Why a Franchise is Better Than a Stand-Alone Business
Every soon-to-be business owner has considered the idea of opening up their own shop. A stand-alone location that they minted and brought to life – from scratch. Some take this as a fleeting thought and quickly move on, while others get caught up in the creativity and aspects of all-encompassing freedom, and ponder or days or weeks about all of their options as a from-the-ground-up business owner.
Yet this is also a huge risk. (And a bigger chore than most realize.) Taking on all of the responsibility for a business comes with far higher stakes. The brand isn't known, there's no business plan, no proven model for success. While some of these businesses certainly make it, there are actually far more that fail, and even more who take years to become profitable.
Narrow Your Focus
The biggest issue with creating your own brand is the lack of focus. This isn't done intentionally, of course, but rather out of excitement, or with a misunderstanding of what to do when or how.
When working with an established franchise, there's no guesswork, no room for errors. You don't have to worry about creating logos that "work," or about setting up products and/or services, business packages, or even signage – all of this has been done for you. But what's more important is that it's been vetted, oftentimes for years. Services have been tested and markets approved.
This background work is absolutely invaluable to you as a business owner. You don't have to wonder how your business will succeed, all you have to do is follow steps that have been provided to you.
If that feels stifling – remember there's plenty of room for decisions later. As a business owner, your main focus should be growth and finding success. If you are constantly adjusting the formula, you'll never be able to batch the perfect combo.
There's an Establishment for That
No matter what your industry of choice might be, chances are you can find a franchise in your market. Franchising has become so broad that there are companies in virtually every space. In fact, you might have your pick of establishments, depending what might be your top choice of professional space.
Save yourself time and energy, research, and rounds of guessing and checking to see what works. These franchising brands have already done that heavy lifting. They've found what works, and they've created a successful way to replicate it in your market. That's their main job – to make sure you are successful.
They're also updating you regularly with market changes, new products, and more. Without a franchising company at your back, you're left to do all of that on your own.
This not only spreads you too thin, but can lead to errors or missteps … simply because you're one person doing a job that's meant for an entire team.
Cut yourself some slack, and instead, lean on the help of those around you. Especially when they have the experience and know how to make your business succeed.
They Know What Works
As mentioned above, working through a franchising brand is the best way to set yourself (and your future business) toward success. Not only will your company have an established name (and therefore an existing customer base), but they have a working formula that's bringing in money.
Creating your own brand is risky and it takes time, knowledge, and resources. Why take that risk when your skillset can be better utilized? Franchising leaves you as a business owner with plenty of freedoms and decision-making abilities. Instead, the decisions you are making are ones that will propel you forward – the heavy lifting has been sorted out.
Meanwhile, working through a franchising company eliminates the ability for error and instead, allows you to focus on success.
Use your time wisely and opt for a model that's orientated toward growth.
Franchising shouldn't be a risk, it should act as a way for you to expand professionally. Avoid the added stress and instead, use your skills for forward progress.