4 Key Advantages of Franchises over Start-Ups
Will you build a start-up from scratch, or will you invest in a franchise?
By Pete Gilfillan, best-selling author of HIRE YOURSELF: Control Your Own Destiny through Franchise Ownership
If you are among the millions of Americans who dream of entrepreneurship, sooner or later you’ll be weighing this big decision: Will you build a start-up from scratch, or will you invest in a franchise? There are advantages and disadvantages to each approach, but if you’re a first-time business owner making the leap from the corporate world to entrepreneurship, there are some built-in benefits of franchising that are well-worth considering. Here’s a rundown of 4 of the biggest franchise advantages:
Every great new entrepreneurial endeavor starts with someone recognizing a need and making a decision to fill it. From there, though, the paths of franchising and start-ups diverge. With a franchise, you choose a proven concept to meet the need you see. With a start-up, you must build one from scratch. Most of us are glad to have options that don’t require us to be struck by the lightning bolt of a brilliant and original concept in order to gain entry into the world of entrepreneurship.
Proven systems are a key component offered by every good franchisor. The business must be repeatable, with solid well-designed procedures in place that leave no room for error. That “no room for error” factor is a very big advantage franchises have over start-ups. It’s tough to put a value on the edge you get when someone else has already worked out all the kinks in how to run everything from getting started to staying supplied to hiring, training, and accounting.
What’s in a name? Ask any entrepreneur since the beginning of time and you’ll hear it’s far more than the term a business uses to identify itself to the world. Your company’s name is its calling card, its reputation, and its marketing value—and that’s just the beginning. Investing in an established franchise offers instant name recognition—along with all the advantages that come with being a known entity in a world where consumers crave companies they recognize and trust.
The amount of time it takes to build a start-up business from dream to bricks-and-mortar can range from a matter of years to just short of eternity. In a franchise launch, though, the franchisor has done this before, and along the way, created a plan to streamline everything from site selection to opening day. Most franchisors can give you a reasonably accurate estimate of time from investment to launch, as well as a carefully-detailed, well-supported plan to get there. For the first time business owner, this can save not only a ton of time, but also the doubt and frustration of trying to find your way from an idea to an opening with neither a guide nor a map.
Would you like to know more about the advantages of franchising and its possibilities? A qualified and successful franchise consultant can help you investigate your options at no cost to you. For more information, feel free to contact me directly at firstname.lastname@example.org.
About Pete Gilfillan
Pete Gilfillan is a franchise consultant and author of the best-selling book HIRE YOURSELF: Control Your Own Destiny through Franchise Ownership. For more information, visit HIREYOURSELFBOOK.COM.
Source: Winningback to the blog