Do you ever feel that you want to go into business for yourself, but you don't have the knowledge or experience to do so? If that is the case, a "franchise system" may just be the answer for you.
One specific theme ins "owning" a franchise is that you are "in business for yourself, not by yourself" What franchsing can mean is a network of independent business people who will share a brand name, a way of doing business (uniformly) and a proven marketing system.
One out of every four dollars currently spent in the U.S. for goods and services is spent in franchised businessess. It's quite simply the leading way of doing business in the last century and will be this century as well. Franchising has been successful because we as consumers are brand loyal and brand driven. We will always be that way as long as that product or service is delivered to us the same way, no matter what, no matter where.
Some advantages of owning a franchise include:
- The experience of the franchisor and the system
- The ability of the franchisee to be trained, and learn all the aspects of the business
- Buying power
- Advertising, brand building and reduced advertising costs
- New product development and introduction
- Synergy - fellow franchisees work together for the good of the system. The most effective new ideas may come from existing franchiees.
Other advantages of a franchise compared to going into business for yourself include the abiity to open up units faster, the development of a customer base, taking less risk (always a risk) and being more profitable.
So , what does it mean to be a franchise? It means that you must accept running your own business according to someone else's plan and not feeling the need to do it "your own way". The franchisor already should have a successful track record with existing units and established franchisees. In fact, you should contact existing franchisees before investing in any franchise.
You will face some challenges and and responsibilties when you "own " your franchise. First and foremost, you must work within the system. You must conform to policy and procedure as set by the franchisor. The risk, while less then starting your own busines, is nonetheless a risk. Don't have false expectations; there is no instant success rule. It still takes time, hard work, long hours, time and effort no matter what kind of business you choose to enter.
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