This lesson is part of our free Franchise 101 course.
Buying into a franchise costs, but it’s worth it. The right franchise can give you a huge head start in your business. This is valuable for any business owner, and especially for the inexperienced.
There are three main benefits – product, support, and community.
When you join a franchise, you gain the benefits of working with an existing product or service.
Instead of creating something of your own to sell, you will be selling a tried and tested product, one that has proved its value to countless customers and franchisees. You know that people will be interested.
Developing a product from scratch means more than just making something people want. It means testing the business model around it and developing a brand, with all the setbacks and false starts that these processes involve. With a franchise, that work has already been done, letting you skip to the end of a difficult process.
Franchise brands want their franchisees to succeed, so they provide support to shift the odds in your favor. With a good franchise, you’ll receive training on how to run the business and specific guidelines on getting the work right, so that even without experience, you’ll go in knowing what you need to do.
You’ll also receive support in the form of marketing and advertising, often paid for through an ongoing fee. This marketing is crafted by experts in their field, designed to target the customers most attracted to the business you are running. You don’t have to become an instant master of marketing – someone else is there for that.
On top of this, the moment you join a franchise you also join a community of fellow franchisees. These are people who have been through the same challenges you now face, who you can turn to for insights and support, who will answer your questions and offer advice on dealing with difficult scenarios. They’ve done the hard work of running this specific franchise, they know the details of what works and what doesn’t, and they have an interest in seeing the brand succeed.
In time, you too will gain experience and become a trusted voice in that community, someone less reliant on guidance from the parent brand and the advice of your peers. But even then, the product, support, and community will be there for you, making your work easier.