One of the most significant business expenses for a startup can be buying your franchise.
What do you get when you become the proud business owner of a new franchise location? This is a question that many ready-to-launch entrepreneurs find themselves asking. In fact, it’s the first place to start when you’re contemplating buying your first franchise. It’s the starting line for calculating your costs, resources, and the real value of each franchise package up for purchase.
In the hundreds of available franchise options, franchise packages tend to be developed in about the same way. In addition to helping you turn investment capital into a new business, each franchise package should provide the ingredients to help you turn your location into a thriving extension of the brand’s business model.
Features of a Franchise Package
- Structural Business Model
The one thing every franchise needs (other than a brand to license) is a business model. This business model and all the trappings that come with it are what makes a franchise valuable. The business model has been well-established, tested, and borne out with other franchise owners and now it can do the same for you. Franchisees put the business model into practical application by selecting and preparing a location for business.
The model also still provides the kind of flexibility and freedom that every entrepreneur craves to customise the business based on what’s best locally.
- A Few Trade Secrets
Most franchise packages include a few vital tips inside the business model and guides offered by the parent brand. This might be recipes that make a franchise restaurant unmistakable to fans. It might be a certain way retail displays are put together.
- Tools and Industry Technology
In today’s business world, every business comes with a stack of software. Possibly a stack of specific hardware and equipment as well. The kind of technology your business needs, fortunately, can also be provided by your core franchise in the franchise package. Every franchisee has access to the technology and the industry tools used to make the magic happen.
- Back-Office Support
The back office is often what new entrepreneurs need the most help with. Finances, taxes, and legal compliances can pile up. Not to mention managing your complex network of relationships with vendors and services. Most franchise packages offer back-office services, training, and back-office support for franchisees. This can help you cover the experience and back-end staffing gaps early on.
- Marketing Support
One of the most significant benefits of buying a franchise is marketing. You get to build on an existing brand instead of having to establish and build your own. Not only is this a great place to start, but a franchise also helps you with local marketing on the brand and image foundation.
- Consultations with Industry Experts
In business, it never hurts to get a second opinion – especially if you’re new to business ownership or the staffing industry. If you want to consult with experts in the industry, your franchise is the perfect avenue to do this.
- National Franchise Network
Finally, you can access the national network of connections, clients, and resources that has been nurtured by the core brand. You gain a connection to other franchisees across the country and to the brand’s vendors and widespread clients, just to name a few perks of the franchise network.
Are you looking to open your own business? We’re ready to help. Whether you’re starting from scratch and are building your own unique business model or choosing a smart franchise package to get started with, you’ll need more than just energy and elbow-grease. You’ll need investment capital and a smart team on your side to get the job done from branding to your opening day celebration. Contact us today to consult on your business plans and financial needs. From business coaching through our blog to startup capital, we’re here to help you turn your entrepreneurial goals into reality.