Three Signs You Might Want to Explore Franchise Ownership
In general you have three options for becoming your own boss: start a business from scratch, buy an existing business or invest into a franchise. And each option comes with its own set of pros and cons.
What might make you choose one option over the other? It’s a decision that stems from a combination of variables unique to each person.
Maybe you’re fresh out of college, armed with an amazing new business idea. You don’t have any dependents. You’re ready to make your mark on the world, and to you, rules we’re meant to be broken. In this case, a start-up may be a great option for you.
Or maybe you’re a little more mature. You have a family. You’re skilled at what you do, and although you could start your own business or do freelance, you like the consistency of a regular paycheque. In fact, the idea of not having that kind of security would keep you up at night. So starting a business from scratch might not be your ideal opportunity, but you still have that latent dream of entrepreneurship.
It can be scary to take that leap, but franchise business exploration can be a great way to discover new and exciting opportunities. So if you’re an entrepreneur at heart and you think franchising might be for you, here are three signs that this is an option you should consider exploring.
1. Mitigated Risk Taker
Owning a business comes with risk. It’s an inevitable truth. Whether the business is a start-up, a franchise or an existing opportunity, when you’re investing your money you’re taking a risk. The key, therefore, is to know how much risk you can handle. How much risk are you comfortable with?
There are several ways to mitigate your risk when going into business for yourself, including researching your options and becoming an educated entrepreneur. But when it comes to evaluating your business ownership options, franchising is often considered a less risky option. Why? A franchise is a proven business system. The name, products and processes have all been established for you, which you can use in exchange for an initial franchise fee and ongoing royalties.
Does this mean franchising is risk free? No. As a small business owner, there is still risk involved, but less so than other business ownership options. And due diligence will be key in finding the right opportunity for you that can lead to success.
2. Tried Corporate, Did the Start-up
Are you climbing or have you climbed the corporate ladder? Many franchise owners started their careers in a corporate environment. At first the stability, consistency, workload and culture that comes with the office is a balanced blessing. But then life happens, like retirement or internal issues like layoffs, underemployment and office politics. If you’ve been there and done that, then returning to the corporate environment might not be what you’re looking for.
Or maybe you’ve already developed a new business idea into a successful start up. It was a rewarding, profitable experience. It was also a lot of work. Although you could be a major player in getting the next great idea off the ground, you’re not sure that’s the right career move for you right now.
Are you ready for something else? Something different? Explore franchise ownership and get educated on the options available to you.
3. Rules Were Made to Be Followed
Franchising works because of its systematic approach to starting and staying in business. Therefore, the procedures and processes in place aren’t merely guidelines, they’re rules necessary to run the business. If you can’t follow rules, you’re not ready to own a franchise.
Keep in mind that not all franchises are alike, however. Some are older, more established and the systems in place are going to be more rigid. On the other hand, a newer, start-up franchise is still developing its systems, which means as a franchisee there will be more flexibility and opportunities to make your mark on the franchise.
Are you ready to own a franchise?
What kind of risk taker are you? Are you looking for something different, something better for your career? Can you follow a blueprint to open and operate your business?
You could be the next top-performing franchisee in a franchise system. You don’t have to be 100 percent certain that franchising is the right move for you to learn about your options. Speak to a franchise consultant to learn more about business ownership.