Most people think of starting a business as building something original from scratch. And while some entrepreneurs go that route, it’s not the only one. Franchising is a great option that gives you the perks and benefits of business ownership without the responsibility of building and managing your own brand.
Essentially, a franchise gives you the right to use someone else’s business model for a fee. The franchiser agrees to maintain the business process and you agree to operate your business according to their model.
If this piques your interest, keep reading as we discuss some of the benefits of starting as franchise.
#1 Independence with guidance
There’s a saying that goes, “buying a franchise lets you work for yourself, but not by yourself,” and it’s true! As the owner of a franchise, you’re the boss, but the franchiser provides you with a ready-made template for your new business to follow. Using that template simplifies the process of starting and growing your own business.
#2 No need to have business experience
Many entrepreneurs put off their dream of running a business because they don’t feel prepared. Well, starting a franchise will dissolve the fear of not having enough experience. That’s because franchise companies offer training programs to help you run your business efficiently and avoid many of the common mistakes new business owner make.
#3 Funding can be easier to secure
Getting business funding is one of the biggest hurdles an entrepreneur must jump, as lenders are notoriously choosing when it comes to lending money to business owners. Thankfully, because franchises already have a proven track record, lenders are more comfortable financing them.
#4 Strong brand identity
Raising brand awareness is time-consuming work that involves intense dedication and patience. That’s why one of the biggest advantages of franchising is that the brand already has regional or national recognition. For customers, this adds value and provides a distinct level of buyer confidence.
#5 High rate of success
Piggybacking off of #4, buying a franchise is not as risky as starting a mom-and-pop business because franchises have such a strong brand identity. With franchises, there’s already an established system in place, meaning a higher likelihood of success.
As you can see, starting a franchise is an exciting and lucrative venture, but if you want to keep more of your hard-earned money and operate under the most protection, you need to incorporate. Not only does incorporating protect you as the business owner, it comes with a ton of perks:
Incorporating your business creates a legal barrier between your business liabilities and your personal assets.
Corporations and LLCs can qualify for tax breaks that are unavailable to sole proprietors.
Customers, business partners, and prospective investors consider incorporated businesses as more credible.
Franchisers prefer to work with a corporation or LLC.
So, before you make your decision about which franchise to start, contact the business formation experts at Nevada Corporate Headquarters (NCH).
If you’re ready to turn your dream business into a reality, look no further than Nevada Corporate Headquarters. From business entity formation to accounting and taxes, building business credit and estate planning, our comprehensive asset protection strategies are second to none and are proven to help businesses successfully launch and grow.
Contact us today and go from business idea to open for business. Click HERE to get started.