There are several ways to get into business; a pure start-up, a purchase of an existing business, a franchise agreement, etc. Each way offers unique advantages and disadvantages. Often times, franchising isn’t given serious consideration by entrepreneurs because it doesn’t begin with a unique idea that you could turn into an opportunity. However, for some, the pros out-weigh the cons.
Becoming a franchisee, the owner of a franchise, perhaps with territory rights, has some significant benefits that first-time start-ups do not. First, the franchisor who developed the product/service/business model, can provide a tremendous amount of start-up assistance. Keep in mind that the franchise name is on the business also. The franchisor wants the franchise to succeed. For example, Dunkin’ Donuts® has been franchising since 1955 and now has about 9,000 franchises. “Dunkin’ Donuts® has a team of experienced and dedicated franchising support professionals across the country. From the moment you complete your franchise application to the day your franchise opens and beyond, a team of franchising experts are available to support you. Dunkin’ Donuts‘® franchising support team includes development, construction, operational support, training, and field marketing managers. Each team member contributes specialized knowledge to help support your franchise “.
Second, starting a franchise provides instant recognition for your business. Think about the ‘golden arches’…need I say more?
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