For people who feel destined to be entrepreneurs, owning your own business is the ultimate goal. While some may have ideas for a great new business or invention, others want to be their own boss. A franchise opportunity offers the perfect chance for people who wish to own and run a business but do not have a unique business idea.
Here are three fantastic things about franchising.
1. You don’t need any business experience or education. When you buy a franchise, the parent company will provide training and ongoing resources to teach you how to run the business successfully. You will also have access to resources, including software systems, supplies, and procedures that have been proven effective. While having a background or education in business wouldn’t hurt your chances of success, they are not a necessity. If you are looking for an opportunity to chase your dreams of ownership, start over, or start new, buying a franchise may be the perfect opportunity for you. Many franchise companies will also offer national conferences or educational opportunities for their franchise owners to help them grow their business. The better each franchise does, the better the company does overall, so companies that franchise are usually highly committed to providing their franchise owners with all the tools they need to be successful.
2. You fully own your own business while still being part of something bigger. As a franchise owner, you own your business location. Within the guidelines of the franchise, you can run it the way you would like it to be run. You get the fulfillment, the success, and the sense of accomplishment that comes with business ownership. However, you are still part of something bigger. Being a small business owner can feel very isolating because, in a lot of ways, you are entirely on your own. That isolation does not happen with a franchise. You will have a network for other franchise owners and corporate employees that will be there to help, answer questions, and provide overall support. Franchises offer a sense of belonging within the business community and connect you with people that have already done what you are trying to do. You do not need to spend your evenings research solutions to problems you encounter; you can make a phone call or send an email to get the exact answer you need from someone who already understands the issue you are experiencing.
3. You get to benefit from brand recognition and national advertising. When starting a business from scratch, you have to work very hard to market your new company and gain recognition among potential customers. You have to spend a fair amount of money on advertising, and you often need to get creative with your marketing tactics. However, when you buy a franchise, you benefit from the national or regional advertising of the company, as well as the brand recognition and loyal customer base of the brand. For example, if you buy a UPS franchise, you are going to benefit from the excellent reputation the UPS company has built. People trust UPS as an affordable and safe option for shipping packages. As a franchise owner, you do not need to spend money on marketing what services you offer or educating the public on why they should utilize your services.
There is always a risk when becoming a business owner, and buying a franchise is no different. However, there are advantages to buying a franchise that you don’t get with a startup. In addition to the benefits explained above, lending institutions are more likely to provide funding to entrepreneurs looking to buy a franchise, as opposed to starting a business because franchises have a notably higher rate of success.