Purchasing a franchise is a popular business choice, with the industry predicted to grow by 1.7% this year.
Becoming a franchisee doesn’t come without any risks, but the benefits can often outweigh the negatives. As with any business decision, it is important for you, the individual to decide which route you want to take, particularly if purchasing a franchise or setting up your own venture is more appealing.
Franchisees can reap the rewards of being an entrepreneur with the opportunity to build a business that has instant recognition.
With the number of franchises on the rise, what are the benefits of becoming a franchisee?
Established operating model: With the skeleton of an operating model in place, a franchisee can hit the ground running. With a clear structure to follow and guidelines of how to trade, franchisees can be confident in the knowledge that their business has the essentials in place.
Name recognition: People do business with a name they recognize and trust, and the name of a well-known franchise provides franchisees with an instant success story. A leading name like Sylvan immediately invokes trust and expertise within the education industry, helping you to establish your franchise with a target customer base.
Existing customer base: Alongside name recognition comes an existing customer base. Customers familiar with a brand’s product or services are more likely to test out a new venue and recommend a franchise to other interested stakeholders in their network.
Support from franchisor: Franchisees will receive support from their franchisor at every step of the journey. From finance to marketing, human resources to sales, franchisees are provided with the tools and practical support to help make their business thrive.
Shared costs: Similarly, franchisors are often in a position to assist with the sharing of costs and provide financial assistance to a franchisee. This can bring the benefit of starting a new business on a firm financial footing.
Access to training: Training can be an expensive and time consuming operation. By operating a franchise, franchisees have access to courses and programs that will benefit them, their staff and business through proper guidance and support.