Franchising vs. Entrepreneurship: Key Questions to Consider

When it comes to starting a business, the age-old question arises: should I start from scratch or join a franchise??

Many aspiring entrepreneurs face this dilemma and choose franchising for one key reason: The unparalleled business support it offers.

Franchising: A Guided Path to Success

Unlike traditional entrepreneurs who often navigate the rough seas of business alone, franchisees embark on a journey with a tested compass.?

Franchisors offer a complete, optimized business system.?

It's not just about having a roadmap; it's about having one that's been tried, tested, and triumphed.?

The franchisee's role? Simply to implement it effectively.

But here's the catch - not all franchisors are created equal.

Evaluating Franchisors: Matching Support with Expertise

The spectrum of support varies across franchisors. Your job is to find the one that aligns with your level of expertise.?

Are you a seasoned leader with years of operational experience? A franchisor offering basic support might be your ideal match.?

Or perhaps you're stepping into the business world for the first time? In that case, comprehensive support from your franchisor could be the key to your success.

The Pillars of Basic Business Support

Every franchisor should offer certain fundamental support.?

Here's what to look for:

Operational Manual: This is your guidebook. It outlines policies, operational guidelines, and helps enforce obligations on both ends.

Training: Whether it's in-person or online, quality training is non-negotiable. It should familiarize you with the business model, key policies, and the brand culture.

Marketing: Support here varies, but expect assistance ranging from national ad campaigns to localized promotions, digital ads, and social media presence.

Networking: A robust franchise owner network is invaluable. It offers mentorship, problem-solving support, and sometimes, much-needed moral support.

Vendor Connections: Good franchisors connect you with reliable vendors, often with perks like discounts or priority service.

Comprehensive Business Support: Going the Extra Mile

Some franchisors take support a step further –

Financing: Look for those offering direct financing or connections to financial partners.

Software: In the digital age, proprietary software for various operational aspects is a huge plus.

Onsite Support: Particularly crucial for brick-and-mortar setups, this includes assistance with space setup, employee training, and more.

Inside Sales/Customer Service: A centralized team handling sales and customer queries can be a game-changer, especially for newcomers.

Franchise Fees and Business Support: The Balancing Act

There's typically a direct correlation between the franchisor's fees and the level of support provided. Higher fees usually mean more comprehensive support.?

However, anomalies exist. A low-fee, high-support franchisor could be a hidden gem or a red flag.?

Similarly, high fees with minimal support might indicate financial troubles.?

The key? Ask questions and be ready to walk away if the answers don't add up.

Final Thoughts

Choosing the franchising route isn't just about adopting a business model; it's about embracing a support system that catapults you towards success.?

As you evaluate your options, remember to weigh the support against the fees, and most importantly, trust your instincts.?

Stay curious, ask questions, and choose the path that aligns with your vision of success.

Ready To Explore Franchising? Let’s Talk!

Mack and Sharon Strange are on a mission as Franchise Consultants to help others go from “Start” to “Success” when it comes to franchise ownership.

If you’re curious about exploring franchising as a career pivot, investment vehicle or lucrative side hustle, let’s talk!

You can book a free, no obligation call with Mack here and/or a free call with Sharon here.

As Franchise Consultants, there’s no fee for our services.

Rather, our role is to serve as a trusted guide and educational resource, and we’re compensated by franchisors only if and when you decide to move forward with (and are approved for) franchise ownership.

Lastly, you can learn more about our story and how YOU can follow in our footsteps via the Franchise Together Podcast.

We look forward to connecting with you soon!