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Advantages of buying a Franchise vs. Starting New Business

Starting a business is a big undertaking no matter how you approach it.  However, approaching your new business with a well known Franchise name is a great way to jump into the entrepreneur world. You will be in business for yourself and you will have a support team of Franchise owners to talk to and lean on as you grow and learn. 

Let’s take a closer look, shall we?

Existing Structure

When you buy a Franchise you are buying into a business that has a well-established structure.  This is advantageous as it will help to guide you through the operations side of the business. If you start a business from scratch, you alone have to take the time (which can be months or even years!) to figure out how to efficiently run your business.  Buying into a Franchise allows you to avoid the trial and error start-up portion of your business and jump right into doing what will create success and profits.

Support

Loneliness is among the top complaints of new entrepreneurs.  Starting a business from scratch is exciting, but the fact that you are alone running all sides of the operation is often overlooked.  Buying into a Franchise will provide a team of people to talk to, and seek advice from as you are learning your new role. These connections are invaluable in the world of entrepreneurship!

Recognizable Name

Franchise owners do not necessarily have to spend valuable marketing dollars on name recognition – BONUS!  With a recognizable business name, there is an opportunity to spend valuable marketing dollars elsewhere.  The marketing strategy can shift from awareness to promotions and getting customers in the door to increase sales.  Along with a recognizable name comes the comfort of having who you are, what you do and your corporate values established in the community.  This is a HUGE advantage when starting a new business. 

Desirable Location

Take the opportunity to learn from those that came before you.  Do some research to understand where the best locations are,  for example is parking important, is foot traffic important, is being by a highway a priority or being in a busy downtown area where there are a lot of students and professionals? All of this information will ensure that you put yourself in the best possible location to garner the highest profits.  Location is ALWAYS important therefore having research and history to rely on will help you make the best possible decision.

Starting a business is a very exciting time in your life – congratulations on taking this big step.  Owning a Franchise gives you the freedom to be your own boss while providing a network of support to help you be as successful as possible. 

If you are looking to buy or sell a Franchise, we at Franchise 360, have a team of experts that are here to help. We have Franchise opportunities available immediately starting at $40K and up in the GTA area. Contact us today to review how you can get started or visit our site www.franchise360.ca to review our featured Franchise opportunities. 

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