping in!

Follow these simple tips to zero down on the Franchise possibilities because as you start to whittle down the long list you will be left with only few stellar choices to pick from.