It can be hard to keep going to your nine-to-five job, especially if it doesn't provide an ideal experience for you—especially if you really want to be the person in charge. Here are five awesome perks to owning a franchise that prove this type of operation could be the ticket you've been waiting for:
1. Instant Recognition Of Your Brand
Building a brand name is one of the major challenges facing any startup, and doing it successfully can require years of dedication and countless dollars. With a franchise setup, however, the brand is already established. This takes a lot of work away from you as you build your new business, leaving your time and resources free to focus on other issues. It can be very difficult to convince customers that your new business delivers on its promises when they've never heard of your name before, but having a recognized franchise means the people already know and most likely trust who you are.
2. The Resources At Your Fingertips
Strategic planning, marketing, demographics, supply chain management, and many other aspects of being a startup can snag you at any time as a new business owner, but particularly when you're first starting out and learning the ropes. All of these areas call for a certain level of expertise, and if you haven't got that, you face an uphill battle. Starting up with a franchise, though, means all of those crucial aspects of business survival are at your fingertips. This provides you with a unique and valuable edge and may very well be a deciding factor in whether or not you succeed.
3. Professional Training
Especially with new hires, training often consumes a significant amount of time and effort, which most new businesses can't afford to commit to; nonetheless, they need to adequately train everyone working for them in order to deliver a consistent and inspired customer experience. Rather than having to tie up so much of yourself in new-hire training, when you operate a franchise, all of the training is laid out in no uncertain terms. The training, literature, and even clothing are all provided by the franchise, again freeing up your resources to focus on success.
4. The Proven Experience Of A Successful Business Model
Starting a new business is almost always a gamble, and your odds of winning might not be as favorable as you'd like. This is an unfortunate aspect of becoming an entrepreneur, and it can cast a scary shadow over your venture, particularly if there is a family depending on you for support. Even if you're on your own, you don't want to rack up a considerable amount of debt with your startup, only to watch it fizzle.
Franchises are proven models, and you can see them in action all over the country. From a fried chicken gig in Florida to a clothing retailer in California, this business model is up, running and proven to be successful under all kinds of circumstances. Find out what's wanted or needed in your area and research the different franchise opportunities that could fulfill that market void.
Starting up as a first-time, one-of-a-kind business owner means assuming a heavy amount of risk, but as a franchisee, you're offered a degree of protection, with known business entities and how they are perceived by the consumer base. That scenario of advantages alone makes this entrepreneurial venue very appealing.
5. Minimized Risk For You, The Beginning Entrepreneur
No matter how unique or valuable an idea, without exceptional execution ability, that idea often falls apart in a highly competitive and expensive business environment. While you do want to be an entrepreneur, you certainly don't want to venture into such uncharted and potentially dangerous waters with your life savings in tow: An estimated 90% of all new businesses fail. Those very sobering statistics should prompt you to be a highly calculating, if not conservative, entrepreneur. While there's nearly always risk involved, the more you can minimize it, the greater your chances of succeeding will be, and that's what happens when you enter into a franchise. Risk is lowered by the fact that your business model, brand name, and everything that supports your way to success are already proven and provided.
While owning a franchise isn't necessarily the ideal scenario for every entrepreneur and even when it is, a lot of research must be undertaken before forming a partnership, there are many reasons this can be an awesome opportunity for most people. The benefits are numerous, with few drawbacks, and the rewards are simply awesome.Share