While setting up your own business may seem attractive, investing in an established franchise has immediate benefits and often proves to be the most cost-effective, secure and lucrative option. It offers many long-term advantages that an independent business simply cannot and represents a lower risk than starting from scratch.
One of the most difficult aspects of owning a business comes in the start-up stage. Buying a franchise helps you move swiftly through this aspect of launching a business as the system has already been tested and proven to work so it’s poised, ready to go! The hard work has already been done in building a brand name with an existing position in the marketplace.
Angie Coates, Founder and CEO of Monkey Music, highlights four key reasons why franchisees should invest in an established brand that can’t be gained from setting up your own business.
Reputation and brand awareness
Brand awareness is one of the most important and powerful components of franchising. A strong brand not only helps differentiate a company and its products or services but also increases customer loyalty and the value of the franchise as people know and trust the brand. A brand is more than just a logo, jingle or colour scheme – it’s everything consumers know, or believe they know, about a business and the experience they feel they will have. It takes time to nurture and grow a popular, recognisable brand, but it can be the difference between success and failure.
“Being an established brand of nearly 30 years, we have built both brand awareness, trust and credibility with our Monkey Music customer base. This is a major advantage for our franchisees as people are already familiar with the brand, making it easier to sign up new customers. Longevity naturally increases trust in a brand and we have seen this with some teachers and parents who attended the classes themselves when they were children and still own our iconic pink monkey even today. Consistency and uniformity are equally as important as customers like to know they will receive the same experience at any location within our franchise network.
A proven business model
Brand recognition isn’t the only advantage you inherit as a franchisee. You’re also adopting a business model that has proven to be successful. Franchises are renowned for having a much higher success rate than start-ups and that’s because the model has been tried and tested over time. When choosing a franchise to partner with, it’s important to consider how long it has been operating for, the specialist support of the Head Office team, how many franchisees they have and how financially strong the company is.
“When new franchisees join the Monkey Music family, they are investing in a proven and innovative business model that has been infallible for nearly three decades. With our extensive experience as a leading light in pre-school music education, our specialist head office team share business knowledge and know-how which enables our new franchisees to achieve success in a short time frame, whilst playing to their own strengths. They also have the capability to reach a faster return on their investment due to the reputable brand recognition, the support of our vibrant franchise family and our established business model.”
Training and support
Franchisees looking to invest in an established franchise brand will be given access to comprehensive training and ongoing support from the franchisor. They don’t necessarily need any prior experience in the business or the sector they are buying as the head office support team will provide the expert guidance and offer dedicated support for marketing, finance, IT, HR etc, to help with the day-to-day running of the business.
“We deliver an extensive training programme to our new franchisees and understand the importance of offering on-going support and training from both our specialist head office support team and external consultants. The initial training programme covers all aspects of running a Monkey Music franchise, which includes teacher training, a comprehensive business training course and regular mentoring throughout the first year. So, our franchisees can be confident from the outset and focus on growing their business in their local areas. We greatly value our franchisees’ opinions and feedback. It’s hugely important for us to work in partnership together so we can share ideas and the network can showcase each other’s successes.”
Financing the business
Seeking financing is a common need for business owners regardless of whether they’re starting their own business or buying a franchise. Franchisees, however, tend to have greater access to financing as banks are far more likely to lend to a business that is proven to be successful and has a good reputation.
“As you can see, there are many benefits to partnering with an established national brand that simply can’t be gained from setting up your own business. Franchising involves building a successful business by putting in place a system that works and establishing a recognisable brand around it. A franchise is therefore a proven model, and as a result, failure is unlikely when you invest in one. As with any business, there are always a number of factors that can affect your level of success but, ultimately, if you follow the system and put in the effort, you won’t go wrong. The proof of the pudding is in Monkey Music’s network of nearly 50 thriving franchisees.”
