Once every so often the opportunity comes along to do something a little different – of course it can come in a range of guises.

One often overlooked way in which to do business is the franchise – it’s just seldom considered quite often. However, it can be a fantastic way to benefit from your hard work and there are a number of benefits from choosing it as a business format. So, let’s take a look at some of the benefits of franchising.

Success

One of the big statistics that comes out when franchises are examined is that franchises are far more successful in the long term than start-ups. In fact, while only one in five start-up businesses are trading in five years after they have been set up, in some cases around 80% of franchises are still in business – that’s a complete reversal and one of the obvious reasons a franchise is a great idea. Simply put, the chances of success with a franchise are very high.

It Works

Franchises are generally createvending machined on very successful business models – meaning that if you purchase a franchise you will be buying into a very successful business already. This business will have been fine-tuned and the original owner will have learned from the mistakes of the past. This will have been passed on through the system and used to make the business successful and greatly enhance your chances of success.

Support

Franchises usually offer a lot of help and there will quite often be all sorts of support and help in place to train, grow, and collaborate with the franchiser. This support is a big aid for newbies in business and allows them to benefit from set structures and established organisational arrangements. This high level of support among a wide range of other variables can most certainly be attributed to the low levels of failure and higher success rates of franchises.

Franchises work across a whole range of businesses as this list of the most successful from MSN show. As you can see there are plenty more business types in the area than the perceived options.

Problem Shared

They say a problem shared is a problem halved and your franchisor will have come across many of the issues that you will. This means that they may already have a solution in place for the issue. Alternatively, if they don’t they will show a lot of interest as the problem could also be something that may hurt their franchise. This means that they will be very inclined in being able to talk things through and offer you the right sort of support to deal with a problem both efficiently and quickly.

Research and Buying Power

Because a franchise tends to be far larger than one business it often has a much larger presence than many of the alternative business structures. This means that they will be able to put more money into product research, perform more testing, take advantage of group buying discounts and all in all have more say in the world of business than smaller individual businesses.

Franchising can be a great way to benefit from the established businesses out there and there’s a lot to be said for considering one for a new business venture.