According to a report from the International Franchise Association (IFA), 32% of respondents said they would not own a business if they weren’t franchisees. It’s not difficult to find a list of the benefits of buying a franchise, but what about a franchise in the trades?
The Advantages of Franchising in a Trade Business
Accurate Leak and Line is a plumbing franchise specializing in underground diagnostics and pipe repair, providing innovative solutions like trenchless pipe rehabilitation to efficiently address plumbing issues with minimal disruption. As previous independent business owners who then chose to franchise, we’ve worked in both areas of business — and there are definite advantages to franchising.
Here are the top 7 reasons to invest in a trades franchise:
1. Organized Administration
When you’re in a trade business, you spend most of your time out of the office. However, you still have to schedule employees and complete your business administration tasks. One of the key franchise benefits you receive is access to a complete package of administrative software and reporting systems. Reporting requirements keep you current with your invoicing, which keeps your business in strong financial standing. This organized administration also saves you time – instead of creating the processes, you just have to follow them. Additionally, you receive ongoing operational training and support to help streamline your administrative tasks and ensure your business runs smoothly.
2. Franchising Offers Less Risk
Franchise territories are built upon a vetted evaluation of the region for business opportunities. Franchisors know the competition in the area and have evaluated how the owner can succeed given the customer demographic. This level of market research is a significant franchise benefit in supporting your investment, and one that most independent business owners fail to do at the level required to support their business.
3. Easier to Sell the Business
One of the income-generating features of a business is being able to sell when you’re ready to retire. An independent business can seem riskier to a purchaser because there are fewer checks and balances in place. However, a franchise is a more structured model, not only in financial reporting but the buyer also gets the full support of the franchise in operations.
In addition, the network of established franchisees looking to grow their business portfolio with additional locations is a prime audience of potential buyers who have a turnkey operation in a business they already know.
4. Consistent Marketing & Technology
Marketing drives customer acquisition, but it may not be a business owner’s strong suit. Marketing and technology support are franchise benefits included in the business model. Few business owners enjoy making marketing and technology decisions, and many struggle with knowing exactly how to produce the desired results. Having a franchisor sourcing those elements for you gives you more time to grow your customer base while ensuring these important elements of business are appropriately managed. Franchisees at Accurate Leak and Line also receive continuous marketing training and support to stay updated on the latest strategies and tactics.
5. Financial Management
Franchising typically comes with royalties that are remitted monthly to the franchisor. Those fees go towards franchise training and support and furthering the brand, which benefits you, the business owner. These are expenses an independent business owner would also have, but they would need to spend the time figuring out marketing strategies, building vendor relationships, staying on top of industry trends, and sourcing results-based professional development. As a franchise owner, you’re covered because the franchisor does the work for you. This includes ongoing accounting training and support to help you maintain accurate financial records and meet your financial goals.
6. Benefits for First-Time Business Owners
Entering entrepreneurship through a franchise offers a smoother transition for new business owners. You can rely on the franchisor’s leadership team and fellow franchisees for support, helping you avoid common mistakes. If you’re an existing business owner looking to expand, franchising provides a streamlined path to growth.
7. Getting in on the Ground Floor
There’s one more benefit unique to an Accurate Leak and Line franchise, and that’s investing in an emerging brand.
As a franchise owner, you have the opportunity to be the first to bring this service to your territory. That provides a stand-out selling feature and elevates your expertise over other services that don’t have this specialized training. In addition, as a niche market service, the service rates reflect that training, which provides potential for more revenue.
Emerging brands offer ways to capitalize on a business strategy and establish yourself as a leader in the trade.
Explore the Accurate Leak and Line Franchise
Book a conversation with us to discuss the advantages of franchising in the plumbing trade with an Accurate Leak and Line franchise. We look forward to showing you how this niche market service can be an important element of your business strategy.
