Starting your own business gives you freedom and opportunity that few other “jobs” can. You have complete control over your time (a blessing and a curse), you don’t have a boss, and every decision you make is yours. However, similar things can be said about franchising. There is less freedom, true, but at the same time, it’s a much safer option. Furthermore, you will still have a business to run, you will still be a boss there. The profits, the success, even the work and the control will all be yours.
In order to run any business, you need to assess the risk you will be faced with. Minimizing said risk can help you make that first important step towards your goal. Bellow you can read why exactly a franchise can make that first step easier.
More room for error
When you start up your own business from scratch, you are basically on your own. Sure, you may get some help or advice from mentors, family, and friends, but everything you do is on you. However, when running a franchise, you still have some more room. The regular mistakes made by the franchise have been, well, made. They have been analysed, approached, and fixed. This is invaluable help you will get nowhere else.
Furthermore, many franchises offer support to franchise owner. A crisis, a bad month, pure bad luck can ruin a budding business owner at the beginning. But, for a new franchise, it can be surmounted quite easily.
You already have a brand
Building a brand takes time, effort, and money. It’s a process that lasts for years, sometimes even decades. With a franchise, this important part of marketing is already ready for you. Having a brand backing you up is an amazing boost to your sales and market entrance. If the brand is popular, you are practically guaranteed a solid amount of customers and sales.
Furthermore, you won’t have to invest any money in design, logos, marketing experts, and designers. This has all already been done for you.
Suppliers are waiting for you
When you start your own business, you need to create a framework and a logistics network as soon as possible. In fact, you should do it before you even open shop. Then, you need to maintain and check it constantly. However, your parent franchise will give you all of this on a silver plate. You will know exactly who to call, how to set up communication. The right amount of money, resources, goods, services, everything has already been figured out. Sure, you can tweak and optimize this, but in the end, it’s pretty much optimal if we are talking about any successful franchise.
You have a detailed battle plan handed to you
One of the more important (and irresponsible) reasons businesses fail is that they don’t have a concrete business plan. While drafting up a plan is stressful and time-consuming, and is subject to change, you can’t run a business without one. With a franchise, you simply take over the business plan they have been using for years. All mistakes, errors, and shortcoming of previous plans have already been fixed and regulated.
Furthermore, you can essentially put some tasks on autopilot. Since you have this business plan already set out for you, you can focus your energy and time into certain other matters that may bring more money to you and the franchise itself. Setting up a company that sells artisanal teas, for example, can be a daunting task. And yet, you are passionate and knowledgeable about this matter. So, you get a franchise from a company like Chatime, you have their own business plan, and you go from there. You are still left with a line of work you are passionate about, while figuring out how to actually run and start it.
Easier to finance
Franchises are much easier to start up when compared to a regular business. The initial investment is much smaller than what it would be if you wanted to start from scratch. Franchises have a lower cost, and you will pretty much see some net growth in the second month. And while the profits you receive may be smaller than the ones you would get running a very successful business, the odds of success are much much higher.
Keep your ego and check and figure out what you want. With a good franchise, ruining it properly, you will get all of the benefits of running your own business with minimal drawbacks. It’s much easier to finance and get started. You will end up with a very clear and direct business plan that has been proven time and time again. When running a franchise, you won’t have to hunt for suppliers, trying to figure out who is the best one, and whether you can trust them. Furthermore, an entire brand is already set up for you, and you will know that you will actually get a safety net if push comes to shove.