Why Franchises Have a High Business Survival Rate
Franchising has become an increasingly popular choice for aspiring entrepreneurs looking to start their own business. In a world where startups and independent business owners face a daunting survival rate, franchise opportunities offer a higher chance of growth and a helping hand when things get difficult. With brand recognition, a proven business model, and franchisee support, investing in a franchise provides a superior starting point compared to starting a business from scratch.
Franchises Have a High Business Survival Rate
When it comes to survival rates, franchises consistently outperform independent startups. According to a recent study, out of 1,500 franchises surveyed, 92% were still in business after 2 years, while independent businesses typically have a much lower success rate. So why do franchises thrive while others struggle?
“The study also revealed that after five years, the success rate [for franchises] had dropped to 85%, which still isn’t bad considering the fact that, on average, the failure rate for small businesses is around 50%.”
Franchises benefit from several key factors that contribute to their higher survival rate. These factors include brand recognition, a proven business model, and comprehensive franchisee support.
Brand Recognition
One of the significant advantages of joining a franchise is the built-in brand recognition that comes with it. Established franchises, such as redbox+ Dumpsters, have already invested considerable time and effort into building a strong brand presence in the market. As a franchisee, you don’t have to start from scratch and spend valuable resources on building brand marketing and awareness. The established reputation associated with the franchise brand can significantly contribute to your business’s growth.
Having a recognizable brand not only helps attract customers, but also provides a competitive edge over independent businesses. Customers are more likely to choose a trusted and familiar brand, especially when it comes to services like waste management and disposal.
Proven Business Model
Another reason franchises have a high survival rate is their proven business model. Franchisors have invested years in refining and perfecting their operations, marketing strategies, and customer experience to deliver a plug and play business model built for business growth. As a franchise owner, you gain access to this turnkey system that has been thoroughly tested and optimized.
Unlike starting a business from scratch, where you have to figure everything out on your own, franchises provide a blueprint. The franchisor provides comprehensive training, operational manuals, and ongoing support to ensure you can hit the ground running. By following the redbox+ Dumpsters proven business model, you can minimize the risk of costly mistakes and increase your chances of long-term growth in the dumpster rental industry.
Franchisee Support
Franchisee support is a vital component of a franchise’s high business survival rate. Franchisors like redbox+ Dumpsters understand the importance of supporting their franchisees throughout their entrepreneurial journey. We offer ongoing assistance and guidance in various aspects, including marketing, operations, and business development.
redbox+ Dumpsters franchise owners receive dedicated support from parent franchisor BELFOR Franchise Group, a renowned franchisor in the home services sector with decades of experience. The expertise of the franchise team with BELFOR Franchise Group offers in disaster recovery and property restoration, as well as business development, further enhances the support provided to redbox+ Dumpsters franchisees. The extensive knowledge and resources can be invaluable in helping franchisees overcome challenges and achieve sustainable growth.
Learn More about redbox+ Dumpsters Franchise
Joining a franchise like redbox+ Dumpsters can be a game-changer for entrepreneurs looking for a solid business opportunity. With a high business survival rate, brand recognition, a proven business model, and comprehensive franchisee support, redbox+ Dumpsters offers a compelling option for entrepreneurs.
If you’re interested in learning more about the redbox+ Dumpsters franchise opportunity, explore our research pages here to understand the benefits of becoming a franchise owner. To get more detailed information, fill out the franchise information request form here. A member of our team will be in touch with a complimentary copy of our Franchise Information Report, and to answer any questions you may have. We look forward to hearing more about your goals of business development, and if they can be met by investing in a redbox+ Dumpsters franchise.