6 Reasons Why You Would Buy An Established Master FranchiseStarting the search for a franchise opportunity opens many doors, including on rare occasions the franchisor door. As franchising is becoming more popular master franchises are coming up for sale more often. Here are 6 points why there is huge potential when becoming a franchisor.
- Unlimited scope for growth.
- Realise the wealth in growing your franchise, not working in it.
- Have complete control of the national/regional system.
- Develop your brand to become a household name nationally, or in your master area.
- The hard work is done – It is Proven, Profitable, and Replicable, and it is a recognised ‘franchise’. The paperwork is done!
- You can sell it again, and again, and again – over and over.
Let’s look at these a little closer:
The franchise can be as large as you would like to aim for. There are franchisees already out there that you can learn from quickly, and work out the best system for you to achieve consistent franchisee growth. When you establish the key to attracting the right audience and recruit productive franchisees, your system will grow.
So many business owners get stuck working in their business, bogged down in the day to day selling of products or services. Being a master franchisor means that the franchisees are focusing on this area of the business, and you have the time and energy to focus on the bigger picture. The growth of the overall brand and franchisee numbers is your business, not the day to day operations. The successful franchise system takes care of the operations. There will be times when the system needs tweaking, however your main focus is growing the brand and overall marketplace share in the industry.
You can tailor the system to work with what your experience and advice tells you will work for your franchisees. You have a huge resource in franchisee knowledge and experience to draw on when implementing change, or additional products and services. Again system is yours.
Developing the brand will bring with it opportunities to align with others in the marketplace, and become a recognised service or product in the industry. Take a look at the overall market size of the industry in dollars, and grab your calculator to work out what in dollars is a percentage of that you can capture. This gives you an idea of true opportunity and potential.
Yes, there is considerable time, energy and dollars spent in putting together a franchise system. Buying in when the hard research, trial and error, and initial setup have been completed is much lower risk compared to starting out. The runs are already on the board. Figures that are actuals, which you can budget from. The business is ready for franchisees and growth.
Ok, this one is quite self explanatory. As you identify market areas, find well suited locations, and receive enquiries from interested new franchisees, your franchise network will expand. As this happens, the brand gains more exposure, and the growth flows on. Every franchise sold provides upfront revenue to the franchisor, and often, this follows with monthly franchisee payments (depending on the franchise arrangements in place).
It is hugely rewarding, not to mention profitable, to manage your own franchise network, made up of people who want to work and build their own business.
Business owners are inherently business drivers for profit. Being a mentor, inspiration, and part of a growing success story, where you don’t need to be working in the business, is a dream for many budding entrepreneurs.
Daunted – no need to be! Previous franchisors can offer consultation for a period of time, and sometimes financial assistance to help you walk into your new role with confidence.
In the case of international brands, there are teams, often in multiple countries, who can offer support and advice. You create your own business franchise network in Australia and New Zealand, and possibly become a part of a international franchise family as well.
So is a master franchise for you? Take a look over what is now available, and be sure to keep an eye on this space as more come up for sale.