The Key Advantages of Franchising: Essential Questions to Ask
As someone interested in leadership and becoming a business owner, knowing as much as possible is essential before taking the first step. Asking crucial questions and learning about the advantages of franchising and the pros and cons of buying a franchise should be a priority.
- How can I find the customers for my business?
- Does a franchise assist with training?
- Does opening a franchise cost more?
- How much franchise support can I expect?
Beginning with these concerns can give future owners the confidence to move forward, help them get a solid idea of the advantages of franchising, and discover whether it might be the right move to support their business goals.
1. How Do I Know If I Will Get Customers??
Every business needs customers to get established to grow. Customers are the heart of commerce — having a solid base of guests who like a business and want to return to enjoy their products and services is fundamental to creating a viable brand.
Making sure to set up shop where the customers are is Business 101. It’s also one of the main advantages of franchising.
A Built-In Customer Base Can Be One of the Best Benefits of Franchising
By its nature, a franchise has been operating for a while, and they’ve usually developed a reputation and appeal all their own. Their customer base knows them, likes them, and is ready to follow them as the business expands into new locations.
That name recognition and brand loyalty help to create one of the essential advantages of franchising. When a new owner opens a location connected to an existing franchise, they tap into a pool of guests who know what the business offers and want to experience familiar comforts in a different setting.
2. I Don’t Know Much About the Industry. Will the Franchise Provide Training?
When a future owner starts considering their options, selecting the right business can be a critical step in the process. Every industry has its features and ways of operating, and it makes sense to get started in one with solid growth in its past and expectations of more development in the future.
Sometimes, though, the potential owner might be someone other than an expert in the industry that interests them. That’s why industry knowledge is invaluable and can be one of the more appealing advantages of franchising with a brand with experience in the field.
Learn the Trade from a Team of Franchise Experts
The franchise has a structure in place that understands the industry where they work, and they know what’s needed to grow and lead the field. That knowledge is built into their makeup and comes from their experience learning the ropes and growing from a single business into an expanding brand.
They also want to share that experience with new owners and their staff. It’s in their best interests to lend their expertise to give every owner training to give them the tools for growth, and it’s one of the advantages of franchising.
3. I’m Concerned About Startup Expenses. Does Opening a Franchise Cost More?
Setting up a new business takes an investment of both time and capital. Depending on the industry, the expenses can be considerable, and it’s natural to want to find the option that helps keep costs as low as possible.
Ownership cost has sometimes come down on the “con” side of the pros and cons of a franchise since some brands require owners to have significant liquid and net worth to get started. That’s not true of all franchises, though — many of them can be the most cost-effective way to enter an industry.
Get the Franchise Facts From Their Disclosure Documents
Every franchise works in its own way, and costs can vary between brands in the same business. Fortunately, future owners can learn about expenses, expected revenue, and all relevant features that might affect cost by reviewing the franchise disclosure documents.
A clear and complete franchise disclosure document is required by law, and it’s one of the top advantages of franchising. When joining a franchise, there’s no need to be concerned about hidden costs or surprise expenses; dig into the documentation to get all pricing, royalty obligations, or other concerns answered.
4. Will the Franchise Support Me After Opening Day?
A business owner operates at the day-to-day level and can encounter new challenges with every customer they serve or vendor they work with. They’re on the front lines of commerce, and knowing they’re not alone in dealing with every issue that arises can bolster their spirits and set them up for growth.
A sense of family and that everyone is on a team, pulling together toward a goal, can be one of the most critical advantages of franchising.
Connect with a Brand that Makes Ongoing Support a Cornerstone of their Business
Part of the advantages of buying a franchise comes from the ongoing support that Hotshots many brands provide to their owners. It’s in the franchise’s best interests to give their owners everything they need to build their business, and a robust and continuing support program can be part of that approach.
Get to know each franchise, and pick one that understands the value of ongoing support. It can give owners peace of mind and let them plan for the future with expectations that the brand will be alongside them as they expand and become more seasoned industry leaders.
Learn About the Advantages of Franchising with Hotshots Sports Bar and Grill!
At Hotshots Sports Bar and Grill, we’ve developed our franchise with our owners in mind.
We’ve got a loyal and growing pool of guests, a business model that aims to keep costs low, and expertise that’s helped us create one of the industry’s fastest-growing bar brands. We combine that with a support program that’s with you day in and day out.
Want to learn more? Contact Hotshots today!
