Many people dream of owning their own business and being their own boss. This is easier to achieve in some industries more than others, however. The costs of building a brand and advertising to persuade people to sample your work can be very prohibitive for many people. This is one of the reasons learning a little about franchise law and becoming a franchisee can be a great opportunity. Here are some of the benefits.
Instant Brand Recognition
A franchise, by definition, should have a regional or national presence. This means that opening one in your city or part of town should come with instant awareness built-in. The value of a franchise to the franchisor is to have uniformity across many locations to ensure quality control while building a large footprint. Instead of advertising to explain who you are and what you do, you only need to focus on telling people when your franchise opens.
Speaking of advertising, franchises will have marketing style guides that will explain how to use brandmarks like logos and slogans. In addition, it should lay out best practices for your media mix, and guidelines for running operations. These are all details that have been tried and tested and will be immensely helpful for you to hit the ground running.
It’s also in the best interest of any franchise to provide its franchisees with a support system. Most companies will gather their franchisees together for a conference at least annually. Many will create a “buddy” or “mentoring” system where newer franchisees are partnered with established ones to help navigate their early days. They may also provide advertising co-op budgets or place regional advertising on your behalf.
A franchisor’s main goal is for their franchisees to focus on hiring great people and running their location smoothly. To that end, it is in their best interest to provide as much help and support as possible!