Have you always wanted to own your own business? Do you crave the flexibility, immense freedom, and sense of fulfillment that coincide with being your own boss? If so, you may be in the process of brainstorming various company ideas that would prove lucrative in the long run. However, wouldn’t it be fantastic if there was a business opportunity that was already prepackaged and proven to be successful? Well, there is! You can be your own boss and eliminate some start-up risk by becoming a franchise owner.
If you’ve never thought of becoming a franchise owner, you may not know how it compares to launching a whole new business. In my own experience of creating and expanding MaidThis, a new-age short-term rental cleaning franchise that can be run remotely from anywhere, I’ve pinpointed the many benefits of owning a franchise.
Reasons to consider becoming a franchisee
Proven business model
If you decided to launch a whole new company, you would have to spend so much time carving out a niche for your business, researching possible competitors, establishing operational processes, deciding on pricing structures … the list goes on. You may make a ton of costly mistakes as you try to figure out which business elements work. In contrast, when you buy into a franchise, you are given a tried-and-true system and successful blueprint to follow. The franchise’s executives have already made all the necessary trial-and-error mistakes and spent money to fix them as they nailed down what truly works — and YOU get to reap all the benefits!
Established brand awareness and customer loyalty
There is a ton of brand loyalty in today’s market, as consumers love to give their business to brands they already know and trust. From restaurant chains to beauty salons, hardware stores to home care services, many of today’s buyers stick with the companies they have used in the past or are already well aware of. They know exactly what to expect with the established brands and will therefore have greater peace of mind with their purchases. Franchises allow you to profit off that well-established brand awareness and customer loyalty.
In contrast, if you decide to launch a whole new business concept, you will need to spend a ton of money on marketing to generate initial brand awareness with your target demographic. You may have to go through a lot of trial and error as you try to reach these consumers and convince them to try your business out. After this, it can take time to lock down their customer loyalty and repeat business, which are critical for company growth.
Immediate support system
Having support is pivotal when you become your own boss. The moment you decide to buy a franchise, you will have a support system made up of the company’s executives, in-house business coaches and community of other franchisees who can provide guidance to help you succeed. These individuals will mentor you in your business journey, share their tips for success and help you overcome challenges you may face in running your franchise.
On the other hand, if you decide to launch a brand-new business concept, it can be difficult to find and grow a support system right off the bat. You may have to go to networking events, search for online entrepreneur communities, hire business coaches, or attend conferences and trade shows to meet other like-minded business owners you can turn to for advice. In contrast, you will have a whole network of support on Day 1 of your franchising journey.
Endless business models to choose from
It can be really difficult to think of the perfect business idea to launch that would actually prove to be fruitful for years to come. You may brainstorm a possible company idea you start to pursue but then later realize it has already been done, the market is too saturated to enter or there simply isn’t enough demand for it. This can discourage you from continuing along on your journey of becoming a business owner.
With franchising, you won’t have just one business idea to consider — there are countless franchise opportunities available! You can select from restaurant chains, car washes, fitness centers, coffee shops, online franchises that have a fully remote model and allow you to live a digital nomad lifestyle (like MaidThis), etc. Consider the kind of lifestyle you want to live, what industry you want to work in, and whether you want to run a brick-and-mortar or fully virtual enterprise, then see which franchises out there fit your criteria.
Summing it all up
Are you ready to be your own boss and start living the lifestyle you really want to live? Rather than try to come up with a whole new idea for a company, consider becoming a franchise owner and time collapse your growth. You will get to use a business model that has been proven to work, reap the benefits of established brand awareness and consumer loyalty, and have an immediate support system that will help you succeed. On top of this, there are thousands of franchising opportunities to choose from in the United States. So if you’re looking to start your entrepreneurial journey but not sure where to begin, consider joining a franchise system today.
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October 14, 2021 at 12:04AM by Neel Parekh, Khareem Sudlow
