Starting a new business can be a risky venture. It is not enough to be an expert in a field of industry or to have management experience; you must also understand marketing, profit and loss, business tax liabilities and many other aspects of running a successful start-up business. This is why franchising is an ideal option for those looking to have the sense of ownership of running a business with less risk. Many of the risks are minimized by following a blueprint that has already proven to be successful.
Five Great Reasons to Invest in Franchising
Franchises are based on a successful business plan that has already proven to be profitable. Unlike starting a new business from scratch, with many unknowns facing you, as a Franchise Owner you can duplicate the same steps as many owners before you to gain the same, profitable results.
- You will be selling a product or service that has a proven to be marketable, using a business plan that has already garnered a profit in your industry.
Established Reputation and Customer Base
One of the hardest parts of building a successful business is creating a positive reputation surrounding your business, with a loyal customer base that loves your product or service. Franchising gives you a chance to open a business that already has these in place; all you need to do is expand it in your area.
Most franchises come with a set marketing strategy, with a bigger budget and reach than what individual business owners could do alone. Pooling marketing dollars together allows for larger advertising campaigns with a much larger impact. In addition, having a set marketing plan created by experts is a true benefit to new owners that have little marketing experience.
Franchisees are able to combine their resources to have more buying power than individual business owners.
- This means lower costs can be negotiated on everything from the building to the everyday supplies at the corporate level, resulting in higher profits for all Members of the franchise.
Established franchises can offer training and support for new business owners, ensuring they have all the tools they need to succeed. For example, Massage Heights offers an extensive five week training program for their new franchisees, before their Retreat location opens. They also receive ongoing training and support after they open to ensure they stay on the right path to success.
Consider Investing In Franchising
Although franchising has lower risks than opening a new business, all franchises are not created equal. You want to invest in a franchise that has a high retention rate of both customers and franchisees and is in a growing industry. Massage Heights has a franchise and customer retention rate of 97% in an industry that has been growing substantially in the last decade, with larger growth expected in the future. Find out if you're the right candidate to open a Massage Heights Franchise today!