Franchise businesses have many benefits over a traditional business, namely, you can hit the ground running and leverage an already established, often well-known trusted brand. This means you can focus on getting to work and growing your business, instead of establishing it right from the start.
In this blog post, we will briefly introduce the advantages and disadvantages of owning a franchise business. So let’s dive straight into the good stuff, what are the biggest advantages of owning a franchise business?
1. Established brand, products & services
A big part of starting any business is the time and costs involved in establishing your brand and growing awareness to your target market. This often means that although you might offer a high-quality product or service because you are not as well known you have to work on establishing your brand.
You also have to place time and money into developing your products and services, often leading to some ventures that may not prove as fruitful and it may place extra strain on your time trying to fix unforeseen issues.
This is where a franchise business offers its biggest advantages. Leveraging an established brand, most likely with loyal customers in your immediate target area allows you to quickly generate interest and business. Furthermore, because time and effort have been put into developing and refining a set of products and services you can be confident that you are offering your customers a reliable, quality outcome.
2. Support & learnings from the whole franchise business
Just like any business, it’s never smooth sailing, there are always unforeseen factors and trends that can impact your business. Being part of a franchise group means that you can rest easy knowing there are ongoing support and training to ensure that your business can stay agile and adjust as necessary. Once again this means less time spent troubleshooting and problem solving (which often occurs in competition with family time).
3. Lower risk & often better returns
Because you can take advantage of an established brand and offering, as well as an established business model and processes, it means that there is less risk and often better returns. A very demotivating issue with some small businesses is often the unforeseen costs that can really drain cash flow and your spirit! In a franchise situation you can avoid these troubles and as a result generally, enjoy better cash flow and returns.
Also because you can capitalise on established demand, you can skip over that start-up period where you have to spend considerable time just focusing on ways to acquire new customers to keep the doors open.
4. Go into business for yourself but not by yourself
This is the final, but perhaps the most crucial advantage of owning a franchise business. A franchise business can allow you to enjoy the freedom of being a business owner without the stresses and strains that often goes hand in hand with starting your own business.
We really love this quote from Australia's largest franchise publication, Inside Franchise Business, “Owning a franchise allows you to go into business for yourself, but not by yourself.”
5. The Ella Baché difference
Our unique franchise model is built on a strong relationship between Ella Baché and our franchisees. The model is based on allowing our franchisees exclusive rights to sell our products and treatments via an Ella Baché franchise location. In this way not only are we ensuring a focus on driving business results for our franchisees, but we also establish a win-win relationship since our success depends on the success of our franchisees.