According to interesting data released by Statistica, there were 753,770 franchise establishments in America in 2020. This number indicates that owning a franchise continues to be an immensely popular career and investment choice for Americans.
Why is owning a franchise an excellent idea and why should you consider being a franchisee?
Our article will look at why buying a franchise now is a sound business decision. We’re also going to discuss a few general reasons why investing in a franchise can be your winning ticket to business ownership. If you become more intrigued and have questions, we can be a resource for you. You become a proud franchise owner with the assistance of a FranSave broker.
Is It Still An Excellent Time To Buy A Franchise?
Is it still a good time to buy a franchise? The answer is yes. Many experts in the franchising business believe there might not be a better investment than owning a well-established franchise with a track record for solid growth and profitability. There are also good reasons to consider some of the dynamic, emerging franchises that are lighting up the market. Remember, the best franchise for you may not be a household name today.
Besides the benefit of being your own boss, you potentially have a more stable career with a franchise, which is especially important considering the current state of the economy and world events.
The timing may be right to buy a franchise but is it the right strategy for you?
Three Reasons Why You Should Consider Investing in a Franchise
Investing in a franchise could be the best decision you make in 2022. Here are three of the top reasons why, so let’s dive into them.
You Could Own An Existing Brand
When you purchase a franchise with a well-known and reputable brand, you’re buying brand recognition and investing in a system that has proven to be successful in countless markets. In many cases, you will have access to well-tested marketing campaigns, efficient technology to monitor business activity and financial tools to track your bottom line, as well as ongoing training and support from the corporate office.
Remember it’s in the franchisor’s best interest to have successful, happy, and profitable franchisees who deliver the brand promise to customers, not to mention pay royalty fees month after month.
You, Will, Have Access To A Low-Interest Rate Loan
If you have been considering becoming an entrepreneur, you have likely been taking stock of your financial picture and considering your business loan options. Unfortunately, most business loans have high-interest rates.
Fortunately, if you want to become a franchise owner, you will have access to a federal government loan through the Small Business Administration. SBA loans can be used to buy franchises. Even though this loan is not a bank loan per se, it helps provide other types of financial support that you might not receive from a traditional lender. SBA loans generally have more flexible limits, interest rates, and payments than traditional bank loans
If you have access to an SBA loan you may not need to put down as much of your own money upfront when buying the franchise of your dreams. And overall, you won’t be required to part with as much of your personal capital as you would if you start your own business from the ground up.
There Is Less Risk Involved
Arguably, starting a business from scratch is never an easy task, and there are many risks to consider. That’s another reason many people are turning toward franchises. If you buy a franchise, you will have far fewer risks than if you launch your own business, because you will be following the franchisor’s well-mapped system.
For example, if you are starting your own business you could lose time and money on an untested business plan, systems, and processes; and that’s before you even open the doors. You may also need to make a significant investment in digital marketing to create and implement a plan to establish and promote your brand and drive customers your way in what may be a very competitive market space.
Your Opportunity Awaits
Hopefully, you’re feeling compelled to further investigate the opportunities inherent in owning a franchise. But which franchise is the right one for you? Do you know what questions to ask?
Rather than waste time and money and run the risk of becoming overwhelmed by hundreds of franchise opportunities, let us help you at FranSave. We have extensive experience in the franchise industry and our job is to match you with a franchise that will check all the boxes and help you achieve the lifestyle of your dreams.
You can call us at 844.476.7776, and we will be delighted to get to know you and be your guide every step of the way. We look forward to hearing from you.