Considering Owning a Small Business? Learn the Benefits of Franchising
What if you could start a small business without going through all those initial headaches?
Franchising is one of the best ways to start a small business. You get to start right away and enjoy both the thrill of entrepreneurship and the security of a reliable support system.
However, many would-be entrepreneurs give up because they don't understand the benefits of franchising. Wondering what the real benefits of a franchise are for you and your own ambitions? Keep reading to learn all about it!
What is the hardest part of starting a business from scratch? Simple: building up your brand. It takes countless hours and countless dollars to turn new business into a name that locals know and trust.
Franchising allows you to skip that first frustrating step. By franchising a successful business, you take control of a brand that is already successful within your community. This means you can generate profit right away instead of toiling for years and simply hoping to turn a profit.
Once you take over a franchise, you start out with a successful brand. And you are free to grow that brand even further as you bring your business ambitions to life.
The second benefit is an extension of the first. By taking over a franchise, you get to benefit from the established systems and procedures that made the business successful in the first place.
If you were to start a business completely from scratch, you'd have to spend the first few years engaged in much trial and error. This is the time you'd spent figuring out who your core demographic is, discovering the best local vendors, and other important "growing pangs" of a new business.
With a franchise, all of those systems and procedures are already in place. You aren't building something from scratch: instead, you are taking command of a well-oiled machine. And it's impossible to overstate the benefits of franchising, and just how much time and money you will save by following a proven business model instead of building something new from the ground up.
Ongoing Training and Support
Let's be honest: most entrepreneurs aren't ready to become business tycoons on day one. Even today's biggest business moguls had a thing or two to learn when they first started out. Fortunately, if you run into any real obstacles in running your business, you have a safety net you can fall back on.
Another benefit of franchising is that the franchisor provides ongoing training and support that helps you manage and grow your business.
For example, you may benefit from training regarding budgeting, marketing, and management. And your new hires may benefit from extensive training that helps them provide the best possible service to the community.
And this training is not limited to when you first start your franchise business. If you encounter any unexpected obstacles over the course of running your business, your franchisor will provide the support you need to overcome those obstacles and succeed.
Sometimes, the benefits of franchising are pretty straightforward. For example, one of the key advantages is that running your own business provides more financial freedom than when you work for companies owned by other people.
As someone else's employee, you may generate immense profit and value for the company but you only see a portion of what you generated in the form of a monthly paycheck.
When you run your own business, you retain all profits that remain at the end of the month. This provides a powerful incentive to grow your business and watch your profits soar higher than you ever imagined.
Beyond a better paycheck, what do most employees dream of? A better schedule. It can be difficult to balance all of life's demands when you work the traditional 9-to-5 full-time job.
When you run your own business, you can set your own schedule. This allows you to spend more time with your family or simply take a day off whenever you want.
Best of all, owning a successful franchise business helps you enjoy a flexible schedule almost right away. Compare this to starting a business from the ground up where you're likely to spend many long days and sleepless nights trying to generate a profit.
Instead, why not enjoy solid profits, a reliable brand, and a flexible schedule right away by starting a franchise?
As wonderful as franchising is, you may not want to do it forever. But by franchising today, you give yourself additional opportunities in the future.
That's because owning and managing a franchise business is effectively a prolonged crash course in every aspect of running a company. You may not have formally studied things like management, budgeting, marketing, and sales earlier in your life. But running your own business will help you develop and sharpen all of these skills plus many more.
If you ever decide to make a future career change, the lessons you will have learned from owning a franchise will prove invaluable.
Starting a business in an unfamiliar town or state is often difficult. That's because a successful career and successful business depend on networking, and working in an unfamiliar area means that you must start a new network.
With franchises, though, you can start a business within the community that you already know and love. More importantly, there are people within the community that know and respect you. And this loyalty will form the foundation that your business networking is built upon.
Aside from the business opportunities, getting to know your community as you help to make it a better place provides more fulfillment than any desk job ever could.
Benefits of Franchising: What Comes Next?
Now you know the benefits of franchising. But do you know who can help you start today?
We specialize in helping entrepreneurs build thriving franchise businesses in dynamic communities. To see how we can help you, request franchise information today!
Ready to be your own boss?
Learn more about becoming a business owner with OpenWorks.Apply Now