Paving the way for a new business is not easy. But what if you could have all the benefits of an entrepreneur with the resources of a larger company? Opening a franchise could be just the path for you.
Franchising allows larger companies to branch out and grow while giving people the opportunity to run their own business with the help and support of a larger company that has a proven formula for success. Of course, that doesn’t mean that opening a franchise is also a piece of cake, but for many aspiring business owners, franchising is a much less risky yet still rewarding option.
These eight franchisors and franchisees told Business News Daily why franchising is a good choice.
It gives you independence with guidance.
Franchising has allowed us what we love, while running our own business! It gave us the opportunity to work for ourselves and serve a real purpose instead of just working on the things we do well for a boss. Franchising is a great way to start a business if you want to work for yourself but have no idea how to start it. Coming to America as war refugees, we knew that hard work and a little leap of faith in life can go a long way, and franchising paved the way for us.
You can work with friends and family.
The best thing about being a franchisee is the opportunity to work with loved ones. As a married couple, we can play to your strengths and spend time together while running a business.
It has the benefits of a big company.
A franchise company will help you with the bureaucracy and offer advice on how to deal with specific situations that other franchise companies may have faced before you. It also helps to get group discounts on marketing materials and to have a team to help you build your brand both locally and nationally. It’s a great way for entrepreneurs to start their own business while still having the resources of a larger company.
It’s easier to get funding.
The fact that the business plan and all financial forecasts are already ready makes the loan application much easier. The history – if [it] is good – with a franchise is extremely credible at the bank.
It’s less risky than starting a business from scratch.
When you run your own business, you’re building it from the ground up, and there will be failures that cost money, time, energy, and frustration. With a franchise, these pitfalls can be avoided because you have a proven system to fall back on.
You can ask for help if you need it.
In my previous self-employment, I didn’t have a single contact person to turn to when things got difficult. The only other people I knew who had a business like mine were competitors. They certainly wouldn’t share their best practices with me. I was literally left on my own with no one to coach me and I wasn’t sure if the next step I took would make me go or break me. It became a trial and error proposition. That’s why I really enjoy owning a franchise. I know there are many other experienced partners I can turn to for advice.
You have access to proper training.
Most people can master one part of a business but struggle with other areas, which may include accounting, marketing, or management. When you start your own business, you have to learn all of these things yourself, with ‘rookie mistakes’ being part of the learning curve. Franchisors offer training to franchisees in all the important areas of their new business. They also stay by their side with training to help them stay on top of your business as it grows.
You have a built-in support system.
Great thing in franchisees is support each other. I know that I can pick up the phone and call someone, text them or facebook and they will most likely answer my question and if they don’t know the answer they will find out and get back to me.
