If you’re thinking of becoming your own boss, buying a franchise may be the perfect way to get your feet wet as an entrepreneur. Buying a franchise is like an entrepreneur hack. You get all the benefits of owning your own business with less stress and risk. If you’re still trying to decide what type of business to start, Franchise Direct has excellent resources to help you. Maybe you’ve thought about it but you’re not quite sure yet. Here are some awesome reasons to choose a franchise as your first business.
Starting a business from scratch is like stepping into the unknown. You may decide to open your business in a specific industry with a proven market, but your business is still new. Until your business starts to generate revenue, you have no way of knowing if your idea will succeed. When you start a franchise, you have the comfort of knowing that others have launched this exact business and been successful. The franchisee takes on liability for any legal issues, so there’s no need to worry about losing your business over a lawsuit.
Ideally, when you first launch a business, you have lots of tasks to accomplish. It’s necessary to perform market research, determine what product or service you’re selling, figure out pricing, decide on a location, secure vendors, and on and on. With a franchise, the majority of these steps are done for you. The franchisee will likely have training in place to get your business up and running faster. Another great perk is that the franchisee is responsible for executing the lease for any equipment, transportation, or the physical location.
Prepackaged Brand Awareness
Establishing your brand is one of the more challenging aspects of starting a business. It can take a while to understand what your brand voice sounds like: brand colors, logo, etc. Save your brainpower and start a franchise instead. The brand is already established and recognizable so that you can focus your energy on other aspects of your business. This is an area where new companies spend lots of time and effort, so being able to skip it is priceless.
Learn From the Mistakes of Others
When you start a new job, you’ll likely have someone to train you. You’ll learn what to do, what not to do, and how to succeed at your job. Starting a business from scratch is not like that. You’re learning as you go, and there’s no one to save you from your mistakes. The best part of a franchise is that others have come before you. They’ve made mistakes and learned from them, so you don’t have to. You can ask an existing franchise owner to mentor you so that you can learn to be a fantastic boss and business owner.
Existing Customer Base
Customer acquisition is another huge cost to consider when you go into business for yourself. Who is your customer, and how do you get your product or service in front of them? These are expensive questions that have already been answered if you buy a franchise. This business comes ready-made with customers. They know the brand, they know the product, and they’ll be excited to see your business pop up. Having an existing customer base is a considerable edge. All you have to do now is nurture those relationships and keep them coming back.
Easier to Get Investing
Investors aren’t fans of risk. They like to see their money grow, not shrink. So when you pitch a brand new business to them, they’re very unlikely to roll the dice on that opportunity. You’re much more likely to get capital if you’re launching a franchise. You can present hardcore data that shows how other franchises are already doing. Your investor knows that you’re going into this with resources and support, so you’re more likely to succeed. The risk to the investor is significantly lower, and they’re more likely to take a chance on you.
Go For it!
These are some great reasons to buy a franchise, but there’s plenty of other resources out there to explore. If you want a less stressful way to get started as a business owner, franchises are for you. There are so many options to choose from. Pick one that resonates with you and jump in!