Let´s start this with reliable statistics; according to reports published by IHS Economics, the franchise industry is predicted to have an overall economic output of a whopping $710 billion in 2017. That means that the industry will witness a growth of 5.3% from the previous year.
What does this tell us? Well, this tells us that people are seriously considering owning a franchise, or have already started doing that. According to the renowned site, Investopedia, a franchise is ¨a type of license that a party (franchisee) acquires to allow them to have access to a business’s ( the franchiser) proprietary knowledge, processes and trademarks in order to allow the party to sell a product or provide a service under the business’s name.
This begs the question—why are more people considering owning a franchise over opting to start their own brands and businesses? Well, owning a recognized franchise means that you are starting a business that is already recognized and has loyal customers.
People are already well aware of the reputation of the brand as these brands have already earned the people’s trust. Starting a new brand is hard work and it requires one to invest a lot of money, effort, and time. And, what’s worse is the fact that the success of a new brand is not guaranteed.
And, in addition to that, not only do you have to make yourself known as the place that sells a particular product, you will also have to work hard to become the best place that sells that particular product!
On the other hand, a recognized franchise provides instant credibility and familiarity, leading people to believe that that franchise provides the best prices. If you have an independent business, you should know how difficult it is to compete with franchises that all sell a similar product.
The only time you will be able to compete with the 100 franchise stores is when you provide distinct products that customers are ungrudgingly willing to pay a premium for. And, if you don’t sell such products, it is best to stick to owning a franchise instead.
Establishing a new business or brand requires huge faith. People mostly start new businesses with hopes of generating profits all for themselves. However, chances of new businesses failing are terribly high.
Therefore, when investing a lot of sum on a new business, you will not be able to sleep soundly at night because of the constant worrying. You can say goodbye to your peace of mind too. Owning a franchise takes your worries away simply because of the fact that it is already recognized, reputed, and established.
When operating a franchise, you will know exactly what you need to do. The comfort of having a proven system behind you cannot be undervalued. Being the owner of a franchise also allows one to enjoy the benefits of an in-built support network.
You will be able to discuss matters of importance with other franchise owners and know what it is you need to do to be more lucrative.
Some of the fastest growing franchises in 2017 are Dunkin Donuts, Jan-Pro Franchising Int’l. Inc., Taco Bell, 7-Eleven Inc., and Device Pitstop, a unique store that buys, sells, trades, repairs and upgrades computers and mobile electronic devices. For more information, you can visit this website¸www.DevicePitstop.com
With so many advantages to benefit from, it is no surprise that owning a franchise is on the rise.