Working from 9 to 5 might be the norm today, but it can hardly be called fulfilling. And while it’s a wonderful way to work your days away if you have no interest in business yourself, those who have always wanted to try entrepreneurship might feel restricted in such a setting. Why would you work hard for someone else’s success if you also have the option to take things into your own hands and start working for your own? If you have some money to invest, becoming your own boss is not very far off.
Being in the driver’s seat undeniably has a lot of benefits. Besides having better control of your own time and schedule, it can also give you better job security. However, starting your own business is certainly a complex endeavor: not only do you need a solid idea, but you also need to be prepared for lack of profit for quite some time in the beginning. There is no guarantee for success with little experience, limited resources, and a slew of established competition. In addition, statistics regarding small businesses might make you reluctant to place your faith and money into something so risky.
However, starting a business from scratch is not the only way to become your own boss. You can also consider investing in a franchise and mitigate some of the risks if you are ready to make compromises. Here are 5 reasons why this might be just what you’re looking for.
Becoming your own boss and building a fulfilling career
A poor work-life balance is a major issue in the 21st century. Having to sacrifice our personal life, interests and passions inevitably drains us of energy and burns us out. In addition, if you spend most of your waking time doing something that does not inspire you or, worse yet, something you despise, it isn't easy to have a fulfilling career. As already mentioned, becoming a franchisee allows you to take control over your career even if you don’t have a million-dollar business idea. And while franchisees certainly don’t just sit back and make money without doing anything, being your own boss gives you more flexibility when it comes to what you do with your time. If you enjoy being in control, the time spent working on your business will also make you feel fulfilled rather than burnt out.
Some people might argue that being a franchisee limits your freedom. While it is true that this position does not grant you unlimited creative freedom in your business decisions, it can still be a well-working arrangement if you fit the profile and follow the rules. Even though you won’t choose your own suppliers or put together your own menu, you will still be the one in charge. The profit and progress you make will result from your effort, which will give you a sense of accomplishment.
Getting started in no time and receiving support
Another reason why investing in franchises could be a good decision is that it does not require you to have extensive prior experience. While every franchise is different and has different requirements, generally, your skills and attitude will be more important than your previous job. For those who are pivoting their careers, this can be reassuring. You can get started with your franchise much faster than with building a business from scratch. Even acquiring the funding for a franchise investment is easier, thanks to the fact that your franchisor will provide you with a solid business plan from the start. If we’re talking about a reputable franchise, their history will satisfy the bank criteria with no problem.
But besides the finances, there is another reason why getting started with franchising is so streamlined, and that is supported. Getting started with your own business takes a long time, partly because much of it is trial and error. Especially if you have little experience and few connections, you will never know what you should do when you run into trouble. On the other hand, franchisors often offer education and training to their new franchisees. You will get to learn the essentials of business, which will prevent rookie mistakes. In addition, some franchisors emphasize their ongoing support to their franchisees. In short, your franchisor will always be there if you need help or advice. Basically, running a franchise allows you to work for yourself, but you will technically never be alone.
Head start with a well-developed brand.
Building a brand is a long process. It’s something many small businesses struggle with in the beginning. However, the importance of a recognizable brand cannot be emphasized enough. People have a certain degree of brand loyalty, and they might be reluctant to do business with a new establishment on the block they know nothing about. One huge benefit of franchising is that it essentially eliminates these concerns. When you invest in a franchise, you are purchasing the usage rights to your franchisor’s brand. You won’t need to come up with branding of your own, nor think about getting your name out there, as your franchisor had already done all of this a long time ago. Naturally, this gives you a big advantage. You won’t need to win over your audience, as you already have a well-established customer base. Even if you consider the royalty fees, this makes your job a lot easier.
If you are working with a reputable franchisor, then beating the competition will not give you a headache either. The brand name is only one component here. Your franchisor is already aware of their competitors and has better resources to keep track of them. Good franchisors will also take competition into account when picking their locations and choose a suitable spot that will not make their own different locations compete with each other.
Gain access to valuable resources
We already talked about the benefits of gaining access to your franchisor’s brand. However, that is not the only thing you gain by becoming a franchisee; you also basically get access to your franchisor's valuable knowledge, experience, and resources, which are the result of years of work. First, you won’t need to develop a business plan from scratch, as you will acquire a tried and tested business model and organizational structure that others have already perfected for you. The already mentioned access to training and support should not be neglected either.
But there is still more that makes investing in a franchise worth it. You also gain access to business connections in more than one way. Considering just how important connections are for the success of a business and how difficult it is to build them up from nothing, it is a notable benefit. First of all, you will become one of many franchisors who are doing the same work as you and dealing with the same problems as you are. You will join their community and establish relationships with them that benefit both of you. Your franchisor may also organize events that encourage this, but you can also join online communities and initiate contact yourself. Needless to say, you may create connections that will not perish even if you change careers in the future. Finally, your franchisor already has well-established connections with suppliers, too. This might grant you access to much better deals than you would normally get. Not being able to choose your own suppliers might become a non-issue when you reap these benefits.
Enjoy fewer risks and better job security.
It must be admitted that investing in a franchise is in no way cheap. Depending on the industry and how well-established it is, it may even cost hundreds of thousands of dollars. Add to this the ongoing fees, and you might start having second thoughts. Needless to say, the importance of investing in the right place in an era where job security no longer exists is paramount. From the standpoint of safety and security, though, investing in a franchise can be a much more solid decision than using up your savings to start your own business.
As said in the beginning, businesses don’t start making a profit instantly. However, a franchise generally starts yielding faster. It is not difficult to see why considering all the pros we already mentioned. The already established branding makes sure your business does not go unnoticed. The previously mentioned resources give you an advantage in your business operations. The tried and tested business plan lets you steer clear of mistakes that would slow down your progress. Since your success is your franchisor’s goal, they will help you and support you, making the chances of success higher. You won’t need to make crucial business decisions alone, which takes away another layer of risk associated with business ownership. If you do your homework properly and find a suitable franchise, then your investment is relatively safe.
As you can see, franchising has many benefits for those who want a taste of the business world. While it might not be for someone who wants to realize their unique ideas in their own unique way, it gives you enough freedom to become your own boss. If you do ample research and consider your own goals carefully, it can be a fairly safe investment that not only gives you valuable experience and business connections but allows you to build a fulfilling career as well. Getting started may be daunting but never forget that franchising means you are not doing it all by yourself.
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