Franchise ownership is one of the best ways for an aspiring entrepreneur to own and manage their own business—not to mention to take more control over their career and financial potential.
If you’re the type who’d prefer not to buy an existing company, and to avoid the perils of building one from scratch, a franchise may provide the perfect “in” for realizing your dream of running your own business.
Ok. But What is a Franchise?
What is a franchise—and how do you know if owning one is right for you?
In a nutshell, a franchise is an extension of a brand, one that provides the company—or franchisor—the opportunity to grow into new markets and make their services available to new customers by licensing their brand to franchisees.
The franchise owner, or franchisee, most often pays an initial fee to that company to start the franchise—as well as monthly or annual royalties for the privilege of using their brand name (trademark), accessing company support and resources, and selling their products or services to the public.
Because franchisors have a vested interest in maintaining the quality and integrity of their brands, they tend to provide franchisees with the tools they need to meet brand standards and deliver customer satisfaction on a consistent basis. From answering questions like “what is a franchise?” to providing ongoing marketing and technical support, most franchisors know the importance of supporting their business owners every step of the way.
Ideally, the franchise system creates a mutually beneficial relationship that helps expand the franchisor’s reach while providing an ongoing source of career fulfillment and profit potential to the franchisee.
What Are the Benefits of Buying a Franchise?
As a franchisee, you’re essentially managing a small business without the headache and frustration of building an operation from the ground up. As the owner of a business with an established brand name, you get the opportunity to run a company and deliver a valuable service to customers without:
- Devoting countless hours and dollars to marketing your own brand and cultivating name recognition for a new brand among prospective customers.
- Working tirelessly to build trust among your customers and attract the best talent for your team without the weight of an established brand behind you.
- Taking the risk of developing a company on entirely your own and, in some industries, in a highly competitive business environment.
Franchise businesses tend to offer the structure and support you need to hit the ground running—providing opportunities to buy and manage your enterprise(s) with a recognized brand name, and a proven system and stronger potential for financial success.
Put Yourself in Control
Owning a franchise can be a great way to enjoy the benefits of business ownership without the worries of going it alone.
And when you choose to invest in the right franchise opportunity, you have the chance not only to manage a local business backed by a proven system and a well-known brand, but also to do so on your own terms—and with the confidence that comes with strong ROI potential.
When you own a Liberty Tax® franchise, you enjoy the rewards of:
- Low overhead and startup costs
- A brand known and trusted by customers across the country.
- Unparalleled franchise and marketing support
- Working as part of a reliable industry that is always in demand.
- Potential for profitability.
- Opportunities for expansion
To learn more about what a franchise is—as well as the benefits of franchising with Liberty Tax—visit us online today.