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When you’re thinking about purchasing a business, or starting one from scratch, there are almost infinite possibilities. Running your own business can be rewarding as you watch it grow and thrive. Like any other undertaking, there are challenges and unforeseen events that you will have to handle on your own.

In addition, you may not have the finances to hire a support team and then you wind up taking care of multiple tasks, like marketing, bookkeeping, hiring, and payroll. Those areas alone can keep you occupied while trying to keep your operation running smoothly.

That’s why it’s a good idea to consider purchasing a franchised business – whether it’s already established or you want to start from the ground up. Plus, the industry is highly structured, so you can follow plans that have been researched and reliable.

What type of business do you want to own? 

Franchises represent virtually every type of industry – from fast food to clothing to sporting goods. Picking the one that matches your interests is easy, and when you’re doing something that you love, and know about, it can be a big boost to your success.

Buying into a franchise also opens a great deal of ready-made resources and programs that are designed to be simple to use and execute. 

For instance, marketing and sales materials and guidelines that outline how to use them are provided for franchise owners. You won’t have to concern yourself with developing your own plan, or hiring outside marketing contractors who can be expensive and have longer turnaround times.

Plus, these marketing plans have a great deal of research and established practices backing them up. Experts have already performed the footwork and created a calendar of events that enable you to plan an entire quarter, or even a year, in advance. 

You’ll also be able to take advantage of established brands – everyone knows and recognizes the Golden Arches versus a brand new restaurant that has to struggle against competition in an already crowded market.

Collaboration is another excellent way to gain ground quickly – if you’re new to the industry you can network with other franchise owners who can give you pointers and advice – and partner with you for special events, giveaways, and other business building undertakings.

No matter what business you’re in, hiring qualified and dedicated employees is one of the keys to being successful. However, it can be difficult to interview and hire crew members who are dependable.

Franchises know this, and can provide you with human resources experts who will outline what makes a good hire – a task that can take up much of your time and energy. The quit rate in franchise operations can be high, and having a pool of possible hires can cut down on labor shortages.

Work With Murphy

Even with all of these benefits, it can be difficult to find a starting place. Murphy Business has years of experience partnering with clients and our knowledge of the franchise industry translates into making the right choice.

Let us can with you to determine what’s a good fit, and help you prepare for your loan application.

Contact Murphy Business Sales today, we look forward to working with you.