If you’re thinking about starting your own business, you might be considering buying an existing franchise instead of creating your own company from scratch. To help you decide whether this route is right for you, here are three advantages of buying a franchise over starting your own business from the ground up
1) Buying a franchise is better than starting your own business
For some, purchasing an existing franchise for sale is more appealing than building a business from scratch. There are many advantages to buying into an existing franchise network that might not be available to those creating new businesses, including: capital and financing support, brand recognition and training. Read on for more reasons why franchising is worth considering if you’re interested in becoming an entrepreneur.
2) Franchises are tested and proven
This is one of those pros that seems almost too obvious to mention, but it’s really important: A franchise provides you with a proven business model. That means an established system and product to work with, built-in brand recognition, and marketability—which makes it much easier for you to get off on the right foot. When you’re buying a franchise, you don’t have to build everything from scratch. The work has already been done! It might be challenging in other ways (you still have start-up costs), but it certainly beats building something from nothing.
3) It’s less risky
When you start your own company, there are no guarantees that you’ll be successful. But if you buy into an existing franchise, you’re buying into an established brand with operating systems and best practices in place. This takes some of the risk out of entering the world of entrepreneurship, which can be especially beneficial for people new to owning their own business. Once again, it’s still possible to fail as a franchisee—but it is less likely because much has already been done for you.