Franchising is a popular business model for entrepreneurs because it mitigates many of the risks associated with starting a new business. Franchisees benefit from a proven business model and established systems that have been tested and refined over time. This allows them to focus on growing their business rather than figuring out how to run it.
10 reasons why franchisees tend to succeed are:
- The Duplication Model: franchise models are already proven to be successful, and franchisees can focus on driving business.
- Time-Tested Businesses: franchisees benefit from working with an established brand with an established background, providing them with the infrastructure, platforms and team to grow in their market.
- Coaches and Trainers: franchisees can learn from other franchisees and have access to business coaches and trainers.
- Monitored Progress: franchisors can monitor progress and help franchisees avoid costly mistakes.
- Provided Marketing and Media: franchisors can provide franchisees with prescriptive and measurable marketing support.
- Proven Vendors: franchisors can provide franchisees with a list of approved and proven vendors, which can lead to discounts on services and products.
- Profitability Training: franchisors can teach franchisees where to spend time and money to reach profitability more quickly.
- Brand Recognition: franchisees benefit from the established brand recognition of the franchisor.
- Established Supply Chain: franchisees can benefit from the established supply chain of the franchisor, which can lead to cost savings.
- Networking Opportunities: franchisees can benefit from networking opportunities with other franchisees and the franchisor.