Don’t Travel Solo

It is understandable to be intimidated by all the details involved in launching a new business. After all, no one person can be an expert in all aspects of accounting, marketing, business development, team building, client relations, employee management and technology (just to name a few areas that running a business encompasses). That’s not even touching upon the industry-specific knowledge needed, depending on what type of business you decide to open.

The good news is that you don’t have to do any of it alone. Through franchising, you don’t need to be an expert in all - or even any - of these areas. By investing in an existing brand with a proven business model, you are not starting from scratch like an independent business owner would be.

Perhaps one mantra touted by the International Franchise Association (IFA) puts it best: “Owning a franchise allows you to go into business for yourself but not by yourself.”

From the start-up phase of your business to ongoing training and support, the franchisor provides the assistance needed to make your business a success. What’s more, the franchisor wants you to succeed, since your success is also their success.

Consider just a few of the benefits of franchising according to the IFA:

• The brand may already enjoy widespread brand-name recognition.
• There may already be a pre-sold customer base, which ordinarily takes years to establish.
• Supplies may be purchased at a significant discount due to contracts and volume purchases.
• The brand may have proprietary technology that franchisees can use.
• The products and methods are already proven, which makes the chances of business success greater.
• Quality and consistency are held to high standards mandated by a franchise agreement.

Keep an Open Mind

While the words “franchise” or “franchising” may conjure images of popular fast food or convenience store chains, they are just the proverbial tip of the iceberg. Franchise business options span approximately 80 categories and include most professions and industries. From healthcare to financial services to education to pet grooming, there’s something for every professional work style and interest.

The initial investment required can also vary, ranging from $25,000 to several million dollars. Some companies are better suited for a hands-on owner-operator, while other business models are perfect for executive management and still others offer investors an absentee owner with residual income. Whether you want to own a brick-and-mortar location or roll out of bed into a home office, there is something for every professional personality.

Working with a Franchise Consultant can expose potential franchise owners to brands they wouldn’t have normally considered. For example, someone who doesn’t consider himself handy may never think to look at a business in the home improvement sector. However, many franchises don’t require any experience or background in that area in order to become a franchise owner. That’s because, in many cases, employees perform the manual labor while the franchise owner focuses on building and managing a successful team as well as developing a new business.