4 Benefits of Running a Franchise

Opening a franchise is a great opportunity for a hopeful entrepreneur to test the waters of owning a small business. A franchise provides business owners with a successful business model, a proven training program, a steady supply chain, and support. This is an ideal business opportunity if you have little to no experience within your chosen industry and if you don't have a large professional network. Take a look at some of the benefits of running a franchise business.

1. Lower Overhead Costs

Purchasing a franchise comes with far less overhead costs than launching a startup. Franchisees get to take advantage of a brand's nationwide distribution system and low-cost bulk purchasing. You get to skip writing a business plan, conducting market research, coming up with a product idea, and scaling your business. Franchises can be incredibly profitable. When you buy into a big brand name, the initial franchise costs may be high, but you're more like to see a high ROI. Buying a franchise comes with all the tools needed for small business success.

Securing financing from financial institutions isn't an easy process for entrepreneurs. SBA loans are the most desirable business loans, but they come with strict eligibility requirements. The SBA has a loan allocation specifically for franchises. It's often easier to secure franchise funding than an SBA microloan for your own startup.

Having a built-in supply chain also ensures that you have enough products stocked to meet customer demand. Owning a physical storefront gives you the ability to store your products on-site. If you're an entrepreneur running a home-based e-commerce business, working the logistics of storing products can be tricky. A storage unit can offer help for e-commerce business owners looking for an inventory storage solution within budget.

US Storage Units offers self-storage units of varying sizes in thousands of cities throughout the U.S. that make a perfect alternative to a warehouse. Their 24/7 access, secured, climate-controlled storage units can be rented month to month. You can easily upgrade your unit as your online business grows, and you have more shipments to store.

2. Instant Name Recognition

Small business owners spend a lot of time building their business credibility and reaching potential customers. A great advantage of buying a franchise is instant name recognition. Loyal and new customers alike will know exactly what to expect when walking into your franchise. From the level of customer service to the layout of the product page, buyers will recognize your business name and know they want what you have to offer.

One of the first steps for an online store is to register the domain name. You need a dedicated IP address to build an online presence, display your product page, and accept online orders. Unfortunately, the IPv4 marketplace is full of bad reputation IP addresses. The best way to ensure that you can buy an IP address with a clean reputation is to work with a broker. IPv4 Connect will help you throughout the entire process of buying and transferring your IPv4 block. The broker works with verified IPv4 address block sellers and respective regional internet registry (RIR) to ensure each IPv4 address is registered and lien-free.

3. Training and Support

Everything about a franchise is replicated, from the signage and greetings to employee training. Buying a franchise comes with training programs that teach business owners and team members the skills and knowledge to do their jobs. A franchise outlines how everything works—opening procedures, daily operations, point-of-sale systems, promotions, and more. You also benefit from pre-established employee policies and procedural information that helps maintain smooth sailing.

It's always important to have a plan in place should a personal injury occur on-site. Whether a shopper has a fall accident or it's a workplace injury, it's a good idea to seek legal advice from an injury attorney. A personal injury lawyer fights to win the maximum compensation for serious injury and medical bills on behalf of an injury victim. AKD Law: Alvendia, Kelly & Demarest, LLC has years of experience in personal injury law, litigation, and hurricane property damage cases. The toughest personal injury lawyers in New Orleans have successfully represented motorcycle accidents, defective products, traumatic brain injury, medical malpractice, truck accident, and insurance claim cases. When faced with a difficult time and unsure of the next step, it's best to learn your legal options.

4. Marketing and Advertising Help

Marketing a small business from scratch takes hard work. Building an online presence, working with social media influencers, implementing SEO, executing content marketing, and keeping up with email marketing is no small feat. Franchise merchants have the advantage of marketing and advertising help. A franchise may provide business owners with a marketing plan that includes market analysis, effective strategy, sales forecast, and budget.

These are four of the greatest benefits you can expect when you purchase a franchise.