Benefits of Franchising vs Sole Proprietorship
Leading franchises like OpenWorks provide plenty of advantages for entrepreneurs ready to dive into the challenges and opportunities of leading a business. If you look at the success rates of companies within a particular industry, you will find that established brands with proven processes offer advantages over going it alone. The benefits of a franchise investment include the following key benefits:
Raising or accessing capital can sometimes bean impediment for new business startups. Some franchises offer financing to help make this process simple. In addition, banks often grant small business loans to individuals investing in a franchise with a known track record of success. After acquiring the needed capital, a franchise business offers the foundation for scaling your operation profitably. As a result, the ramp up time can be faster than an unknown business entity, allowing you to recoup your investment more quickly.
Experience Is Not Mandatory
Many new franchisees are taking on the demands of business ownership for the first time and opting to embrace the inevitable learn-as-you-go approach. There’s only so much anyone can do to prepare themselves to run a business prior to doing it. At a certain point, you simply must roll up your sleeves and go to work. Unlike other business scenarios, your franchisor provides support for administrative questions, internal issues, best practices, and more. For most business issues you encounter, there is knowledge and experience available through the franchisor and other franchisees to help you succeed.
Receiving Direct Training
A franchisor has experience in the industry, business operations, services and customers. An entrepreneur who opens a franchise should receive extensive training as they take on this endeavor. Because the company has a vested interest in your success, they will provide every resource in their power to prepare you and your team. Similarly, because every business involves a degree of on-the-job training, your franchisor will continue to provide support throughout your business journey.
The training you receive may include business fundamentals, and details specific to the brand and industry. Many fitness franchises, for example, equip their franchisees with workouts and programs designed to help them retain customers and carve out a reputation as the preeminent fitness provider for a particular region.
Leveraging the Trade Name
You can also expect to receive guidance and assistance with the managerial and administrative aspects of the business —including broad marketing support. Keep in mind that the automatic advantage of brand recognition will allow you to get off the ground much faster than a similar business that is starting from scratch with no structure or market awareness to build upon. You’ll quickly learn about marketing a franchise and how to advertise your franchise with the tools you’ve been provided.
Some of this support may include national andregional advertising, celebrity endorsements and marketing campaigns. This larger brand backing can help to drive sales and cultivate customers that consistently return for your services.
Be Your Own Boss
It can be an incredibly rewarding experience to be your own boss by running your own business. While starting any business is certainly not without risk, choosing to invest in and start with a franchise business can mitigate many of the risk you might otherwise assume if striking out on your own. For nearly 40 years, OpenWorks has helped over 700 smart, hard-working people like you succeed. Whether you’re looking to start a new business, grow your existing cleaning company, or you’re a veteran exploring exciting business opportunities, OpenWorks has franchise models designed to help you achieve the professional success and personal fulfillment you’ve been looking for.
Ready to be your own boss?
Learn more about becoming a business owner with OpenWorks.Apply Now