if you're in a position to start a new business venture, there are a whole raft of decisions to make. What sector is the best in the current market? How much of a return will the endeavour secure? Will the business be profitable in the long term?
Those questions can be hard to answer, so anything that makes the ultimate decision easier and provides a more stable footing to begin with will likely be sought after. Enter the franchise model.
You may have considered taking on an entity with a well established business plan and road to success, but what are the benefits of investing in a franchise for sale?
Well-established products, services and offerings
Coming up with a truly unique business idea in today's market can be tough. Moreover, taking those thoughts and making them profitable is even more difficult. As the International Franchise Association (IFA) pointed out, a franchise provides a well-established set of products or services that may even have existing brand-name recognition.
In simple terms, this means that the business will have a target audience – and customers – right from the beginning. Naturally, building relationships with consumers and keeping them coming back for more is much easier if they already recognise the outward-facing part of the business.
A clearer road to success
Franchises have a much higher success and survival rate than that of start-ups, according to research collated by the Queensland government. While there are no guarantees of positive returns, the vast majority of franchise companies have developed a way of carrying out business that has an eye on producing results.
In fact, Entreprenuer contributor Jeff Elgin explained that that those looking into franchise businesses for sale can even request sales figures and statistics from other, existing enterprises in the network. Doing this is a great way to assess whether the endeavour will be a success, making the ultimate decision of investing in the business that much easier.