Who wouldn’t like to be their own boss? Flexible hours, the final say in who you work with and uncapped profits are just a few of the benefits that entrepreneurs enjoy. Being an entrepreneur can be an incredibly rewarding experience if done the right way. However, starting your own business involves more than just a good idea and savvy business strategies.
There are countless considerations that are often overlooked when starting a new business, explaining why less than 50% of startup companies actually make it past the 4-year mark. So how can you work for yourself without almost certainly crashing and burning in the first 4 years? Allow me to introduce you to the world of franchising.
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From food to fashion, franchising options are endless. Buying into a franchise allows you to be your own boss without the majority of the risks associated with owning a start-up. Here are some reasons franchising may be the entrepreneurial option for you:
1. Your Product is Ready to Go
The first and most difficult thing about starting a company is coming up with a lucrative product or service. From there, the product or service must go through rigorous testing and restructuring until it’s ready for the public. Then, through a series of trial-and-error lessons with your public, the product is further refined until you’ve got a business that will attract sustainable income.
In the world of franchising, you have the opportunity to use someone else’s idea to establish your own business. The majority of existing franchisers have been around long enough to have confidence in their product or service, so you can too.
2. You have a tried-and-true business model
If you were to take a 30-minute drive in any direction from your current location, there is a very good chance you would pass at least three McDonald’s along your way. Why is McDonald’s everywhere? Because McDonald’s works.
When buying into a franchise, you are far less likely to fail due to discrepancies with your business model. A company isn’t generally ready to franchise until they have perfected a business plan that can be easily replicated by businesspeople around the world. This means less planning and more doing with little risk.
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3. You spare yourself the marketing headache
A big part of creating a successful business involves marketing. From market research to marketing collateral, a franchise is likely to have your marketing-bases covered.
Branding can be a nightmare. Finding the right colors, logos and designs for your collateral is often an arduous process that involves shuffling through dozens of marketing representatives, graphic designers and brand consultants. With a franchise, you save yourself the hassle of coming up with a brand that works as a large portion of the buy-in cost for a franchise includes license to use existing and future branding material.
If you buy into a franchise that is widely recognized and liked, there is very little need for proactive marketing. While you can still have the freedom to run location-specific promotions and advertisements, you also have the peace of mind that people already know who you are and what you provide. Plus, many corporate franchises run national campaigns that will drive business right to your door.
If you’re hooked on the idea of buying into a franchise, we recommend looking into franchising options that have been around for a while.
We also recommend working within a franchising conglomeration, such as Global Franchising Group. With multiple brands under their wing, GFG gives you various product options while providing excellent support and guidance. Additionally, this guide from franchiser Marble Slab Creamery is provides great insight on the 5 essential principles all new franchise owners need to understand.