Owning a franchise is becoming increasingly popular. In the last year franchise ownership increased by almost 2%. Many Americans are choosing to become business owners because they are sick and tired of going to work every day and working for someone else. There is a myriad of different franchise opportunities out there for anyone who wants to get started as an entrepreneur.
Franchises are a good option compared to starting your own business outright. Of course, some industries are better than other, and you should probably look for a franchising opportunity in an industry that you are knowledgeable about. For instance, if you have a passion for fixing cars, you should look into owning an auto repair franchise. Other popular franchise opportunities are in the restaurant niche. It is, after all, making up a huge portion of the franchisee population. If you are still on the fence about starting a franchise versus starting your own business, here are a few reasons why it can be a great option.
Three Reasons for Owning a Franchise
– Established – One of the most difficult aspects of business ownership is developing a successful model for operations and sales. This is not an issue with franchising because the company has a model developed already and has a proven success record. Having a clear structure and established protocol can really help you hit the ground running with training and implementation of the sales process.
– Customer Base – Any company that is available for franchising has a track record of success, meaning they have an established brand and a thriving customer base. Chances are, people in your town will recognize your brand and will avoid other options they are not as familiar with. Developing branding and customer base is the hardest part about the first years of owning a business and investing in a franchise helps you completely avoid that.
– Support – When you start your own business, the most important thing missing when compared to franchising opportunities is the support system. The owners of the original brand don’t want their company to look bad, so they will do everything possible to help your location succeed. They usually will have a probationary period when you first open the business to make sure that you are running it correctly. This is a great way to guarantee the success of your company and most valuable when it comes to training.