Checklist: The Advantages of Franchises

The right franchise can provide a measure of security that is often missing from new ventures. Some of the most important advantages include:

An established brand. Franchises often sell products with regional, national, or even global recognition.

Training. Franchisers generally provide training to new franchisees. Such training can be extremely valuable for neophyte entrepreneurs.

Volume purchasing power. Many franchises also offer centralized purchasing, which frees you from worrying about how and where to buy many of your supplies.

Advertising. Many franchisers provide constant national or regional advertising.

A proven business model. You can benefit from that experience and avoid a lot of costly trial and error.

Accounting and budgeting systems. When you buy a franchise, you adopt the accounting and budgeting systems of the franchiser, which eliminates the complicated task of devising and implementing your own.

Other help running your business. Many franchisers provide ongoing assistance on issues ranging from employee training to marketing.