Businessing Magazine Logo Businessing Magazine Logo

5 Reasons to Start a Franchise Business

5 Reasons to Start a Franchise Business

Is it time for you to take a new professional step? Millions of us think so. In the US alone, 66% want to start their own business. For some, entrepreneurship is a better option than moving to another role where they may yet again feel dissatisfaction. Franchising can offer the freedom of running your own business, as well as the support and security of an established brand behind you.

If you’re unhappy with your job and want to own a business, starting a franchise could be your next step. Here are our reasons why you should start a franchise in 2019 and take the first steps towards greater career satisfaction.

You Can Be Your Own Boss but Still Be Supported

Being part of a franchise gives you the freedom of setting some of your own rules, choosing your work environment, and deciding who works for you. These may be true of any business, but a significant benefit of a franchise is you will have the support of a larger corporation behind you. Franchisors offer many support structures to help you to succeed. After all, your success is their success and they need to make sure they don’t leave their franchise partners in the dark. Franchisors often offer helpful training materials to help bring you — and your new employees — up to speed.

You Can Sell Something People Know and Love

Unlike striking out alone with a new business idea or venture, starting a franchise offers certain guarantees when it comes to the product or service you’re selling. With a standardized product or service that people know and love — like the iconic Big Macs in a McDonald’s franchise — the risk of trying to convince people to try something new and untested is removed entirely. As a result, your business is more likely to succeed.

Having a Big Brand Name Gives You a Competitive Advantage

Brand recognition goes some way towards bringing in customers. With a big name coffee franchise, for example, would-be customers already know what you’re offering and the quality they can expect. This makes a franchise less of a risk than a standalone business — and it gives you the edge over smaller rival companies and brands that may be in your local area. Your franchisor will likely have a handy guide to expected standards in service too, which will further mark you out above your local competition.

Franchises Have Lower Financial Liability Than Other Businesses

Business is not without its risks, but being part of a network of franchises reduces many of them. Starting a franchise — just like any other business — is not free and will involve some financial investment on your part. However, with that franchise fee comes certain guarantees and assurances from your franchisor that they will support you and your efforts. It is in their interests to maintain profitability, and the franchise fee often covers the cost of training and equipment. Some of the fees may include advertising and marketing, or you may be allocated a budget from the franchisor for this. All of this adds up to less financial liability for you as a franchise owner than it would in a standalone business.

You Can Choose When You Work

This is probably the greatest selling point of choosing a franchise over life as an employee. Depending on what type of business you opt for, you can determine the hours you want to work. If you decide to start an online franchise, such as online betting or e-commerce, you can work from anywhere in the world whenever you want. If you want to break free from the 9 to 5, starting a franchise business is the perfect way to set working conditions to suit you.

Could 2019 be the year that you get started in the business world? I hope this guide to just a few of the benefits of becoming part of a franchise helps you decide to get started on that journey today.

short url:

by James Fell // James Fell is Online Business Editor at Aceville Publications, overseeing digital projects for What Franchise and Global Franchise. He’s passionate about writing about business and the future of franchising.

Opinions expressed by contributors are their own.