You want to open up a business, but you don’t want to be in business by yourself. It’s a scary world out there – especially during these economic times. It would be nice if there was a business you could get into where you didn’t have to worry about marketing, you had a partner to help you along the way, and you has a system for selling. Fortunately, these kinds of businesses are very common. It’s called a “franchise.”
One of the best things about owning a franchise is the fact that you don’t have to figure out the marketing strategy on your own. Marketing is one of the hardest things to get right. Fortunately, with a franchise, the parent company has all of the marketing down to a science.
What works best is already being used. All you have to do is plug into the system and spend the money to buy ads. In fact, some franchises prevent you from going out “on your own” to test new marketing ideas. It might seem a little restrictive if you’re the type that likes to experiment with that stuff, but that can actually be a good thing. Why?
Because the franchise company gets to spend its money doing the experimentation. You get the distilled results. No wasted money. Many franchise companies will also help you plan out your budget and strategy – when to buy ads and how much to spend.
Great Training and Systems
By definition, a franchise is a “business in a box.” It comes loaded with a training system, a product or service, and detailed instructions that make it difficult to fail. For example, the best tax franchises out there will come complete with a well-known corporate name, a system for training tax professionals, and sometimes even financial and legal assistance.
Training systems simplify and otherwise complicated business. Franchises tend to be very systematic. While you might think that this takes a lot of the creativity out of running a company, the strength of a franchise is in its scalability. Franchises can be run by just about any competent business owner, and there’s consistency across all franchisees.
So, when you see one franchisee succeeding, it’s a good bet that the system works, and it can work for you.
A Good Partner
With a franchise, you’re not alone. You’re in business with a partner, of sorts. Yes, you’re ultimately responsible for the success or failure of your own company, but the franchise company has staff dedicated to providing ongoing support and assistance to make your life easier.
So, where you might otherwise be left guessing as to solve a particular problem, you’ll have an expert who’s been through it before to give you advice. Part of that partnership extends to purchasing power and construction assistance.
A good franchise takes advantage of the buying power of the entire system to negotiate prices for everything – often at a substantially lower cost than what you could do as an independent business owner. As for the actual building, franchise companies have you covered there too. They help you design the layout, find contractors, and choose the right furniture and fixtures so that you don’t waste money getting up and running.
Jeremy S is a franchise owner. He loves to share his top tips for finding the right franchise on business blogs.