Franchising has been increasing in popularity over the past few years, with the National Franchise Association (NFA) reporting that approximately 10% of the businesses currently operating in the US are franchises. But, why? What makes franchises so attractive to business owners looking to take their own idea and grow it into something more? In this article, we’ll be taking a look at five reasons why franchising could be just what you need to take your business to the next level.

1) Start on a stable platform

Franchising can help your business get off to a running start by expanding on what’s already proven. The average franchise system sees return on investment in four years, while non-franchised businesses can take 15 years to turn a profit. Not only will you be working with an established brand, but you’ll also have access to tried-and-true systems that are designed to help new businesses succeed.

2) Lower initial investment

Buying a franchise means you don’t have to spend as much money setting up your business. You’ll be buying into an established brand and start-up costs will be kept to a minimum. You can also benefit from systems that work, experienced staff and other franchisor benefits such as buying power or marketing support. Plus, by purchasing a franchise you get training on how to run your business, so it won’t all be up to you!

3) Less competition

While it might seem more lucrative to go head-to-head with established brands, fewer brand name businesses have come out of nowhere to become household names (think Starbucks). And, when you’re looking to open your own business, franchising can cut down on competition.

4) Standardization of products

Whether you’re a large corporation or a small business, offering products that are consistent from one location to another ensures customers get what they expect. Franchise locations can always be counted on to offer well-known and trusted products and services.

5) Take advantage of available resources

Not sure whether franchising makes sense for your small business? You’re not alone. But one of biggest advantages of franchising is that you get to leverage existing resources; if you choose a franchise model, you can be sure it will already have systems in place to aid your success. And if anything goes wrong, there’s someone who’s been in your shoes and knows what you need, who can give advice and act as a trusted mentor.