Do you believe that owning your own business is an adventure? If you’re looking for a rewarding, exciting journey towards success, consider becoming a franchise owner. And so, can Accurate Franchising help me with my business? According to them, buying a franchise allows you to join an already established system, making it easier to kick off. Save for similar typical challenges presented by about any other business; franchising offers the following advantages over starting a business from scratch;
1. Most Of The Work Is Already Done
The franchise business model is a proven formula for success. That means that you do not have to set up a new company again. You don’t have to worry about naming your business, creating a logo, branding yourself, writing a business plan, or developing a marketing strategy. The franchisor has already taken care of all those steps for you. If you want to go into business but don’t want to deal with the upfront legwork, purchasing a franchise is the best option. Your primary job will now be to stay laser-focused on running the new business.
2. Benefit From Training And Learning Programs
Owning a business is a huge undertaking that needs entrepreneurs to stay abreast of information in accounting, marketing, inventory management, and compliance with federal and state regulations. Additionally, it’s in the best interest of an entrepreneur to learn how to manage employees and customers.
Thankfully, purchasing a franchise rids you of any worry about learning everything independently. Your franchising company will provide training programs and educational materials for your business. Beyond that, you’ll get help implementing the franchisor’s systems into your business plan to operate more effectively as an entrepreneur.
3. Help With Getting Office Space/ Location
Finding a business location is arguably the most intimidating part of starting a new business. You’ve probably heard bad stories about offices that are impossible to find, hostile to customers, or plain hideous. In addition, looking for an ideal office location can be time-consuming and energy-intensive; it has to be in a good location, walkable, or accessible by car. Other factors such as parking spaces and regulations are equally important, including the appropriate leases, the duration of the lease agreement without penalty, and the agreement clauses. The good news is that when you purchase a franchise, searching for an office space no longer becomes your responsibility. Instead, the franchisor handles all of that.
4. Franchisor Supplies Equipment And Furniture
Nothing is more exciting than getting a business off the ground. But all these things come at a price with moving parts in that process. With an ideal operating spot, it is necessary to seamlessly bring in the equipment and furniture essential for running operations. Franchisees don’t have to handle these matters alone. A franchisor usually takes care of all equipment needs, taking the weight off your back.
5. Benefit From Their Marketing Materials For Success
Usually, franchisors provide several soft and hard copy resources essential for marketing their clients. They can be in the form of direct mailers, coupons, social media posts, or flyers. These materials can drive customers through your door. Besides, they appear much more professional than what you could create by yourself (assuming you’re not good at graphics design), which increases your brand’s credibility. Once set, it won’t cost an arm and a leg either—a major plus over setting out on your own as an entrepreneur.
6. You Get The Benefit Of Using Proven Techniques
As a franchise owner, you aren’t alone. Instead, you’re operating in an informed and established industry. A proven business model is an invaluable asset, especially during the early days of running your business. Conversely, going alone implies that you risk being the first soldier on the scene. Your primary focus should be on minimizing losses as much as possible. Buying a franchise business gives you the advantage of using existing, proven franchising business models. You’ll learn from those mistakes and benefit from their successes.
7. Take Advantage Of The Tax Benefits
Franchises come with tax benefits, including;
Franchise owners are eligible for various deductions related to business operations. These include depreciation or amortization deductions on capital purchases and interest deduction payments on loans that acquire assets or pay start-up costs. You can also write off advertising expenses while holding onto any cash receipts throughout the year. As your franchise grows, you’ll typically be able to take more deductions than if you started your own business from scratch. Beyond that, franchises are unlikely to be audited by the IRS because they often adhere closely to federal income reporting regulations and requirements.
- Tax Credits
Some states offer tax credits to franchisees to provide franchisees with financial assistance for business operations. These programs aim to help companies expand or relocate operations within the state. Before applying for any tax incentive program, franchisees should speak with their franchisor and consult with their CPAs and attorneys.