Most Americans dream of owning their own business and working for themselves. Fanning the flames of the Entrepreneurial Spirit is woven into the very identity of our culture. And yet, most never try. For many, the fear of failure caused by their lack of experience is the primary concern. If that’s you, it may be interesting to know why spreading your wings with a franchise is a great option for first-time business owners.
- Proven Concepts & Methods
Franchises offer the opportunity to employ frameworks and applications that have been proven to work in various locations. Franchises are built around repeatable processes and templates that have demonstrated effectiveness time and time again. There is some customization – obviously adaptation is necessary when changing locations – but the meat of the process has proven to be effective even with changing variables. When you open your first franchise, you get the security of using these proven processes to see why they work…something you should keep in mind later on down the road.
- Marketing Support
Marketing is crucial to the success of any business. But for first time business owners, there are so many options with so much cost, both in capital and time, that it can be overwhelming to know where to spend your startup marketing budget (or even if you have allocated enough money for it). Franchises have seen which marketing strategies work best both across the board and in locations similar to your own. Additionally, you’ll have the recognition of a known brand backing your efforts. Reputation and trust are huge when it comes to people giving you their business.
- Finance Your Next Venture by Selling Your Franchise
From operations to marketing and messaging, after experiencing success in your franchise business for a few years, you’ll begin to not only see what works, but why it works. At this point, you have two options. First, you could purchase additional territories and tackle them with confidence. You’re now a pro in your brand and business savvy enough to vault your new locations to success quicker and with more ease than before.
Secondly, if you still dream of starting your own business from scratch, you can take the lessons learned and your own ideas and finance your next venture by selling your successful franchise business! Much like a house acquires equity, existing franchise locations build value. A franchise with a big book of business and a solid staff already in place is worth so much more than the franchise fee you paid at the beginning. Instead of going to the bank to beg for a small business loan, you can sell your successful franchise for the capital you need to spread your wings and soar into the business of your dreams.
Don’t let lack of experience stop you from pursuing your dreams of owning your own business. Gain experience by starting a franchise that offers turnkey solutions and proven systems. Once you’ve been shown how the game is played, there is no limit to what you can do with the knowledge you’ve earned.