Why Franchising Might Be Right for You

You want to own your own business, but you’re feeling overwhelmed and afraid of failing.

If this describes you, franchising may be your answer. Franchising allows prospective business owners to pursue their dreams of being their own boss with the security and resources of a larger company. Opening and operating a franchise carries its own challenges; however, many entrepreneurs find it less risky and more beneficial than trying to navigate the commercial world on their own.

The Benefit of Experience

Franchises allow you to seek advice and assistance for your business, especially in start-up mode.

Your franchise will likely include:

• Important business systems and procedures that can easily be executed in your own business.
• Most franchisors also provide operations manuals that allow them to maintain quality control and provide guidance for new franchise owners on everything from operations procedures to marketing plans.
• An extensive support network that most small businesses don’t have access to.

Working With Employees You Know

Many franchise owners work with friends and family. Working with friends and family keeps you from feeling isolated as you navigate a new business. Working with known employees also ensures that you know everyone’s strengths and weaknesses ahead of time. Using this knowledge gives your business an advantage because your employees already know how to work together.

Financial Benefits

An old adage says that you have to spend money to make money. While this is true, many entrepreneurs end up spending more than intended. Starting a business from scratch often means paying for everything yourself.

Consider these financial benefits to franchising:

• You’re more likely to get a loan for a franchise because financial advisers are already familiar with the business.
• A franchise comes with an existing financial system. That system gives you a guideline for handling financial eventualities.

If you haven’t considered franchising, now is the time. There are many benefits, and you’ll likely feel more secure than you would starting a business from the ground up.