90% of start-up businesses fail whereas 90% of franchised owned businesses succeed!
Deciding to start a business is a monumental decision in your life! You have dreamed of being your own boss and being in control of your future but what is better, starting a business from scratch or investing in a franchise?
Franchise ownership is an effective way to get into business. Here are a just a few advantages to consider while you're exploring franchise ownership.
Owning a franchise allows you to go into business for yourself, but not by yourself.
One of the reasons so many start-up businesses fail is because the business owner simply lacks the experience of operating a business and will make many mistakes along the way. The PMI team has over 60 years of experience managing real estate and will help you avoid many of the mistakes that can hurt your business.
A franchise provides franchisees with a certain level of independence where they can operate their business.
Owning a franchise means you get all the benefits of business ownership without the feeling of being completely alone during the journey. As a PMI franchise owner you will have the ability to make many decisions when it comes to operating your business; however we have already refined the business model so you don't have to.
A franchise provides an established product or service which already enjoys widespread brand-name recognition.
Every start-up business has to invest years of time to become a credible brand. PMI is a nationwide brand that is growing every month. This gives our franchise owners the benefit of instant credibility when they open their business that would ordinarily take years to establish.
A franchise increases your chances of business success because you are associating with an existing proven business model with established products and methods.
When you invest in franchise you gain the instant benefit of years of research and development. The founders and management at PMI are always looking for the best practices in the property management industry to apply to the PMI system. As PMI grows you will enjoy the benefit of being associated with an industry leading brand in the property management industry.
Franchises offer important pre-opening training and on-going support.
You will benefit from leveraging the experience and knowledge of the franchise. As a PMI franchise owner you are part of a family of franchise owners. The PMI management team has vested interest in helping you succeed in the property management industry.
Here are some common terms used in the franchise industry!
A license that describes the relationship between the franchisor and franchisee including use of trademarks, fees, support and control.
The legal, written contract between the franchisor and franchisee which tells each party what each is supposed to do.
The person or company that gets the right from the franchisor to do business under the franchisor's trademark or trade name.
A method of business expansion characterized by a trademark license, payment of fees, and significant assistance and/or control.
The person or company that grants the franchisee the right to do business under their trademark or trade name.
The regular payment made by the franchisee to the franchisor, usually based on a percentage.
The franchisor's identifying marks, brand name and logo that are licensed to the franchisee FDD – the Franchise Disclosure Document, FDD, is one format for the disclosure document which provides information about the franchisor and franchise system to the prospective franchisee.