The Benefits of Owning a Franchise

Did you know that franchised businesses create more than 18 million jobs for Americans, and they account for about 10% of the private-sector economic output in the United States? According to a 2004 study released by the International Franchise Association Educational Foundation, the franchise industry is on the rise at an impressive rate. The most common franchises seem to be fast food restaurants, but lately other industries have been getting in on the action. Fitness franchises are rising in popularity. There is a new crop of highly successful fitness franchises that have entrepreneurs lining up to experience their dream of owning a business.

The benefits of franchising

There are many ways you can benefit from owning a franchise. Here we describe a few of them.

• You get a proven business model. You know their business plan will be successful based on how many other franchises they have that seem to be operating smoothly. Many franchisers offer to help with the set up, costs and other operational details. This can take a lot of stress off your shoulders and allow you to focus on other things.

• You get all the support and guidance you need from the mother company. The mother company wants you to be successful, and they are there to give you all the help and support you may need. There is usually someone with you from the start of your business and support is always available to you day to day. The mother company is there to help you, so you should never be afraid to ask any questions or voice your concerns.

• You can get advice from other franchise owners. Many mother companies will introduce you to a mentor, who is usually a franchise owner that has been with the company for a few years. You can ask this mentor anything you like. They have been down this same road, so why would you not ask them for guidance? They have the prior experience and know how to really help your business get off the ground, so you should not look over this valuable asset.

• You get free advertising just by being a part of a brand name. Many customers may come to your gym just because they know the brand name and what to expect from that brand name. If you open your own stand alone gym, many people may be leery because they do not know what they are getting into, such as the type of programs you offer and if they will get the results they want. However, a brand name will displace those fears and concerns and help put your customers at ease.

If you are dreaming of owning your own business a franchise may be right for you, especially during this economic downturn. Many entrepreneurs are taking advantage of the fact that there seems to be a lower risk involved in owning a franchise. However, it is important for any future entrepreneur to know all the facts. You need to do your research before you jump into any business venture. Different franchises require different things, and some help with certain things and not others. There are fees to discuss and state laws to know. There is an extremely detailed process involved in owning any type of business, and it can be to your benefit to know what you are getting into prior to signing any contract.