The Difference Between Becoming a Franchise Owner and Buying an Existing Franchise Business
Starting a business can be overwhelming, but don’t let that stop you from following your dream of being your own boss. One way to simplify the more stressful elements of entrepreneurship is to buy an existing franchise business.
Becoming a franchise owner is similar to buying an existing business, with a few key differences. The biggest difference is the level of control you have over the business.
Buying an Existing Business
When you buy an existing business, you take full ownership of the business, giving you more control but less guidance. You’ll get benefits such as an established customer base, fully trained employees, and a good idea of what the operating expenses will look like. However, with greater flexibility and control comes greater risk. Without external guidance, new business owners often find themselves struggling to figure out the best way to run their business.
Becoming a Franchise Owner
When you buy into an established franchise, on the other hand, you’ll have an ongoing relationship with the franchisor. Along with an established name, you’re buying the background and reputation of the business, as well as their relationships with vendors, media contacts, and more. Often, the franchisor can help with things like site selection, product supply, training, marketing plans, and funding. Meanwhile, as the franchise owner you get the benefit of built-in brand recognition and larger-scale marketing efforts.
Finding a Brand to Fit Your Needs
Before making the leap and buying a franchise, it’s important to determine which type of business or brand would make a good fit. First, be honest about how much money you’re able and willing to invest upfront. This will narrow down which types of businesses or brands are best for your budget.
Next, take into account your talents, skills, and experience, as well as your ideal lifestyle. If you’re an inexperienced business owner, buying an existing business may make the most sense. If you prefer hands-on assistance, franchising might make a good fit.
The more you know before buying a franchise or purchasing an existing business, the better. Go in prepared to ask lots of questions to ensure you understand the full landscape and everything that comes along with the investment.
Once you’re determined to make the leap, it’s time to find the right franchise or existing business. Again, you’ll need to do your due diligence. Digging in and doing some research will help you understand each specific business, from both a financial standpoint and overall positioning.
What To Look for in a Franchise Opportunity
Signs of a great franchise opportunity include industry growth potential, strong support from the franchisor, good management, marketing and advertising support, satisfied franchisees and, of course, adequate earnings.
With Pet Wants, you can be up and running your own franchise in just a few months. Our franchise director will walk you through our streamlined process to ownership, answering all of your questions and helping you determine whether becoming a franchise owner aligns with your particular goals.
Thanks to an ever-increasing demand for fresh, healthy pet food, Pet Wants has become the fastest-growing pet franchise, growing to over 100 franchise locations across the U.S. since beginning to franchise in 2015.
Pet Wants offers two franchise options to fit your specific needs, a lower-cost mobile franchise opportunity or a full-blown store model for those looking to break into retail. Get in touch to learn more about how to start a Pet Wants franchise.