Thousands of new businesses launch every single year. It’s not a surprise given that around 62 percent of adults crave the autonomy of entrepreneurship. Yet, for all the people who launch those businesses, there are just as many who never do.
Many of them never stumble onto that right fit business. They know they want to work for themselves, but don’t have a clear sense of what that will look like. If you’re in that boat, buying a franchise could become the right path.
Not sure a franchise is right for you? Keep reading to discover what a franchise makes sense and the specific benefits of a Window Medics franchise.
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What is a Franchise?
Sometimes, a business owner creates a business that does well. They expand for a while but eventually reach a point where they don’t want all of the headaches that go with managing more and more locations. If the owner still wants the brand to expand, they turn to franchising.
In essence, the owner lets other people operate under the brand name. The franchisor provides support, typically with detailed manuals, training, access to products, and even marketing.
This lets you skip over coming up with an idea and working out a lot of the logistics. Instead, you dive into owning and running a business.
How to Buy a Franchise
Franchises come in all shapes, sizes, and costs. High-profile franchises, like fast-food restaurants, can often cost upwards of $2 million dollars before you even open your doors.
Fortunately, there are also a lot of smaller franchises that don’t require a brand new building or even an office space. These operate as a low-cost business opportunity for the industrious go-getter.
No matter what size franchise you choose, the process of buying one remains pretty stable across the board.
Once you pick your franchise, you’ll fill out application paperwork. This typically goes back to the franchise owner or their administrative team.
You also get a franchise disclosure document from the franchisor. This document provides you with a lot of information about the franchise, such as fees, responsibilities, and average business performance. You should review this carefully.
You’ll usually follow this up with a meeting with the franchisor in something called discovery day. It’s a chance for you and the franchisor to feel each other out and make sure it’s a good fit.
The franchise agreement is the formal contract between you and the franchisor. You should go over this document with a lawyer to make sure you understand it. It also ensures that any special arrangements you made with the franchisor made it into the contract.
Financing options vary depending on the franchise. For bigger, more expensive franchises, you may need financing through a bank. Some franchises offer financing services. For a less expensive franchise, you may pay for it out of pocket.
Once you finalize the financing, you effectively own the franchise now.
Benefits of a Franchise
Franchises provide a lot of potential benefits over starting a completely new business. Let’s take a look at some of the bigger ones.
Customers tend to stick with what they know and what they’ve heard of before. It’s one reason why new businesses struggle so hard in their first year or two. They must convince new customers to buy from them.
With a franchise, you start out with at least some brand recognition. That helps customers get over the initial skepticism they often feel toward new businesses.
When you buy a franchise, you buy a proven business model. This business works when you run it the way the documents and training tell you to run it.
You aren’t guessing that it works. You know. That’s likely one of the reasons why franchises enjoy lower failure rates.
Likely as a result of better brand recognition and a proven model, a franchise will typically show more profit relatively to similar, standalone businesses.
Why Window Medics?
So, now that you have a handle on what franchises are, how to buy one, and their general benefits, why should you consider Window Medics. With so many options out there, what sets this franchise apart?
What Is Window Medics?
Window Medics focuses on window repair and window replacement. Ever seen a double-paned window that was all fogged up? That fogging happens to almost every double or triple-pane window.
Give it ten years, and the window is basically useless. Window Medics has a patented system for defogging those windows.
While it’s not a permanent solution, it can extend the working life of those windows by up to ten years. You can learn more here.
While not the cheapest franchise out there, you can get started with Window Medics for under $100,000. It’s also a business you can run from home, so you can avoid renting or buying a space.
Most franchisors charge you an annual fee or royalty payment for owning their franchise. With Window Medics you can go that route if you want access to their complete business system.
They also offer a royalty-free licensing option. Under that model, you can use their tech and trademarks and simply buy your supplies through them as a vendor. It reduces your long-term costs, but you give up access to that proven system.
One of the main challenges with franchises is that you face a lot of competition from similar businesses. With Window Medics, you’re using an exclusive process for defogging those windows. It means you’ll face minimal competition because no one else has that process.
Buying a Franchise: Window Medics
If buying a franchise looks like a good option for you, Window Medics should make your short-list of options. You’ll enjoy the standard benefits of a franchise but also get a few extras.
It’s a low-cost business opportunity when compared with major restaurant franchises. You can run it from home, which also helps keep costs down. Plus, you face less competition because of the exclusive defogging process.
Looking for more business ideas or tips? Take a look at the posts in our Business section.