In my over three decades experience as a franchise consultant, I am often asked “When franchising your business, what are some of the most important considerations?” Here, I will examine one of those issues: what prompts people to buy a franchise?
If you understand your different prospective franchisees’ motivations, it will be easier to determine if your franchise is the right fit for them. Every franchise program offers different benefits.
The following are some of the many reasons different people buy franchises:
- To create a career for themselves.
- To be able to draw on an established business system to help secure their success.
- To benefit from someone else’s learning curve.
- To be able to work with a brand they can believe in.
- To have the support of the Franchisor for both launching the business and then operating it.
- To gain more control over their working lives.
- To avoid losing their jobs through downsizing, outsourcing or transfers.
- To be able to work with people they choose, such as family members, friends or colleagues.
- To have more flexibility over their schedules.
- To leverage their business skills and experience into an enterprise they own.
- To earn more money.
- To have the support of their fellow franchisees.
- To be able to give back to their communities.
- To have a business to leave their children.
- To be able to take pride in the enterprise they own.
- To be able to work in a field they love.
Of course, franchises are not one-size-fits-all. Different people are attracted by different factors. Some people are content with a moderate income while others need hundreds of thousands of dollars to meet their expenses. Some people want to work with children, others want to work with animals, and still others might want a home-based opportunity.
Some people can afford a franchise with a higher initial investment than another person. But, if you understand the benefits of your particular franchise program, you will be better able to position it to attract those people most likely to thrive in your business environment.
Thinking About Franchising?
NFA Franchise Consultants have the experience to help businesses franchise. Just watch and listen to some of our client case studies and video testimonials. We can HELP YOU and it doesn’t cost anything to call and talk to us!
So, if you are still asking the “should I franchise my business” question over and over with no clear direction, give us a call at (706) 356-5637, or contact us through our online form. We look forward to helping you take your business to the next level and beyond.