If you’re determined to start your own small business, you’ve got several choices. You can start a business from scratch, buy an existing business, or acquire a franchise.
Each choice carries pros and cons. While buying a franchise isn’t for everyone, there are some distinct advantages such as:
- A proven business model. Instead of learning it all on your own, a franchise offers proven systems and processes to make money. The most important asset of any franchise is its Operations Manual, which tells you how to run the business successfully.
- Buying into a recognized brand. Everyone knows what to expect from a Tim Horton’s coffee shop, a McDonald’s restaurant or a Jiffy Lube. A good franchise carries a trusted and well-known brand name, something do-it-yourself entrepreneurs must build by themselves.
- Buying power. As part of a franchise network, you’ll enjoy economies of scale which should save you money when you buy products or services.
- Support from the franchisor. You’ll never be alone as a franchise owner, with access to ongoing support, advice and assistance from your franchisor. Successful franchisors have “been there and done that” in all areas of business operations. Access to their experience and expertise will help you to avoid costly mistakes.
