||Franchising Versus Independent Businesses
You may have wanted to start a business of your own for some time. While franchising will not eliminate all of the stress associated with starting a business, it can reduce it and save you time and money. As an example, let’s select one business category … automotive service and repair. Which has more value, a Midas franchise or an independent garage? As an example, if you opened an independent garage, how many and what type spark plugs would you purchase? A franchisor will not only tell you what your initial inventory should be, it will outline your inventory levels in order to properly service vehicles in your market. Franchisors provide:
A franchisor provides the blueprint and tools to develop a business. You provide the hard work. With a franchise, you are in business for yourself but not by yourself. You also have the camaraderie of other franchisees who, like you, have invested in the same business. You share common goals and values. The exchange of information among franchisees is invaluable. One of the most important aspects of acquiring any business is to determine an exit strategy for the time when you will leave the business just as you did in the military. You can sell or “transfer” your franchise to a new owner and reap the rewards of your hard work. After you have developed a franchise and transferred the business to a new owner, the franchisor will continue to provide support and assistance to the new owner.