Buying a Franchise Business (Part 2)
Category : Blog
The Franchise Model
StudioIMI has been involved in Franchises sales and operations for the past ten years. We act as consultants in Parksville BC to prospective buyers looking to enter the world of franchising. We currently do not represent agency status for any franchises because of our busy schedule of building websites, providing social media campaigns, pay-per-click advertising and related marketing. Our workload is carefully oriented to enable us to act quickly when we are called upon by existing and new clients.
The key advantage of franchises is that they usually provide a “system” that gives you a better chance of succeeding. There are operating manuals, human resources and support mechanisms at corporate, strategic marketing and sales tactics, proven internet practices and much more. The chances of success “if” you follow the systems can be fairly good. You bring the passion, enthusiasm, hard work and some business acumen to the franchise. If you have never worked in a franchise environment, it can be a little more daunting to quickly step in. You need to be prepared that the franchise brand is critical to the overall success and you may not easily survive this environment if you are a bit of a maverick.
The franchise operation brings a formula that has usually been proven many times over. You know the franchises that are popular. Some, like Tim Horton’s follow a stringent set of rules and you must follow these systems. You notice it when you go into stores, in different locations. They mostly have the same look and feel. You have to get on board and be prepared to adapt to the corporate systems. On the other hand, if you look at the success rate, it may give you the peace of mind that you are not in this alone and have lots of help, “if you take advantage of it”. There is usually a consistent approach to business by the franchise owners. That being said, environments change the best franchises adapt to these changes. Franchising is not right for everyone and if you are an individual who wants the liberty to do things your way, a stand-alone business may be a better choice.
There are so many additional factors that make owning a franchise a good choice. The operating manual can be onerous and you need to have lots of time to digest the important pieces of the particular one(s) you are looking to buy. The investment may be as low as $25k and may be more than a $1M for a large, well-known franchise. There are always additional fees: royalties, marketing money, training at headquarters, various collateral materials and more.
If you want to discuss what it will take to get into a franchise, please give us a call. 250-580-5250. We’d be glad to spend a little time on the phone to look at what may be a good fit. StudioIMI had supported retail franchises, service franchises, home-based franchises and a range of small medium and large brands that many people recognize.