Franchising is the ultimate WIN for modern entrepreneurs

Just this week, I was invited by Dan Holland of the Huntsman School of Business at Utah State University to share my experiences as a franchise industry executive with students in his Entrepreneurialism Course. 

Many students in this class are learning about how they can take their desire to be small business owners and achieve success. The discussion that ensued was engaging and informative. I have a great passion for small business - and the success it can bring to its owners. And, I have a strong passion for entrepreneurs, people who take risks and focus on working to build a specific life for themselves and their families while offering services and/or products to the marketplace. I especially love the connection that franchising brings to these factors, by joining the best of all worlds. And, here's why:

1. Spirit. A franchise can help an entrepreneur foster and channel their energy and passion for their business in meaningful ways. The spirit of the entrepreneur can live strong and vibrantly in franchising. For examples, my experiences in working with Chem-Dry franchise owners has shown a great deal of care and concern about customer satisfaction from franchise owners and their technicians - the kind of passion that I don't see with corporate brands. 

2. Process. Franchising takes the best practices across the business model and turns them into 'toolkits' that are distributed throughout. Those looking to excel will adapt and try these best practices so they can achieve success. Over and over again, I see those franchisees succeed fastest who follow the program. 

3. Connection. One of the best reasons to join a franchise organization is to leverage the culture of connection and support that comes with being a part of something bigger than yourself. In franchising, you are able to go into business FOR yourself, but not have to be BY yourself. The sense of community is real, as franchisees help each other. 

4. Innovation. In today's economic climate, consumers demand the best performance in service, products and overall experience. Many franchise organizations have strong innovation agendas and  processes that keep the franchisor at the cutting edge of the industry. For example, the N-Hance franchise brand, which provides wood renewal services across the USA and Canada, has dedicated resources that work to constantly innovate in ways that ensure that their franchisees are offering services and products that aren't available in the general marketplace. It's a marketplace advantage that comes included for every franchisee. 

These students wanted to know why someone might prefer a franchise over starting an independent company. My answer was simple. For those looking for proven processes, a history of best practices and success, a network of support, and innovations that give them something unique, while enjoying the benefits of being your own boss - then franchising is likely a good fit for you. 

First, young entrepreneurs should list their goals from the business, and then start to explore what franchise concepts might help them achieve their goals in a meaningful way. 

I look forward to seeing what these bright students are able to achieve as they set out on their own entrepreneurial adventures.