Don't Let Your Fear Stand in the Way of Franchise Ownership
If you're like most people, you dread the thought of starting your own business.
The idea of entrepreneurship and going it alone sounds pretty scary to many. But franchise ownership has been proven to be a great option for those who are looking for the independence of doing it their way without bearing any financial risk.
While franchise opportunities come with a lot of upfront costs, and may not always be right for everyone, this article will help readers understand what makes a franchise so appealing so they can determine if franchising is right for them.
#1: The Cost of Start-up Is Smaller
When launching a new business, small businesses have to pay for the cost of outfitting their offices and purchasing the necessary equipment. But with a franchise business, you rarely have to pay for these items. Instead, when your business is purchased by a franchisor, they will invest in your start-up costs by either gifting you the required working space or investment funds. This allows you to focus on more important aspects of running your operation.
#2: Failing With a Franchise Is Easier For Most Businesses
When companies fail, they are financially responsible for all their financial obligations to their creditors. This can create a domino effect, where the business's failure impacts other businesses. But with a franchise model, the franchisor is responsible for any financial obligations and can help to cushion the blow of your business's failure, and save your employees from having to look for new jobs.
#3: Franchises Have an Established Formula That Will Work For You
There are many valuable aspects of franchising that you don't get when starting a business on your own, but if you're looking to get a head start on your new career by taking advantage of proven systems, this is one of them. By choosing to become a franchisee, you know that the franchisor has a proven system that will work for you and your business. You'll get help creating your marketing campaign and building up your customer service. Instead of doing everything yourself, you can relax in knowing that they have been there before you.
#4: Franchises Have an Established Company Identity
While many people believe that starting their own business means having free reign to create their business as they please, this isn't always the case.
While many successful companies were created with specific visions in mind, most people don't have the time or resources to create their own business from scratch.
By choosing to become a franchisee, you'll already be working for a company or in a profession that has a polished brand and an established reputation. Starting your career under such circumstances can help you avoid some of the common mistakes that often derail new businesses, and give you more time to focus on growing your enterprise. And, being part of an established brand may also make it easier for your customers to trust in your business by association.
#5: Franchising Increases Your Job Security
Since many other small businesses fail in this economy, you have to be very careful in which business you choose to start. It's important for you to understand that starting a business requires time and determination, but the risk is also very high. On the other hand, becoming a franchisee means that you don't bear any financial risk since it's already been taken care of by the franchisor. This will minimize your stress level and give you more time to focus on growing your business instead of worrying about being fired at any point in the future.
Additionally, if your company should fail, there are ways for them to help you financially with employee benefits and severance pay.
#6: Franchises Have a Proven Method For Success
Every company faces some sort of competition, and it's important to be able to differentiate yourself as a brand. When choosing a franchise business, you'll already have this part in the bag. In fact, your entire marketing strategy will likely have been mapped out for you by the time you sign on with them. This will save you time and allow you to focus on what really matters, which is customer service. You'll also have access to support from corporate training teams and mentors who can help guide your business in the right direction.
By leveraging their experience and expertise, you'll be able to learn more about what it takes to excel in your industry. If you're looking for a business opportunity that will quickly put your skills to work, as a franchisee, this is it.
"Every franchise owner knows they didn't create the very same business they own. They got there through hard work, determination and entrepreneurial spirit." – Lani St.Cyr
Lani St.Cyr is the co-founder of the franchise consulting firm Franchise Connections and a TV personality on "Franchise Wars", airing Saturdays at 4PM/3C on The CW's WGN America cable network. St.Cyr has been featured on the cover of Franchise Business Review and her company has been chosen as one of the "Franchise 500" in 2014, 2015, 2016 and 2017 by Entrepreneur Magazine.
Listed below are some other articles you may enjoy!
6 Mistakes to Avoid When Starting a Franchise Business
How to Choose the Right Franchising Opportunity for You?
7 Things You Should Never Say to a Franchise Owner
The Best Franchise Opportunities for Women Entrepreneurs: 101 Expert Tips from Lani St.Cyr
Career Steps to Break into Business Ownership: 7 Tips for Successfully Transforming Your Career into Business Ownership
"We will have a franchise that is well thought out and has a proven track record of success." – Lani St.Cyr
Lani St.Cyr is the co-founder of the franchise consulting firm Franchise Connections and a TV personality on "Franchise Wars", airing Saturdays at 4PM/3C on The CW's WGN America cable network. St.Cyr has been featured on the cover of Franchise Business Review and her company has been chosen as one of the "Franchise 500" in 2014, 2015, 2016 and 2017 by Entrepreneur Magazine.
Listed below are some other articles you may enjoy!
6 Mistakes to Avoid When Starting a Franchise Business
How to Choose the Right Franchising Opportunity for You?
7 Things You Should Never Say to a Franchise Owner
The Best Franchise Opportunities for Women Entrepreneurs: 101 Expert Tips from Lani St.
Conclusion
No matter what type of franchise business you are interested in, there is one thing that every business owner should know about franchising. There is no better way to start your own business than to leverage the proven systems of your industry's best companies. You'll be able to take advantage of a proven marketing matrix and know that you are following the path they have already taken.
If you're looking for a career transition, then look no further than franchising as an option for your next step!
About The Author: Lani St.Cyr is an entrepreneur, speaker, and host on Franchise Wars with Lani St.Cyr on TV One's WGN America network (weekdays at 4PM/3C).