A franchise is one of the many ways you can own a business. In fact, it can help you to quickly start and grow your wealth compared to other paths entrepreneurs take. It is much easier to execute and fulfills what a majority of people look for when starting a business. If you have never considered investing in one of the many hamburger franchises, below are some of the reasons why you could be letting an opportunity pass you by.
Burger Business is Huge Right Now
Most of the non-food industries have been facing unpredictable times with successive peaks and troughs. The food industry, on the other hand, has been experiencing massive growth. This is because people always have to eat, and fast, good food is on their favorite list. What this means is that, if you invest in a burger franchise, you are not just in for the profits, but you are devoting your investment to an industry that is here to stay.
The Competitive Edge
When you compare the restaurants run by Checkers & Rally’s to standalone establishments, the difference is clear. While the road ahead is bumpy for every business, being in a franchise gives you access to resources which are crucial to help you navigate the way forward. This happens not at the expense of your independence as a business owner, but rather as a support system that gives you a massive advantage over your peers.
Access to Better Financing
Getting a loan from the bank to finance a startup can be very difficult. However, if you approach the same bank with the argument that the loan is for investing in a franchise instead of a brand new business startup, you stand a better chance of getting financing. The main reason behind this is that banks view businesses such as burger franchises as establishments with a solid foundation because of the brand they are buying into. This is why it helps to buy into a successful and reputable brand.
Research shows that close to half of business startups fail within the first year. This is caused by lots of reasons, amongst them the unhealthy business environment, incompatible business models, high risk levels, and many others.
When you apply the same metric to burger franchises, the statistics are much better. When investing in a franchise, you are technically branching off from an existing brand and not starting from scratch. The business model is already established, and the support you get is incredible. This keeps your business alive.
The Power of an Existing, Reputable Brand
The typical path new businesses take is to publicize their brand so that customers can notice and pay attention to them. With a burger franchise, it is the other way around; the name is already established which makes it extremely easy for you to start making money right away. Customers know who you are whenever they spot that brand or logo which means you will enjoy patronage from a pool of existing customers.
Franchising also has an advantage in that once you have invested in a successful business, it becomes much easier to reinvest in another franchise with the same brand or another one.