Donít 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). Thatís 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 donít have to do any of it alone. Through franchising, you donít 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: ďOwning a franchise allows you to go into business for yourself but not by yourself.Ē
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. Whatís 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.