If you’re looking for a unique challenge with both short-term and long-term rewards, consider franchising. You’ll get to experience being an entrepreneur in a more stable environment than if you were building a company from the ground up.
Here are just a few of the top reasons why you should consider opening a franchise.
There Are a Lot of Perks
- You can be your own boss – most of the time. You own the franchise and get to call the shots, but there is still a corporate hierarchy that you are part of.
- There is less risk than starting a company from scratch. If there is a franchise opportunity, then there is already a consumer base, location, and some demand for their services. You are jumping into something already developed.
- A franchise is a proven formula. If franchise opportunities exist, the corporate entity has found enough success with what they are doing to be comfortable with expansion.
- There are good buy-in prices when the economy is slow. As far as investments go, franchises are a good option when there is a downturn in the economy, since typically the buy-in is lowered significantly.
- You can work with your friends and family. Either get them in on the ground floor of your investment, or hire them to help you out. Partner up if you like. It’s your franchise and your passion, so you can get whoever you like involved.
- Your chance of success is much higher. As stated above, there is existing opportunity and demand. Your corporate chain has no interest in seeing any of their affiliates fail.
- Good franchises will encourage positive SBA loans.
- You have the power of an established brand. One cannot underestimate how powerful it is to have an established brand. Branding is tricky and requires a lot of time and effort to cultivate. On your own, a brand might falter – but an established brand puts you years ahead of starting up your own company.
- You will receive proper training. Again, no corporate entity wants to see you fail. You will get the right training for the job to be done, rest assured of that.
- Smaller franchises typically offer great potential ROI.
- You will enjoy independence with guidance. You get to be the boss but also have a team that can back you up and offer insight into good decision making – a rare opportunity.
- Some franchises have access to in-house lending. Some opportunities will offer the option to self-finance as you go, or they may lend money if you are having a slow quarter.