When it comes to starting a business, aspiring entrepreneurs have many avenues and opportunities to choose from. For some, building a business from the ground up is their primary goal. However, there is something to be said for the value that comes with joining a tried and proven franchise system, where new business owners are given the foundations for success that others have already tested.
Here are three ways that franchising benefits entrepreneurs:
- Built-in brand recognition from day one. There is always an element of uncertainty that coincides with starting a new business. One huge benefit of franchising with a reputable brand is that entrepreneurs who decide to go the franchise route will be able to capitalize on the built-in awareness that customers have with the franchisor.
A franchisor that is recognized all over the world is a powerful ally for entrepreneurs who are just starting out because it provides them with a strong brand identity that they can utilize to build their businesses locally. For example, if a business-to-business service provider is backed by a well-known company, that high level of brand recognition will go a long way in making prospective clients feel at ease with you from the beginning. After that, you can then do what you do best: show them who you are and how you can help.
- Buying an existing business gives you a leg up on building your customer base. The option to buy an existing franchise with an established customer base and operating history should not be underestimated. If an entrepreneur decides to buy an existing business that is part of a respected franchise system, he or she will be given the ability to seamless take over the reins of the business while letting the franchisor serve as a trusted guide. Buying an existing franchise location can be extremely advantageous because franchisors are able to give new owners a well-thought out, already proven operating system. Additionally, rather than having to establish yourself as a new business and tirelessly work to secure core clients, buying an existing franchise gives you a built-in book of business to start with that will help you hit the ground running. Essentially, you can come in, take an existing client base and grow it further simply by following the franchise system.
- Support systems are already firmly in place. One of the greatest reasons entrepreneurs prefer the franchise option is the availability of a strong support team as they launch and continue to develop their businesses. The fact that the franchisor is sharing your desire for success means that while you own your own business, you won’t have to go it alone. Chosen wisely, your franchisor will provide top-quality training for you and your staff as well as a local support team that is there for you whenever you need a helping hand. Added support also comes in the form of being able to take advantage of nationally negotiated buying terms for equipment, and simply being able to network with other franchise owners who are part of a cohesive system that makes for close-knit colleagues who do not hesitate to help each other out.
Any business opportunity will have risks attached, even the ones that are worthwhile. With that said, franchising enables entrepreneurs to become part of a well-established system that comes with built-in brand recognition, expert training and ongoing local support. A seasoned franchisor becomes an ally that will always be in your corner, providing you with greater momentum to help you get off the ground, potentially generating a healthy business more quickly than if you were to go forward alone.
Ultimately, the most exciting part about becoming a franchise owner may very well be the chance to stack your own success upon the success of the brand, augmenting your growth and increasing the promise of new possibilities such as adding another franchise location to your name in the future. For many bold franchise hopefuls, the greater they understand franchising, the more they climb onboard with grit and determination, assured in the knowledge that they are in command of their financial destinies with the force of wisdom and experience behind them all the way.
Bob Heimbuch is regional vice president for Minuteman Press International. Bob is instrumental in supporting Minuteman Press franchise locations in the Baltimore region, which includes Maryland, Virginia, and Washington, D.C. For Minuteman Press franchise opportunities, visit http://www.minutemanpressfranchise.com.