You know you could run a business effectively and you’re passionate about providing for yourself and your family. But what type of business should you run?
You want to be a part of a community but just can’t seem to find the right one that has a unified vision. Where do you turn?
There are plenty of businesses to choose from. Probably more than you have thought of. That’s the beauty of franchising. It allows people to share in a collective vision.
There are many reasons to become a franchise owner. Here are five big ones.
1. Financial Opportunity
Being a franchise owner is certainly about a sense of community and being apart of something. it’s just as much about providing for your family and financial security.
If you’re entrepreneurial minded but don’t want to go through all of the hassles that surround starting your own business, owning a franchise is a perfect option for you.
Because you’re entrepreneurial, you also know that businesses don’t make money by only focusing on money. They succeed because they don’t forget the little details of success while they’re prospering.
Choosing the right franchise is as much about financial performance as it is an interpersonal connection. The more connectivity franchisees have with their franchise owners, the more financially prosperous the business will be.
Interpersonal connection is the foundation of a successful business. From those connections come collaboration, a huge advantage to becoming a franchise owner.
If you own a franchise you’ll have access to tried and tested forms for advertising, marketing, and sales. The point is, you’ll have the resources that come from people working together in a highly structured format.
Some added benefits that stem from the collaborative environment of franchising:
- The benefit of proven service marks, trademarks, and proprietary information.
- Access to company market research as well as access to a guide of patents and designs.
- Database of standard operational procedures to refer to so that you’re not caught in ambiguity during tough situational decisions
- Access to mentoring from successful business owners.
- Contingency resources.
- Opportunities to enhance your management skills due to an established business model.
- A proven method that offers the opportunity for rapid expansion.
- A chance to Improve your community by instilling a sense of ownership.
- Allows your community an opportunity for economic expansion alongside the expansion of your franchise.
- Supply is made easier due to the franchise’s advanced network of suppliers.
Success is partly how much money you make, but that’s only the tangible expression of success. True success is a feeling of motivation. It’s the real reason you get out of bed in the morning.
Success is changing lives for the better and improving your own character. Being a franchise owner affords you the opportunity to do just that.
The U.S. Department of Commerce estimates that close to 2/3 of all U.S. retail sales are from franchises. The American consumer demands success from franchise owners and the tools are in place to deliver that success.
Being a franchise owner eliminates the questions that come from starting your own business so that you can focus on your personal growth as a business owner. It gives entrepreneurs the tools needed to confidently start their own business.
There are plenty of reasons for franchises statistically surviving longer than privately run businesses. Some of them were discussed previously. One important factor that allows franchisees to succeed is the purchasing power they have access to.
A good franchise will take advantage of the power of negotiation they possess. This rings true for anything from inventory to in the necessary in-store materials you need to continue running.
Franchises simply have more access to resources that make the day to day operations of running a business easier. Thus, the chances for success are greater.
With all of the business resources at your fingertips, you may be under the impression that owning a franchise isn’t owning anything at all. You may feel like you’re just a puppet for the real owners.
While there are certain policies and procedures you’ll have to follow, you still get the creative freedom and day to day responsibility that comes with owning a franchise.
As a franchise owner, you are your own boss. But with that flexibility comes the responsibility to deliver results. Some franchise owners take flexibility to mean that they don’t have to work.
Owning a franchise is still an immense amount of work, but it allows you the freedom to do that work on your own terms. You won’t have a boss breathing down your neck about why you clocked in late, or whether you’re wearing jeans in your office.
Certain franchises will be the exception, but most franchises care about one thing: performance. This allows you to go about that performance the way that you want.
5. Financial Assistance
Owning your own business means the financial burden falls solely on your shoulders. Good franchises afford their franchisee’s financial opportunities that facilitate their franchisor’s success.
These financial opportunities appear in the form of real estate assistance and construction assistance. If you’re looking to expand to multiple locations, the franchisor should offer you help since it’s in their best interest.
6. The Feeling of Ownership
Owning a business is one of the most rewarding experiences an individual can have in life. That experience is made sweeter in the fact that you get to collaborate with other like-minded individuals.
The responsibility and joy that come from fulfilling your responsibility make franchise owners successful. It’s not about the money, it’s about the quality of work and lifestyle that you’ll enjoy.
Ownership is the gateway to freedom.
Franchise Owner: The Right Path
Anyone thinking of owning a business should seriously consider being a franchise owner first. It can give you a window into the business you are interested in.
It can serve either as a launching pad to start your own business or as a life long career choice that affords you the opportunity to own multiple businesses.
Check out these other blog pieces to explore why owning a franchise is the right choice!