Running a successful business requires expertise and skills that many people don’t have. When this exists, the option to utilize the franchisor’s experience can maximize chances of success.

Franchises are established and already operate successfully. It’s easier to launch a growing franchise business since the framework is already developed. The owner of the franchise create opportunities for learning, training methods and programs, and manuals to explain how the business model works. The training programs cover accounting, technology, marketing operations, and other necessities required to run a successful franchise. The comprehensive training makes it easier for owners to focus on earning more instead of dealing with opening and operating a new business from scratch.

The foundation of franchises

Franchises work by uniting multiple businesses that are individually owned and operated in local areas under a common name and brand. Owners can grow and experience the benefits of the more extensive business model by having support and guidance from the franchisor. Some of the benefits of investing in a franchise include:

  • Owning your own business while following a successful business model
  • Utilizing trademarks, information, designs, and proven service records
  • More motivation among employees who work for independently owned businesses compared to company-owned businesses
  • Reduced risk of losses and investments than if you started your own business
  • Maintain brand awareness with an identical interior and exterior appearance and identical product offerings.
  • Assistance with accounting, training, operations, and financing from the franchisor right from the start that continues throughout ownership

Franchisor Benefits

  • Allows rapid expansion quickly
  • Increases awareness and brand messages
  • Creates pride in the ownership and a sense of community
  • Higher volumes of orders lower cost for the franchise
  • Opportunity to expand across the country or globe

Success with franchises

Franchises are responsible for 33 percent of all retail sales, creating a large market and opportunity for new entrepreneurs to enter. They deliver nine percent of the private nonfarm outputs in the United States. Government research shows that franchise-owned businesses are more successful than independently created businesses.

Freedom in ownership

Franchises offer money, status, and flexibility making them an attractive option. New business owners want the flexibility of being their boss, the income to sustain their lifestyle, and the status of feeling fulfilled and successful.

Happiness drives success

You’re more likely to be productive and happy if you work in a field that you are passionate about, such as a cell phone repair franchise. Franchises that grow too quickly can lose sight of the customers and ultimately fail. Franchisors must understand that franchisees are what creates the core of the business and if they want to succeed they must stay in touch with their roots.