Someone recently posted on my Facebook page:

“Start your own dream dont live off someone elses”

 

While this is perfectly reasonable as a sentiment, it assumes that everyone’s “dream” is the same. For many people, the “dream” is to have the independence and long term security of business ownership without so many of the associated risks and responsibilities that usually come with that ownership. For those people franchising is the perfect business ownership choice.

Below are just a few of the many advantages to franchise ownership:

 

The Cost of Vision

When you start up an independent business, you need more that the dream. You need a vision…and a hope that customers understand and need your product and services. Your business, no matter how brilliantly conceived, will have to connect with consumers in a way that makes financial sense to them. Even if you are successful, that may take more time and more money than you ever ever expected.

With a franchise, the founder of the franchise has spent his time and money crafting his vision into something that consumers need or desire and are willing to buy.  That is time and money that you, as a franchisee, do not have to spend. It usually takes a business 7-10 years before it is successful enough to be franchised. That’s often what it takes to perfect a business model.

 

Buying Power

As a new independent business owner, your business costs are based on the buying power of your one small business.

With a franchise, the franchise has negotiated lower prices based on the buying power of 50 or 500, or 1,000 of its franchises. Those savings are passed down to you.

 

 Research and Development

As an independent business owner, your ability to keep up with competitors and to research trends and develop new profit centers is limited.

Most franchises have research and development departments that are designed to take advantage of the latest trends and to ensure that your franchise gets innovation into the market before your competitors do.

 

 Network

As an independent business owner, you may have a network of other business owners to discuss your business problems with, but it is unlikely that those owners will be in your industry. If you are a dry cleaner and you are having a business problem, you cannot call the dry cleaner down the street to ask for advice: He is your competitor.

With a franchise, you will get to know dozens or hundreds of other franchisees that are in the exact same business as you and who actually have an interest in your success. You will be constantly sharing best practices one on one, or at company meetings. In other words, you are never alone.

 

The goals of independent ownership and franchise ownership are very similar: independence, security, growth control of your own destiny. But, Franchise businesses offer a much higher chance of success, with less risk and less responsibility. For some people that is “the dream.”

 If your dream is to minimize your risk while achieving long term security, buying a franchise might be a good move. If you want more information on the advantages of franchise ownership, feel free to call or email OnlyFranchises.