Is Franchising For Me?
For many the American Dream is to become their own boss by starting a business. This is an exciting idea for the aspiring entrepreneur but the thought of going into business by yourself can be a little overwhelming. This is where franchising comes into the picture. The ability to go into business for yourself but not by yourself. Below you will find four reasons why franchising is so attractive.
1. Startup Costs
Starting a new business comes with an obvious investment of both time and money. When starting a new business from the ground up often times the startup costs soar from hidden costs that weren’t projected in the beginning. When choosing a solid franchise company with a proven success system you will receive a financial blue print that you can trust and budget for. The leveraged buying power of the franchise will increase your cost savings in opening your business.
Having capital available to start and run your business is a key component to any businesses success. When you choose to franchise a business rather than starting a company from the ground up you will find that financing is often much easier. Lenders find it difficult to assess the risks linked to funding a new business where there is no track record. This is where franchising opens doors as the brand’s track record makes your new business’s success more predictable and desirable to lenders.
3. Brand Awareness
A new business is exactly that, a new business to consumers. When starting a business from the ground up trying to gain traction in the market place and brand awareness with potential customers is difficult, time consuming and often very expensive. When choosing a franchisee you get the instant name recognition that comes with a built-in customer base who will look forward to your businesses opening with great anticipation as they already know and trust the brand.
4. Operational Support
Starting a business is tough and knowing what to do when things go wrong is key to a businesses survival. The beauty of franchising is you are not alone in navigating the issues that arise. You have a team with an established plan and a proven operating system rather than being left to figure things out all on your own. The day-to-day operations of your business will be your job but having a trusted team of experts to lean on for wisdom and guidance is priceless to your businesses success.