If you’ve ever thought about leaving the corporate world and going into business for yourself, you may be wondering whether it’s better to strike out on your own or investigate some franchise opportunities. While building a business from the ground up typically takes less start-up capital and allows for more creativity, there are several great reasons why franchise opportunities make sense for the first time business owner.
A proven business model
It’s a well-known fact that the majority of businesses fail. But because they already have a proven business model and brand name recognition, there is a much higher success rate among first time business owners with franchises.
From the first day that you open your doors, you can benefit from an established reputation, existing customers and group discounts on supplies. You start out with clear direction on everything from products to pricing, to employee uniforms. There are virtually no unknowns.
Training and support
New entrepreneurs typically want to start a business in an industry that they are passionate about but they often lack some of the basic essential skills of running a business. For example, someone with nursing training may wish to start a home care business but they may lack experience in hiring and managing staff, administering a payroll, or marketing their services.
With a franchise however, franchisees are given training not only in the product or service they provide, but also in every aspect of the business for which they will be responsible. In many cases, the corporate office may even take care of some of these duties for the franchisee, allowing them to focus on what they are most passionate about.
Deciding where to locate is one of the most important decisions that a first time business owner can make when setting up a brick and mortar business. Most franchisors however, have already done extensive market research to determine the best types of locations for their business and are more than willing to share this information with their franchisees or even help them select the site.
When a first time business owner invests in a franchise opportunity, they don’t have to spend a lot of time introducing the public to their brand. They are investing in a brand that has already been established and is marketed by the franchisor.
Finding the right fit
Even though franchise opportunities can be an excellent introduction to entrepreneurship, it is still important to find the right fit. It is important for new business owners to consider a number of factors including what they are passionate about, their skillset, which industries are growing, and the business model that makes the most sense for them.
Starting your first business can be an exciting, if somewhat scary prospect. But when you invest in the right franchise, it is like having a business mentor who helps you every step of the way. Working with a franchise consultant like FranNet can help you narrow down the list of franchise opportunities in order to find the perfect fit for you.