The Top Ten Reasons to Buy a Franchise
Get a head start on being your own boss.
Being their own boss is a dream and a goal for many New Zealanders, and there are many different ways to get there. Buying a franchise is a great option, and one that we believe is all too often overlooked.
So if you’re looking to change your life around, take control post-COVID, and go into business for yourself, read on. These are the top ten reasons that you might want to consider a franchise.
You aren’t starting from scratch
A franchise comes with a built-in head start for aspiring business owners. There will already be a name and a brand attached to your business which is a major asset. Although you are ultimately in charge, you’ll benefit from tried-and-true guidance and advice from your franchisors.
2. It’s a strong sector
A survey undertaken in 2017 by Massey University Business School and Australia’s Griffith University showed New Zealand to be the most-franchised country in the world. Kiwis are no stranger to franchises—and we’re not just talking huge global chains here. That same survey counted 72% of franchises operating in New Zealand as home-grown companies.
3. The product is proven
Buying a franchise is less of a gamble than most other pathways. The system is established and the formula has been tried and tested many times before. Marketing, products, vendors, and more are pre-approved. A lot of guesswork and experimentation is eliminated.
4. Your brand is established
As mentioned previously, you are building on a brand that is already known—whether it’s regional or New Zealand-wide. Picking a franchise with a well-reputed company is an enormous boost to any business owner, and eliminates a huge amount of work and money that goes into constructing your image from nothing.
5. The support is invaluable
Business coaches and advisors can offer hugely helpful advice to new business owners, but they are expensive and may not be experienced in your specific field. With a franchise comes specialised, relevant, practical support. The franchisor can provide guidance, buying power, branding, and more. The network of franchisees is also the major support to a new owner as they establish relationships and receive extremely targeted tips from someone who’s been there, done that.
6. Training is part of the package
A franchisor company wants to see all of its franchisees succeed. This means you’ll be thoroughly inducted and trained, for both your benefit and theirs! And when a company has to conduct franchisee training on a regular basis, they will have it down to a science. The extra preparation and learning that comes with buying a franchise can help you to avoid the mistakes of many first-time business owners.
7. There is a lot of choice
With franchise businesses so popular in New Zealand, anyone considering taking that step will have plenty of possibilities. Project Life Changer is all about people exploring their options—and with franchising, there are so many of them. Food, accommodation and hospitality, administration and support, construction, rentals and hire, and retail trade are just some of the sectors with franchising opportunities.
8. Risk is minimal
Starting up in business is scary. As we touched on in reason #3, buying a franchise can minimise your risk. Not only is the product proven but it comes with a wealth of support, experience, and knowledge. The brand is out there already. It will require work—a lot of it. But the chances of success are higher as long as you put in the mahi.
9. You get a village
Having a community and network of people experiencing the same things as you are is extremely valuable. Ask any new parent! If it takes a village to raise a child, it stands to reason that one will come in handy when starting a business. A franchisee gets to chat and connect with many others in the same boat, and that feeling of having people alongside you is worth more than you might realise.
10. You are still your own boss
While a franchisor will provide support, branding, suppliers, and other factors, the fact remains that you are in charge and responsible. The systems given are a map for success—but it’s up to you how you follow them. You manage your employees and make the decisions for your business. This brings with it flexibility and the opportunity to put your stamp on the service or product you offer.