Below are some of the reasons that you might like to invest in a franchise by buying a license.
1. Strong Business Spirit- Purchasing a franchise and building your own store allows you to experience both the excitement of creating your own business from the ground up and the strong business spirit that an established brand brings with it. For example, the Cold Stone franchise allows you to build your very own ice cream store without forcing you to come up with branding, logos and other necessary materials on your own.
2. Customer Recognition- Before you even choose to build a franchise store, you likely already have customers in your area waiting to purchase products from your store. The reasoning behind this is that franchises tend to have fans, which makes it that much easier to get ready customers into your store to experience all that you have to offer.
3. Training Programs- When you choose to work with a franchise, you'll always have somewhere to turn when you need that extra bit of help. Most franchises even offer training programs that help you learn how to foster a sense of team spirit and how to improve your store so that it can provide the kind of customer service that keeps people coming back for more.
4. Heightened Negotiating Power- When you choose to invest in additional capital or to acquire something new for your franchise store, you'll have more room to negotiate with contractors and suppliers than if you were an independent operator. The reason this works stems from the next next point.
5. Low Risk- When a franchise store is built in the right location or when it has that high degree of quality that people seek, there is very low risk to you as the investor. This means that having a profitable franchise store is significantly easier than if you were to make your own independent business from scratch.
8 Comments
These are some great tips. Starting a franchise can be complex but exciting.
ReplyDeleteI've always wanted a franchise. I think it's the best way to succeed.
DeleteI've thought of doing this with coldstone creamery. I love their stuff so much.
ReplyDeleteBut great ideas.
There is a big craze for yogurt, ice-cream and fresh drinks. Cold Stone would do well.
DeleteThanks for sharing. I've been considering investing into a franchise, like maybe McDonalds or something. I know that's not the ideal route to go, but I figure in my town, as there is no McDonalds for nearly an hour away, it could be quite useful.
ReplyDeleteRunning a franchise sounds like a very appealing thing. The idea that I could one day own my own store that's affiliated with a top tier brand really gets me excited. I'm not too sure what kind of franchise I'd go with, but it'd have to be something highly respected and something I can be happy with. Anyways, thanks for the tips.
ReplyDeleteA friend of mine owns a Subway and has often told me to invest in a franchise like it, but in a different town as to not steal business, haha! But in all seriousness, I've given it a lot of thought over the years, to jump into a franchise and I think I might actually do it soon. I've saved a lot of money to get a place and I would love to start a subway or a place not really located anywhere in my town. Maybe a Red Lobster.
ReplyDeleteA friend of mine actually wants to get into a franchise, but he doesn't know where to even begin. I'll share this with him. Anyways, since he brought it up, I actually been considering it too. The idea of owning a franchise that's been around for a long time, is like owning a part of history in a way. I know that sounds corny, but it'd be great.
ReplyDeleteIf I do start my own business under a franchise, I'm going to contact people from my town and see if they even want said business in town. If they do, I might get into it.
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