Maybe it’s losing your job, maybe it’s deciding to take action on your long overdue entrepreneurial dreams of starting a business, or maybe it’s just your need to escape the stressful corporate world. Whatever the reason may be that led you to consider options around business ownership, here are some of the things you should know.
There are only four paths available when it comes to business ownership. You can:
- Start and build your business from the ground up
- Buy a franchise
- Buy an existing and non-franchise business
- Become a consultant
Out of the four options, buying a franchise has become a popular option to evaluate. Franchising is a sure and fast way of achieving your goals while enabling you to have more control over your life. Being in business for yourself but not by yourself offers greater long-term benefits than, say, being in business by yourself for yourself. It is no wonder that more and more people are getting into the franchise industry.
How can buying a franchise benefit you
Tested and proven success formula
No matter what type of business you are in, there will always be learning curves. What makes franchising so appealing is having an already tested and proven formula of success developed by the franchisors. It means that the franchisor has been through many learning curves and knows exactly what works and doesn’t for their business. The franchisor will train you to develop skills which will help you manage your business effectively in your area. You can always ask for guidance since the franchisor is there to provide assistance and support if needed.
Established brand, brand awareness, and brand customers
Having an established brand presence and recognition will give you an edge over your competitors. The parent company’s reputation and successes will affect your business, allowing you to grow along with the company. Plus, this ensures that you will have customers even on the first day! People would flock to brands they are already familiar with and trust the most.
Support from the franchisor
The best part about working within the franchise system is that you will not have to build everything from the ground up. Franchisors may support its franchisees with a variety of support systems. To name a few: administrative assistance, bookkeeping, audits, quality assurance inspections, marketing support and even legal counsel. Aside from lessening trial and error; you will have a strong partnership with your franchisor. Your success will affect the brand as much as theirs will affect yours.
Expert advisors to help and guide you
A franchise advisor will walk you through every step of the franchise selection process. They will take the time to listen to you, address your toughest personal challenges in becoming a business owner, introduce you to select franchise opportunities, coach and mentor you through the business-buying process.
You know you are the perfect fit for a franchise business model if:
You like working within a system
Having a system of operation that has a proven track record is the best way to run the business, a franchise is the most appealing for people who do not want to try out new ways to do things independently. You will need to be able to follow a system to effectively monitor the business and be proactive in networking with other owners and the franchisor for additional guidance around growing your business.
You have a strong work ethic
Being highly motivated and committed 110% to your new business can mean all the difference in the world. High success rates will mean nothing if you don’t work hard for your business. This will mean putting in long hours, handling multiple tasks, disciplining yourself and staying passionate all throughout.
You have a positive attitude and good interpersonal skills
Having a positive mindset will allow you to grow, be enthusiastic in learning new things every day, be flexible around new ideas and concepts, and be unafraid of encountering setbacks. A positive mindset will reflect that you can follow-through on all your commitments and keep you strongly motivated. Match a positive attitude with good interpersonal skills and you might just become a force to be reckoned with. By being a team player and a good communicator, you can foster creativity and learning in the workplace, help build the strengths of your employees, establish trust in your team and successfully manage conflicts in the business.
But how am I going to afford a franchise business
Let’s face it. Buying a franchise will mean paying royalties and other fees. While a franchise has lesser risks, it can oftentimes cost more in the beginning than a start-up. You get what you pay for & an added bonus of an experienced business partner. A franchisor will have financial requirements that you must be able to meet. Therefore, you must make sure that you have enough capital to invest.
There are many ways to strategize funding sources. Franchise advisors will connect you to many lenders that specialize in funding & ultimately you pick which one is best for your needs. Here are a few ways that candidates have bought their franchises:
- Small Business Administration Loan Programs
- Rollovers as Business Startups (ROBS)
- Liquid Capital
- Line of Credit
If the advantages of buying a franchise align with your financial & career goals combined with the qualities listed above: it may be that franchising is a perfect option for you. If you’d like to discover franchise opportunities that will fit your goals, lifestyle, and resources, let’s chat.
It’s free. No strings attached.
