Franchising is an excellent way to start a business without having to do everything yourself. Let’s face it. Starting a business is a daunting task. From legal and finance to marketing and human resources, you’ll be diving into areas that might not be your expertise. Franchising makes things a lot easier.
Franchising is a proven business model, and when you choose to buy a franchise and become part of a well-established brand, you’ll immediately benefit from the tested processes and systems of the franchise. You’ll also benefit from instant brand recognition among consumers!
Despite the many benefits of franchising, it’s not for everyone. Ask yourself the following questions to determine if franchising is right for you.
1. Do you want a lot of help and support?
When you buy a franchise, you get help from the very first day! Think of it this way. It’s in the franchisor’s best interests to ensure you succeed. Choose a franchise that offers a lot of training, not just when you open but throughout the course of your franchise’s lifecycle. Also, make sure you can get support anytime you need it with a simple phone call or email.
2. Do you prefer that someone else makes business decisions for you?
When you own a franchise, all of the strategic business decisions are made by the franchisor. This includes everything from marketing to finance and all the parts and pieces in between. This takes the anxiety off of your shoulders. Yes, you’ll make daily decisions to run your franchise, but the big decisions are made by someone else.
3. Do you have trouble building your network to get support?
As a new business owner, you need a network of other entrepreneurs and business experts to help you. You’ll have questions, and you need other people to talk to, bounce ideas off of, and share ways to build your businesses. When you buy a franchise, you’re instantly a member of the franchisee community. Choose a franchise that provides easy ways for franchise owners to communicate with each other.
4. Do you need help getting leads into your sales pipeline?
Marketing is so much easier when you own a franchise because the franchisor creates all of the marketing materials you need. The franchisor will also train you on how to advertise and sell your products or services. It’s a turnkey operation!
5. Do you need help getting financing for your new business?
Finance companies are far more likely to give money to a person who is purchasing a well-known, proven franchise than someone who is starting a brand new business with no help. Choose a franchise that offers finance training and support. Walk into every meeting with a finance company with your franchise’s professional business plan in hand!
If you answered, “Yes,” to the questions above, then you should consider franchising. You can own a business and get the support you need to be successful all while operating under a brand that people already know and trust!