The dream is to love what you do and then it will never seem like work!
Not everyone gets to experience that because it may seem risky to leave your job and start your own business. However, if you make that bold choice you are still faced with a plethora of decisions to make. The most important one is whether to join a franchise or start your own business. While they both have their advantages it is proven that becoming part of a franchise is the best way to go.
According to the Department of Commerce over ⅓ of all retail sales are from franchises and conversely, 25% of all startup companies fail in the first year, and 50% of the remaining fail in the first five years. These are staggering numbers so let’s take a look at why franchising is the way to go!
When deciding on what type of franchise you are going to invest in you need to do ample research online as to who they are and the company philosophy. In addition, most franchises have in-depth websites where you can gain all the knowledge you need to see if this is a viable option. Furthermore, when selecting the business you want to pursue most of these companies have seminars that you can attend to learn hands-on and talk to professionals in that field. From these experiences, you can gather all the research you need to make an informed decision.
What are the benefits of deciding to become part of a franchise?
By joining a proven successful business model you get support throughout the process. There is someone there before the launch and during to help with such aspects as accounting, procedures, training, and financing concerns. You are the boss and get to make your day-to-day decisions and oversee the workforce which gives you a feeling of ownership however, you are growing and sharing in the benefits of the larger community.
Another benefit not to be overlooked is in advertising.
As a startup business, you are solely responsible for every aspect of the company – advertising, insurance, and branding whereas with a franchise you have that infrastructure already in place.
Proper training methods.
Not only yourself but all your employees have already been streamlined for your success. Being a part of a uniformed business means that many of the choices and struggles are taken away such as – the appearances of your building and staff, which products to use, and how to create brand awareness.
Upon joining a franchise you immediately position yourself for success.
You have a structure and business model in place and it is now your time to grow your business.
For many people quality of life plays a large role in their overall happiness and having your own franchise allows you the flexibility and financial stability you strive for. You have been provided with the trademarks/ patents and designs which give you the ability to provide services to companies who have higher operating costs because as part of the franchise you have the infrastructure to accommodate these larger companies.
As a successful franchise, you will grow and expand – in the industry, there is term “Hockey Stick“ growth is used to describe this growth. Once successful and ready to grow it will happen fast and furiously which can look like a hockey stick on a graph. The structure is there and you will have the ability, however, this is where many people falter.
With this rapid growth, you must not overlook the core values and principles which led you to this point. Relationships that you have developed with other franchisees and employees will aid in your growth and should be nurtured. All of these aspects are at your disposal when you join a franchise. With a proven success rate and business model, it is a fiscally wise decision as well as one that will lead to a happier you!