Striving for new goals is a great and positive way to improve yourself. Many people have a desire to start and manage their own business. Sadly the majority of these people can not make this dream come true, because starting and owning your own business is tough work.
One of the most surefire ways to find success is by owning a franchise.
Peaking your interest? Here are 9 reasons why franchise is the way to go:
- Building upon a proven brand. When you buy into a proven franchise brand, you avoid many of the biggest hurdles new startups face. A good franchiser will already have things like a customer-ready brand, marketing, website, and approved vendors ready for you.
- Potential in-house lending and assistance. Short on cash? Many larger franchise companies now offer part or all of the total startup investment for promising franchisees.
- Built-in support system. When you need help learning the ropes, help troubleshooting the new POS system, or advertising and design assistance for a special promotion, your franchiser is there to help you succeed.
- Franchises are more attractive to SBA. Small business loans are a smart way to fund part of your franchise unit, and you’ll get much more competitive rates and longer terms if you apply as a franchise owner. This is because financial institutions consider franchises a more turnkey operation, meaning that a franchise is a safer bet for them (and you).
- Be your own boss (mostly). While it’s true that you will have to follow certain formulas put in place by the franchiser, you still get to enjoy self-employment and all its perks. This means that you call the shots, you manage the schedules, and basically run the show on (mostly) your own terms.
- Enjoy exclusive territory. Why franchise when you can startup on your own? Well, you get some nice exclusivity with a franchise. Most franchisers will only allow a certain number of their brand to be operate within a set geographical area. This means that you’re entitled to a certain area for greater success potential.
- One-on-one training. Chances are you’ve never solely owned and operated a business before. This is why most franchisers offer a 1 to 4 week training program to help you begin this rewarding journey. You’ll be trained how to run your new business efficiently, and how to avoid all of the common mistakes new business owners make.
- Higher chances of success and the Bottom Line. You are so much more likely to succeed with a franchise that has a proven brand and business concept than with an independent startup. The franchiser has already taken the majority of the risks associated with starting up a new business, you get to just build upon the success.
- Avoid the Risk of a Start-up. Last, but certainly not least, choosing to join a franchise will help you avoid much of the risk of starting a new business.
Not only does this the list show you why you should join a franchise, it’s a reminder of what you have to overcome as an independent business owner.
If you are struggling with the idea of starting your own business, look into joining a franchise instead.