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Why Franchise?
What is Franchising?
Franchising is a formatted way of doing business that allows you the use of a brand’s trademark, marketing programs, and operating systems, and provides accessibility to professional support.
According to the 2009 Economic Impact Study conducted by Price Waterhouse Coopers, there are more than 854,000 franchise establishments employing more than 9.5 million Americans who are generating $835 billion of output for the national economy. Franchising is big business!
Why Franchise?
Do you have the time, resources and energy to run a marathon, or are you in a dash to the finish line? If you’re in a hurry to succeed, the benefits of owning a franchise are many and include:
- The franchisor has done the research and development—invested in and tested the business model—reducing the risk of failure and improving your odds for success.
- You’ll open with immediate awareness, and benefit from the appeal and trust consumers have in the brand name.
- You’re part of a larger entity. With strength in numbers, you realize economies of scale in purchasing power across vendors and the media.
- Typically, no experience is necessary. In fact, most franchisors will want to train you in their way of doing business. You’ll receive initial training to open and to operate the business, and on-going training to enhance operating efficiencies and effectiveness.
- You’ll have well-honed, turnkey systems to run your business.
- You’ll receive customizable marketing materials and a promotion schedule to grow your business.
- You’ll have a network of franchise peers to consult with, and a home-office staff of experienced professionals for on-going support and counsel.
- You can start your business with an exit strategy.
- The franchisor has a shared interest in your success. A franchisor doesn’t want you to fail.
Resources
International Franchise Association
http://www.franchise.org/defaultindustry.aspx
Franchising for Dummies
Published by Hungry Minds
Co-authored by Dave Thomas, Founder/CEO Wendy’s International and Michael Seid, Managing Director Michael H. Seid & Associates
http://www.dummies.com/WileyCDA/DummiesTitle/productCd-0470045817.html
