Top Things to Consider when Opening a Franchise

A franchise is considered one of the safest business investments.  A franchise has already-established brands, and a support system that you can draw on for marketing and training purposes.  GbBIS offers maps, web applications, reports, and databases to franchises and independent businesses looking to organize their territories and take advantage of the most accurate demographic and geographic data.  Today, we look at some of the top things to consider when deciding to open a franchise. 

 

Business Know-How

If you aren’t well-versed in the industry that your potential franchise is in, don’t panic.  Consider the amount of training and support the franchise gives to its franchisees.  A well-established franchise will provide significant training to get your business off the ground. They have a financial interest in your success, so it’s unlikely they’ll waste their time or money by throwing you to the wolves without proper training. They can also assist with marketing, training and other key areas.  On the other hand, when opening an independent business, you will need to be very knowledgeable of the industry that your business is in.

Branding

When choosing which type of franchise to open, consider the brand awareness of the franchise.  If you open a McDonald’s, virtually everyone who passes by or hears about it will instantly recognize your business and the products it offers.  When you open a franchise, there will be varying degrees of built-in brand awareness. This will increase your chance of success if it is a well-regarded brand, as your business will be associated with other successful businesses.

Freedom

Franchisees are typically required to comply with certain policies. These may include participating in promotions, minimum advertising requirements, employee dress codes (such as uniforms) and a host of others.  If you are interested in going about things in your own way, consider how much freedom that a particular franchise offers its franchisees.

Start-up Costs

Franchise start-up costs can vary from a few thousand dollars to a few hundred-thousand.  If cost is an issue (as it always is), you may want to weigh your options.  Depending on location, starting your own independent business may have lower start-up costs than a franchise.

For the average beginning entrepreneur, a franchise is the safest bet. You’ll have help getting off the ground and a head-start in your branding efforts.  But to keep your franchise well organized and to run it efficiently, you will need help.  GbBIS has over 25 years of experience helping franchises manage and organize their businesses.  Providing franchises and independent businesses with the demographic, geographic, and proprietary data in the format that fits their needs, GbBIS has the knowledge and experience to help your franchise stay ahead of the competition.  Employing the most accurate data, our franchise maps and business reports can help you manage and align territories, organize sales data, evaluate the demographics around your location, and much more.  Our Franchise Territory Management web application gives franchises all the tools necessary to manage their franchise from the comfort of their own computers.

Contact GbBIS today and discover how our data, reports, maps, databases, and web applications can help your franchise.

 

 

Source Article https://www.businessfinancestore.com/2012/06/24/should-you-open-a-franchise-or-go-independent/

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s