There are lots of people in the world who want to be entrepreneurs but think the only way they can do it is by building their business from the ground up, forgetting about all the options they have to become a business person. You can build a brick-and-mortar business, you can start an online business, but the one business option that people tend to forget about is opening a franchise.
With franchises, you can look at it as a business model that takes all the guesswork out of trying to figure out how to get your business up and running… everything is already in place. As far as the logistics of running a franchise, you’re going to sign a franchise agreement and pay the franchise fee to give you the rights to the business name and the various processes of the business, according to Huffington Post.
From there, the franchiser will typically help you in choosing a good location, show you the most functional way to set up your store, and give you a list of all the different vendors and suppliers used in the past. You don’t necessarily have to use those companies provided unless you have companies you’ve worked with before and have a good relationship with them.
For example, if the company gave you the information to a business insurance company but you found a business insurance policy with better rates, you have the freedom to go with the company with the better rates, just make sure they provide the coverage you need for the type of business you’re running. Whether you’re running a start-up or a franchise, the risks are there and business insurance is a must-have for either one.
Now, people have their own mixed opinions on which one is the better option. Whether you’re team franchise or team start-up, there’s no denying the many benefits of why running a franchise business is considerably much easier than starting from the ground-up… you just have to look at the top franchise opportunities available to you.
The question is, are you ready to quit your job for entrepreneurship? If you still need a little more convincing, take a look at the many benefits of running a franchise business.
You’re Building Off of a Model That is Already Well-Established
Franchises have a stable foundation and that’s the reason why people go for franchises rather than building a start-up from the ground up. Just think about it… everything from your customer base and marketing to branding and accounting, you’ll be equipped with all the startup essentials every entrepreneur needs.
Not only that but most franchises have business reports and key performance indicators that will give you information on how the business has done in the past and it shows patterns within the business that will help you to make smart business decisions.
You Still Get to Have That “Start-Up Experience”
If running a franchise isn’t your cup of tea simply because you want that start-up experience, well, just know that you can still get that same experience with a franchise.
With a start-up business, you get an overwhelming surge of satisfaction in knowing that you built a business from the ground-up, but before you can get that satisfaction, you’re going to experience an overwhelming surge of stress as well in worrying about all the risks that your business is up against.
One of the biggest differences in the two business models is that one comes with much less of a risk factor than the other but the satisfaction of starting a business is still there.
You Have a Support System With Franchises
With start-up businesses, business owners typically only have themselves to rely on. With franchises, you’ll have the entire backing you up and offering you advice because at the end of the day, all the franchises are on the same team and want to see their teammates succeed. As the owner of a new franchise, you have the accessibility to reach out to other franchise owners and pick their brains for advice on how to make your franchise succeed.
Will Your Franchise Be Successful?
Well, the answer to that question is solely up to you. By choosing the right franchise location and with an ambitious and determined attitude and mindset, you can definitely achieve success in running a franchise… you definitely have a much better chance of success versus a start-up so if you want the entrepreneurial life but are quite in the position for a start-up, look into starting a franchise.