Opening your own business can seem scary when you are first starting out, but it does not have to be. There are actually plenty of advantages of investing in a franchise business, as opposed to opening a brand new business.
Roni Deutch Tax Center recently authored a guest blog entry for FranchiseBusinessReview.com explaining 8 of the biggest advantages of opening a franchise. You can find a few items from the list below, or click here for the full text.
1. Tried and True
When you invest in an already created business model, you can have confidence the business will be successful if you work hard and follow the franchisors instructions. Franchised businesses typically have a proven track record of success, and can support nationwide expansion.
2. Trusted Brand
Another big advantage of owning your own franchise business is that you are investing in an already recognizable brand. Unlike other small business owners who have to build up recognition and a reputation, your business is likely to already be nationally known and recognized.
3. Higher Success Rate
According to the Department of Commerce, franchised businesses are more likely to avoid failure. Therefore, investing in a franchise business can be considered a more secure investment then opening up a new business.
4. Quick CashGetting financed for a franchise business loan can be drastically easier than it would be if you were seeking a loan to start an independent business. Banks know the lower risk involved in a franchise investment and love to be involved with secure and profitable ventures.