Running your own business is a common career dream, but all too often it seems to be nerve-wracking, stressful and extremely time-consuming. That’s where franchising comes in. Being a franchisee can give you access to many of the perks of business ownership, with less of the hassle.
Lots of people perceive business ownership to be a perpetual grind, and assume you end up working every hour of the day at the expense of your social life and personal health. But it doesn’t have to be this way. By becoming a franchisee, you can replicate a proven system and benefit from many more time-saving perks.
In fact, the advantages of running a franchise business lead many would-be entrepreneurs to consider the model as an alternative to launching an independent start-up.
What are the perks of running a franchise business?
1. Stability in the face of economic and political crises
Economic uncertainty is a big concern for entrepreneurs who start small businesses. Events like Brexit and the Covid-19 pandemic, combined with an ever-evolving technological landscape, can wreak havoc with many business’s development plans. Often, small businesses delay making long-term goals and, while it may seem sensible to stick to short-term targets, failing to consider a business’s future can hugely stunt its growth.
The key to longevity is reacting and adapting to change. But to evolve effectively, you need to have a proactive, innovative business, underpinned by a stable foundation to allow it to keep trading at times of uncertainty.
Luckily, franchises can offer these business ownership perks. They have a robust infrastructure and a proven concept, which the franchisor has perfected over the years.
2. Clear standards and strategies
When you start running your own business, you’ll spend time developing many of its processes. Often, they evolve organically, and you learn from expensive - and sometimes humiliating - mistakes.
Ready for national or even international expansion, franchises have already overcome their obstacles and adapted to reach their current position. They will have also developed watertight control systems to make sure franchisees uphold the strict standards put in place by the franchisor.
Franchisees must stick to the rules and regulations defined in their franchise agreement, or they’ll risk damaging the quality of the business’s network and, in turn, its reputation. Although this can stifle innovation, it also breeds uniformity and consistency, which results in customer trust and loyalty.
The bottom line? You can access a winning model and start generating a healthy revenue from the get-go, without wasting time refining your strategies.
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3. Wide-reaching marketing activity
Knowing how to attract new customers and retain existing ones can be tricky. Many business owners spend lots of time finding the right marketing channels to present their company in a great light while continuing to provide a competitive product or service.
Being a franchisee can remove a lot of this pressure. You already have a winning product behind you, and your franchisor will carry out wide-spread promotional activity to boost the brand’s profile. Although they’ll probably ask you to contribute to a central marketing fund, you’ll benefit from expensive brand-level advertising campaigns, which you wouldn’t be able to afford alone.
Simultaneously, the franchisor will help you promote your individual franchise unit with local marketing activity. It’s likely you’ll learn how to launch advertising campaigns in your initial training scheme, but you’ll be able to rely on ongoing guidance too.
The combination of national marketing and local promotion should give you an edge over your competitors.
4. Expertise and business support
The idea of running your own business can be incredibly appealing; spending your days pursuing your passion and boosting your pay packet. But, unfortunately, being an entrepreneur isn’t always so straightforward.
As an independent business owner, you’d be responsible for every aspect of your venture, from operational procedures and growth strategies, to marketing and recruitment and support, if you hire employees. You may have the option to outsource some of your tasks, but emerging businesses rarely have the funds to do so.
On the other hand, franchises provide a high level of training and business support. Franchisors want and need their franchisees to succeed, so they put a lot of effort into their guidance programmes. Usually, they also help their investors with certain operational areas, such as property lease negotiation, lead generation and business development strategies.
Many offer weeks or months of coaching at the start of the contract term, and hand over comprehensive operations manuals and extra learning materials. Most franchisors also provide advice with the franchise’s specific strategies, as well as business ownership in general.
What’s more, the support doesn’t stop once you're up and running. The franchisor and their team will be on hand to provide continuous professional development opportunities and advice whenever you need it. This expert backing is one of the top perks of franchising, particularly for those new to business ownership.
>> Read more:
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- Franchising 101: How to Buy a Franchise Business in 10 Steps
- Franchising 101: The Official Franchise Start Up Checklist (Part 1)
- Franchising 101: Top 5 Qualities of a Franchisee
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5. Networking opportunities and a family atmosphere
The fear of failure keeps many business owners up at night. Launching and running your own business takes you on a long journey, as you invest in your venture both financially and emotionally. When times get tough, it can be difficult to find the momentum to keep persevering, especially when you have no business support network.
As the famous saying goes, ‘when you’re a franchisee, you're in business for yourself, not by yourself’. With the support of the franchisor and other franchisees in the network, you can quickly overcome feelings of self-doubt.
Most franchisors organise regular networking opportunities, giving their investors the chance to mingle and share insights and reassurance. Often, you’ll bump into people who have overcome the obstacles you’re facing and can provide valuable advice.
Being a franchisee - the right path for you?
Franchising is a great opportunity to try business ownership with added security. If you think you’ve got what it takes, why not browse our current selection of high-quality investment openings? Just use the main menu to get started.
The Editorial Team, Point Franchise ©