When it comes to business, you can either drive, or you can steer. The latter involves being part of a larger process designed to help a company grow, and this usually happens as an employee. The former involves directing the entire show from the top down, as a business owner. This is one of the reasons many individuals choose to become a franchisee. There are many attractive benefits attached, which we’ll take a look at here.
#1) Independence
While it is true that franchisees must operate within pre-established franchisor guidelines, that isn’t a bad thing, nor is it a strict and unforgiving relationship. Franchisees still have a lot of flexibility when it comes to their work schedule and life balance. This is one of the most attractive prospects for those looking to quit their job and pursue this change in career. Being a franchisee means being in charge of the show, and paving the way forward to success and growth. There are no middle managers to shoot down your ideas, and no bosses to answer to. While that does place responsibility firmly on the franchisee’s shoulders, it’s a welcome part of the equation. Many find this to be far more rewarding than working for a company in a traditional capacity, as its success or failure would depend on someone else’s decisions, whereas franchisees decide which direction is best. It’s always better to be at the helm.
#2) A Shortcut to Success
Becoming a franchisee means being able to take advantage of a vast support network from your franchisor. They know the drill, they’ve established the brand guidelines, and they will invest their time and money into your location for mutual benefit. That means cutting out a huge part of the initial setup process in favour of getting to work as fast as possible. The franchisor has experts already in place who are constantly refreshing the brand image, corporate culture and respective business model to stay up to date. The bulk of major marketing costs is alleviated right out of the gate, giving franchisees the opportunity to concentrate on local marketing to give their location(s) a little extra nudge! That’s a major burden off the shoulders of the franchisee, and a shortcut to growth and success.
#3) Limitless Growth
Franchisees have access to unlimited growth potential that is driven purely by their own ambition and desire for further success. Enjoying explosive growth at your first location? Maybe it’s time to buy a second or third! Expansion tends to be inevitable in the franchise world, and for good reason. A franchisee cuts his or her teeth on the first location by learning the ins and outs of the business, whilst building up a lot of experience in the process. When the time comes to expand their franchise portfolios, they already know what to expect, which makes it easier and easier each time. With all this growth comes financial flexibility to hire general managers per location in order to keep tabs on them from afar, without having to physically be there every day. It may not be “easy money” in the traditional sense of the word, but it does leave the field of success wide open for harvest, with a lot of logistical flexibility for proper work/life balance.
#4) Lending Support
Banks may be cautious about lending money most of the time, but franchising is an entirely different ballgame. Potential franchisees can leverage extremely attractive financing offers from banks who are all too eager to support an established franchise. It is safe to say that those looking to jump into franchising are no strangers when it comes to financial responsibility, meaning banks will be very enthusiastic with their offers. Both franchisee and franchisor become a powerhouse package for lending options.
Knowing When to Jump in
The sky’s the limit when it comes to franchising, but you must be prepared. It’s always wise to evaluate key factors in your life before you decide that the time is right. Building out your budget, analyzing your market and committing to learning about business permits, taxes and insurance are run of the mill for any business owner, but it’s good to get a head start. This is especially true if you’ve decided that you want to work towards quitting your day job in favour of becoming a franchisee. Start early, do your homework, and saddle up for the day when you’re ready to make your move. You’ll be far more confident, relaxed and confident going in!
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