The ever-evolving economy and world we live in these days has led to continued growth in entrepreneurship. Those who desire to start their own business have access to a wide range of tools at their disposal thanks to technology and innovation.
The days when most new businesses failed have given way to franchise partnerships that thrive with the groundwork already laid out for new owners. There are ways to survive the new business landscape with guided expertise.
If you are considering a franchise opportunity, here are nine benefits you may not have considered:
A Support System
Entrepreneurs who start a business from the ground up can encounter a steep learning curve if running a business solo. As a franchisee, you can go into business for yourself but not by yourself. With a strong corporate structure in place, you will see the immediate benefits designed to help you launch successfully. Freedom Lawns considers all franchise owners business partners. Your success is our success.
Knowledge is power. A perk of buying into a franchise is the initial and ongoing training support you receive from the experts. An onboarding phase is essential to instilling the everyday skills needed to run your franchise efficiently and successfully.
During the initial training of one to two weeks, you will learn how to effectively launch your new franchise in your market, and how to manage a grand opening. During this crucial time, you can expect weekly assistance to get your business up and running. The ongoing support is equally as important as the initial training as your business matures.
Throughout the year, you will be made aware of helpful seminars, conventions, and additional learning opportunities and resources to help you gain your own expertise in the industry.
In the first year of any business, franchise or not, marketing is imperative. An independent business will not have access to past market data to inform business decisions. Competitor analysis, market data, and digital marketing techniques will be used to best target your customer base.
The franchisor will already be working with a marketing agency or have in-house personnel that can kick off your marketing efforts with precision. They will already have the knowledge of what works and what does not, therefore saving you advertising dollars.
Although rare, it is not unheard of for franchises to offer financing support to qualified candidates. Freedom Lawns is proud to offer third-party financial support to those who qualify. Freedom Lawns is also an approved SBA franchise.
Higher Rate of Success
By buying into a franchise, you get a ready-to-go business with a proven business model. Some of the best-known and well-received franchises have a success rate in the low single digits. While other lesser know brands, actually have a failure rate that is essentially zero. Have we got your attention yet?
Statistical studies done on franchise failure rates show an average rate of 15%-35%. However, as mentioned above, popular franchises can fail at a rate of 1%. It is important to remember that the successful model of the franchise can only be replicated if you follow it.
The reason behind the phenomenal success rates of franchises is that the franchisor has worked endlessly to make their business successful and created a replicable model. They laid the foundation so you do not have to.
Independent start-ups will have to do their own groundwork and at their own peril. Some business lessons are too pricey to learn from once. Franchise partnerships can minimize the trial and error approach which can result in wasted expenses.
A reputable franchise will have achieved significant brand awareness which allows you a greater chance of success.
You Become Part of a Team
As a franchisee, you become part of a team working together towards a common goal while offering support to one another along the way. A new franchisee can tap into this network to ask for advice and to connect with someone like them. As a brand, this network holds more power and recognition than that of a single owner.
Handbook to A Proven Model
A common mistake among entrepreneurs is trying to figure out everything all at once by themselves. Even the most business-savvy entrepreneur has their weaknesses. A franchise allows you to bypass the frustration and all the start-up headaches by avoiding the mistakes that happen with a new business.
Once the franchise fee has been paid, the franchise will onboard you so you can start as soon as possible. The training will teach you the business model you will need to achieve their replicable success.
One of the biggest benefits of a franchise is the brand awareness among consumers. A reputable franchise will have established a recognizable name among consumers, which you can benefit from no matter where your new market is located. People prefer to do business with and buy from brands they trust. As the franchise system continues to expand, the exposure from marketing efforts will continue to drive the brand forward.
The established business model and level of brand awareness will net you a quicker return on your investment.
Franchises can be less expensive than a start-up because they are less likely to make the same costly mistakes that happen with a start-up. To put it simply, franchises have done the work to know what works. Maybe more importantly, they know what doesn’t work.
Here are a few cost-saving benefits that franchises can offer:
- Purchasing discounts on inventory and products
- Pre-designed, customizable marketing materials (logos, brochures, ads, etc.)
- Contracts and special terms with supply vendors
- Savings on equipment
Interested in opening a Freedom Lawns Franchise? Download our no obligation, free brochure to learn more.