Becoming an entrepreneur is all the rage these days. High school dropouts who made it big like Mark Zuckerberg, Bill Gates and Steve Jobs made starting your own successful business look easy. But the truth is, it isn’t. Did you know that 95% of startups fail in their first few years? Starting your own business from scratch is tough: think lots of long hours, stress and living below the line until your business turns a profit. Yet what if there was another way? What if you could go into business for yourself, in which you could be a business owner, but operating under the safety-net of an established company?
If you want to own your own business but don’t want the high risk of failure that comes with startups, franchising presents a unique opportunity for you. It’s often the case when people decide to make a career move that franchising is overlooked as an option. However, what a lot of people don’t realise is that starting your own business as a franchisee has the highest rate of success in comparison to a standalone startup business. In this article, we will be talking about why franchising is a unique opportunity for entrepreneurs, and why you should consider it as your next career move.
Franchises offer an established business model
The great thing about buying into a franchise is that the franchisor has already figured things out. When starting an independent business for the first time, you are starting from scratch, which many people can find challenging. You need to figure out operational procedures and how to get your brand name out there, while most likely having no initial income and no support if the business does not succeed.
Also, when it comes to starting a business, you need to invest a lot of time and money into building a brand name. With an established franchise, the brand name is already known and trusted, making clients or customers almost guaranteed.
Go into business for yourself, but with less risk
As a franchise owner, you are still going into business for yourself, but with a lot less risk. Franchising lets you be the owner of your own business without having to take most of the initial risks startups must take, this is a major reason why franchisees do very well in the long run. A high number of independent businesses fail within the first few years, but as a franchisee, the groundwork has already been done, which makes a huge difference to your success.
It’s relatively easy to start
Depending on what franchise you want to buy into, the barriers for entry are generally low. As a rule, most single operator franchises cost anywhere from $25,000–$60,000 to own. This might seem like a lot on the surface, however, compared to the cost of starting a business from the beginning, it’s relatively inexpensive. Furthermore, when you buy into a franchise, what you’re paying for is an established brand, a proven franchise system, training and support and advertising and marketing materials.
One of the biggest differences between starting an independent business and franchise ownership is that franchising provides you with a turn-key operation. If you don’t have experience in running your own business, you will learn everything you need to know. However, while the everyday business operations are under you control, you do need to follow the franchise processes and systems.
The next steps
All in all, franchising certainly presents a unique and exciting opportunity for entrepreneurs who want to start their own business but with as little risk as possible. Becoming a franchise owner offers you independence, freedom and unlimited income, so if you’re ready to take your career to the next level, don’t look past the unique opportunity of franchising. Click here to explore ActionCOACH Franchise Opportunities!
