THE ADVANTAGES OF BUYING A FRANCHISE

Franchising is a common method of going into business. The franchisee pays fees for the rights to use the trademarks, business systems, products, recipes, etc., of an established business, known as the franchisor.

Buying a franchise offers the franchisee the same benefits as starting their own business, like flexible hours and greater potential income. But the process can offer the franchisee some advantages over starting their own business “from scratch”, such as:

  • Proven products and business systems
  • Established brand name and reputation
  • Combined buying power of the Franchise Network
  • Training, pre-opening and ongoing
  • Proprietary and standardized food and equipment
  • Marketing and advertising campaigns and support
  • Architectural design specifications
  • Help with locating the right site and restaurant construction
  • Ongoing support from the Franchisor for the life of your franchise

Financing your Franchise

Depending on the franchise, there are various options for financing the purchase of a franchise opportunity. The most common are paying cash, a Small Business Administration (SBA) loan, traditional bank loan, or borrowing from friends and family. Some franchisors offer in-house financing or work with certain lenders they can refer to the franchisee candidates.

Compelling Facts for Franchising

  • There are 800,000+ franchised business establishments in nearly 100 industries in the US.
  • The success rate for franchises is 85%, compared to just 49.3% for typical small businesses.
  • Over 17 million Americans are currently employed by franchised businesses.
  • Veteran-owned franchises account for 13.4% of all franchised businesses.
  • The ownership rate for minorities in franchised businesses is 20.5% vs 14.2% for non-franchised small businesses.

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