Benefits to Buying a Franchise

Last week I was honored to conduct two workshops at the Dale Carnegie Training International Convention in Atlanta, Georgia. The theme was "WOW!" - which accurately describes how I felt being there among such an impressive group of people.

Dale Carnegie Training is a franchised organization - one of several we support from our Cape Girardeau office. The topics of my workshops were related to how to value and sell a franchise. That got me to thinking about the many benefits that go along with buying into a franchise network vs. starting or buying an independent business:

- Franchises have a support system that creates marketing materials, programs, advertising, and IT solutions for you. No need to reinvent the wheel. This is what a franchisor does with your royalties and/or marketing fees.

- Franchises have pre-packaged products or programs that have a proven track record. You don't have to figure out what works - the franchisor has already piloted and tested it, which means fewer expensive "flops" for you.

- Franchises have policies and procedures in place that will help make you successful. It's a rule book for delivering your product or service. When someone in the franchise network makes a mistake, the rule book will be updated to make sure you benefit from that experience and don't make the same mistake.

- Franchises have built-in recognition and reward systems for franchisees and salespeople - who doesn't like to be recognized by their peers for being among the best producers? It also adds an element of fun and camaraderie.

- Franchisees have the ability to collaborate with others who are in the same position (just in a different market) and share best practices.

- Franchisees have access to the processes already put in place for major life events like selling a business. They don't have to go it alone - the process and partners needed are already in place.

Franchises are not for everyone, but they are a great strategy for many people who want a little more structure while still running their own business.