To Franchise or Not To Franchise…That is the Question
A Shakespearian Look at Business Ownership
Business ownership has become part of the American Dream. More and more individuals are leaving corporate positions in favor of opening their own business and who can blame them? The lure of being your own boss, having the big office and setting your own schedule is hard to resist. But, it also takes a lot of work, time, and commitment, which can be overwhelming to many first-time entrepreneurs.
There aren’t short cuts to being a successful business owner, but you can certainly improve your chances. Which is why many prospective owners turn to franchising as a means of entrepreneurship.
The most attractive function of a franchise is that it is a turnkey business. Systems, financing, real-state selection; a franchise provides an entire team of experience and knowledge that will take you from birth to earth.
Another plus to franchising is that your market is, likely, already aware of your product and brand due to marketing or public relations efforts by the franchise company. Advertising your business is important and, under the umbrella of a franchise, you have access to established marketing techniques, making it simple to get customers to the door.
Financing is typically easier when franchising because lenders are more comfortable with a brand that has a proven record of success. There is less risk of repayment default and so bankers are more likely to loan money in those instances.
Owning a franchise gives you a wealth of ongoing training and support, not only from the franchise company itself, but also, from your extended franchise community. It is common within franchise groups to share best practices, what works and what doesn’t. In this way you can benefit from the expertise of others and, likewise, establish yourself as an operational leader if you have insights to share.
Finally, owning a franchise is a gateway to growth. If you have a single successful location, you can certainly have multiple successful locations. Many franchises offer exclusive territories at discounted fees; making the step from single-unit to multi-unit is an easy way to double your income!
Owning your own business is a big decision and there is a lot of personal investment involved, but it’s not something that is unattainable. You may find franchising is an attractive way to business ownership.