You have aspirations to grow a business and achieve financial independence. You want to establish yourself in the community to meet needs and make a difference in people’s lives. You want the freedom that comes with being your own boss and having more control over your schedule. With these desires in mind, you may already be considering purchasing a new franchise territory or purchasing a franchise resale.
Are there any advantages to purchasing a new franchise territory? When franchising, you must consider whether you want to build your franchise from the ground up or take over someone else’s franchise, which is called a resale. In this article, you can learn more about the advantages of buying a new franchise business vs. buying an existing territory, or resale.
Buying a new territory could be the right decision for you. As you think about your personal interests and business goals, consider the following benefits of buying a new territory to help you see more clearly which path you should take moving forward.
A fresh start is an attractive advantage of purchasing your own franchise territory. Many existing and potential business owners alike crave the opportunity for a fresh start. A fresh start equals untapped potential, new horizons and a chance to get your business started the right way based on the effort you put into it.
Here are four specific advantages of the fresh start that buying a new franchise territory offers:
One of the most important keys to success for any business is its reputation in the community. When you buy a resale, you’re essentially buying the reputation that the community has already placed on that business while under the direction of the previous owner. It can take years to transform a poor reputation into a good one.
When you start a franchise in a new territory, you have the chance to earn a great reputation for your business from the very beginning. As a home care franchising company, HomeWell Care Services knows how important it is for the community to see your business in a positive light. You set yourself up for success by buying a new franchise and ensuring good customer experiences from day one.
Whatever choice you make for your future franchise, you’re going to need the capital to fund it. Buying an existing franchise can be expensive as the current owner seeks to extract as much value as possible from their franchise, which is something you will want to do if the time comes for you to sell, too. Buying a resale also means buying an existing framework with clients waiting for you, and that in itself is highly valuable.
One of the advantages of buying a new franchise territory is the potential for a lower upfront cost, depending on the industry of the franchise company and the value of the resale. You can also have an easier time attracting investors, as you have the opportunity to establish a good relationship with your community from the outset rather than trying to attract investors to an existing franchise with a poor reputation. HomeWell Care Services is proud to offer an affordable entry into the home care industry with our franchises.
Buying a resale comes with a lot of unknown variables that can affect your productivity, profitability, enjoyment of owning a business and more. Here are some initial unknowns that you must consider when you buy an existing franchise:
You can bypass these unknowns when you purchase a new franchise territory. The franchisor will equip you with the tools you need to have a higher chance of success from the outset. They will also know the best locations for your franchise to ensure there is a need in the market for what you have to offer. When you purchase a new franchise territory, you’ll experience fewer unknowns as you move forward in the process with confidence.
HomeWell Care Services wants to help you start your home care franchise with the highest chance for continued success through our training and support services. When you start a home care franchise, you get more than the ability to make your own hours and be your own boss. You have the opportunity to make a difference in people’s lives and impact the community in a positive, lasting way.
Download our franchise kit today to take the next step toward starting your own home care franchise!