Have you been wanting to run your own business? Perhaps you already possess some skills and know-how from past experiences, but you lack the financing and lease negotiating power to get it running from the ground up? You know that you can be a successful entrepreneur, but you need the power of a big company to get a leg up and reach the potential that you know is possible.
This is where investing in a franchise comes in. Much of the leg-work of starting up a company is already done for you – all you need to do is buy-in, and when you own your own franchise, you’ll run it like it’s your own. Here’s why investing in a franchise is the way to go:
Your Franchise Will Have a Proven System in Place
The franchisor has started their business and an established system in place. They have the blueprint (literally and figuratively) to opening up your new, successful store, including finding an optimal location, finding reliable vendors for your products and services, and negotiating lease spaces.
You also won’t have to figure out methods of doing business – they’ll provide what’s helped them be successful, including training materials for you and your staff, marketing resources, and leadership and support so you’re not on your own, eliminating any guesswork. Some franchisors will also provide you with the training you and your staff need at one of their other successful franchise locations, or even their corporate office. Be sure to research what resources the franchisor offers so you realize the support system you’ll have in place.
Your Franchisor is Established and Known
You won’t have to create a catchy name or slogan and face resistance in trying to go from being a nobody to being well-known – many customers may already be familiar with the franchisor’s brand, such as KFC, Digital Doc, and Ace Hardware, whose images, color schemes, and store products and services. Customers will go with a trusted, familiar brand they already know, so investing in a franchise already works in your favor. The franchisor will also help make sure that your customers are satisfied with your products and services, in order to continue providing a positive overall image of their brand.
Also, your franchisor will help you grow much more rapidly than it is to start a business yourself, as it is tantamount to taking market share from competitors in a new area by launching a grand opening and quickly introducing new products and services.
Your Franchisor Will Help Ensure That You’re Successful
When you’re successful and making money, your franchisor is successful and making money, which is why it behooves them to give you what you need to get there. They will use their company’s history and resources to help you begin, and you will always be able to contact and meet with corporate or other franchisees to learn how to run your own successful store.
You may have to pay a recurring nominal fee into a shared marketing fund that all franchisees contribute to, but that goes right into creating the marketing resources you need, such as services that include email creation and deployment, website management, poster and ad creation, and direct mail pieces.
Your franchisor will have your back, and you carry less risk in opening a franchise, versus starting from scratch. As Idan Shpizear, owner and franchisor of 911 Restoration says, “When you run your own business you build it from the ground up, and there will be failures that will cost money, time, energy and frustration. With a franchise these pitfalls can be avoided because you have a tried and true system to fall back on.”
Have you been thinking about running your own franchise? What do you feel is holding you back? Let us know! We’d be happy to provide advice.