The idea of starting your own business is a desirable long-term plan for many people. According to this article from the New York Post, 62% of Americans dream of owning a business. However, deciding to go into business by yourself is not a simple decision.
Starting a new business from scratch requires, at the very least, an in-depth understanding of the specific industry you’ll be entering, pre-existing network connections, and some professional training on how to run a business. If these are not things you can count on, the dream of becoming a business owner can seem out of reach.
But this is not the only way to own your business, for those entrepreneurs who still want to pursue this dream, purchasing a franchise may be the right choice. Unlike regular start-ups, becoming a franchise owner has a lot of immediate advantages as well as long-term benefits.
Are you wondering if franchising is the right option for you? Consider these five reasons:
1. Starting a franchise has less unknowns than a regular start-up. Every single business is different, and there will always be a lot of things that come up as you start to run a company and test the market. However, franchise models offer a lot more insight into getting a business up and running based on their previous experience with other franchisees. Having the blueprint foundation set by other franchise members can help accelerate the ramp-up process, while also saving time and money.
2. As a franchisee, you become part of a support network. Starting a business on your own is usually something you do alone, but with franchising, this is the complete opposite. Becoming part of a franchise lets you connect with a network of likeminded individuals with varying degrees of experience in your same business. The opportunity to discuss with other franchise owners is helpful not only in the start-up phase but also as years go by, and you get ready to test out diverse strategies to grow the business.
3. A franchise gives you access to a pre-established brand. One of the hardest things about starting a new business is establishing your brand’s name in a competitive market. The initial investment new businesses have to make solely in marketing their name is significantly more than the investment made by a franchise owner with a previously recognized name.
4. You can be your own boss and still receive ongoing support and development training. Being your own boss is one of the main reasons people chose to start their own business. But this means; they usually don’t have anyone else to rely on. With a franchise, you get the best of both worlds; you can be the boss of your company and still get ongoing support and training resources to help you run a successful business.
5. You have a qualified team in charge of the research and implementation of ongoing innovations. Running a business is a full-time job. On top of that, in this fast-paced and everchanging environment, owners need to stay up to date with market trends and think ahead to keep up with ongoing innovations. For many people, this can prove to be overwhelming.
Many small businesses find it hard to keep up with new technologies, processes, and changing regulations. Franchise owners have the advantage of counting with a highly trained team of experts who do all this research and work on their behalf to help keep them competitive and on top of the most relevant industry advancements.