When most people think of franchises, they think of big, multi-national companies like Mcdonald’s or Starbucks. But opening a franchise can actually be a great way for a small business owner to get started.
For one thing, it can be a lot of fun. And unlike starting your own business from scratch, with a franchise, you get to be your own boss while still having the support of an established brand.
So if you’re thinking about opening a small business, then opening a franchise might be the way to go. Let’s look at some of the benefits below:
1. Proven business model
When you buy into a franchise, you’re investing in a successful business with dozens, hundreds, or even thousands of outlets. You know the model works because if it didn’t, there wouldn’t be a franchise to buy into!
However, it’s always worth checking the facts and asking for businesses to disclose their financial records to see for yourself if they have a successful track record. If they refuse, it could be a red flag. They should be able to demonstrate that the brand has grown over the years, which shows that there is earning potential.
2. Support & training
Starting a business can be lonely and you’ll have to wear many hats. And a lot of the time, you’ll be learning as you go, figuring it out, making mistakes, and learning from them.
With franchising, you won’t need to. Typically, franchises provide support and training from the parent company, which can be invaluable for first-time business owners. You’ll become part of a larger organization that provides you with many benefits, including access to experienced professionals who can help you get your business up and running. And you’ll receive extensive training on running your business, from marketing and operations to reporting.
3. Lower startup costs
Starting a new business can be very expensive. That’s why many new businesses look to investors to secure funding. But if you’re not looking to go the investor route, franchising offers a route to market with much lower costs than traditional setup costs.
Many franchises are still expensive to set up, but the point is there are many lower-cost options out there too. You’ll need to pay a franchise fee (which gives you the right to use the brand and access their business processes) and an initial investment fee, while many have cash or net worth requirements too.
4. Brand recognition
Brand recognition is a powerful tool. One of the most difficult challenges new businesses face when breaking into the market is getting their name and brand out there so people can recognize them. It requires a big marketing investment, which a lot of entrepreneurs either don’t have the resources or skillset for.
Buying into a well-known franchise is an effective way to overcome this hurdle. It means that customers will already know what your business does, as well as its products or services – giving you a huge headstart! This saves you the time and money that you’d have to spend on marketing campaigns. Plus many people are more likely to trust an already-established business.
5. Marketing support
Not a marketer? Not to worry! Another great benefit of opening a franchise is that the franchise typically runs your marketing for you. From paid advertising and local store marketing to writing articles to promote your business on Google and managing your social media networks, a franchise will provide everything you need to get the word out about your new business. It means you can focus on running and growing your store, while they take care of the rest.
6. Network of fellow entrepreneurs
As we mentioned above, if you’re starting up a business by yourself, it can be a lonely venture. But joining a franchise means you’re joining a network of fellow entrepreneurs who can offer advice and guidance. You’re part of a larger team that’s dedicated to helping you succeed.
The bottom line
Franchise ownership is one of the safest and most cost-effective ways to start your own business. You’ll have the power of an already established brand behind you, plus you’ll get all the training and support you need to feel confident in running your own business.
At Pinspiration, we’re actively looking for new franchise owners to help us grow. Having grown from just one to 29 studios in just four years, we want to continue bringing our unique mix of arts and crafts to communities around the country so they can unleash their creativity. The perfect candidate has a passion for crafts and loves mixing and mingling with community members.
Sound like you? Visit your franchise page to get more information and book a free consultation with us to see if we’d be a great fit for your franchise business!
