Is a Franchise Business Right for You?

Is a Franchise Business Right for You?

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If you’ve dreamed of owning your own business someday, franchising should be on your radar. It can provide you with the resources you need to start your own business without incurring the costly trial and errors that others have already gone through. The very idea of a franchise is to capitalize on a proven business idea. Most importantly, it helps answer the “where do I start?” question that most entrepreneurs have faced at some point in their journey. There is a potential franchise opportunity in almost any sector of the economy that you might be interested in. Let’s look at some of the reasons why you might want to consider a franchise.

  1. You wish to be your own boss but don’t know where to get started.

Many people shy away from entrepreneurship not because it’s risky but it’s daunting to get started… When you invest in a franchise business, the business idea has already been matured and proven to not just get you started but you may not  have to take on as much risk because you’ll be following a business model that’s already been tested to be effective. With franchising you won’t have to start from scratch because most of the aspects of your business will already be determined. The market research, business processes, technical systems, marketing, accounting, etc. – all aspects that staff entrepreneurs from getting started are already addressed. With a franchise business in your area of interest, you get to focus on your dream of being a business owner with the majority of the business aspects already in place. There won’t be a need to figure everything out on your own because support with sales, marketing, technology, and day-to-day operations will be at your fingertips.

  1. You crave support as a business owner.

When you own a franchise business, you’re not alone. There are other franchise owners who may be walking in your same shoes. With a franchise, you get to be part of a larger and most meaningful network of like-minded business owners who understand your business challenges and can suggest opportunities. The peer-to-peer and mentor network is stronger, with you never feeling alone at the top. You can connect to them as well as the franchisor itself for guidance and to brainstorm business growth ideas.  You are stronger from day one in your business than if you were trying to do everything from scratch on your own. It’s like BidExecs franchisor says, “be in business for yourself, not by yourself.”

  1. You’d like to take advantage of a well-known brand.

Branding has always been critical for business success – more so now than ever before. It takes time to build brand awareness and a positive reputation to not just get started but to also scale a business. By owning a franchise, however, you’ll be able to take advantage of an established brand name that others know and trust. The selling curve is lower because people know what to expect. Depending on the franchise you choose, you won’t have to spend too much time and money proving your value. With a brand name backing your sales pitch, you can focus on delivering value and let the franchisor and network push your efforts forward with the combined power of brand marketing.

  1. You don’t want to invest in renting space and buying equipment – what are your options?

Until now, most franchise businesses required renting large restaurant spaces or commercial spaces, investing hundreds of thousands of dollars up front in customizing the space to brand specifications, hiring, training, and paying employees, even before you hang out your sign on the front door. The pandemic has shown how scary that can be. Look beyond the restaurants, gyms, day-care centers – there are new franchise options in business consulting and bid & proposal management – businesses that require minimal upfront investment, give you the ability to get started without any employees, and allow you to work in an almost recession-proof business.

  1. You desire access to easy funding. 

Just like independent businesses, franchises cost money upfront. Fortunately, funding for franchise businesses are typically easier to obtain. This is because most banks and credit unions are more likely to sign off on loans that will go toward a proven business model that’s backed by the support of a franchisor. It is also worth considering some of the newer bid and contracting franchises which can take advantage of your career in procurement, acquisition, government service, or military – such franchises shelter recessions and shut downs and allow you to continue operating your business, making it a more attractive funding candidate for banks and investors.

If you have learned how quickly your employer can make you redundant, don’t wait another day. Take control of your future and consider a future where you are in control. Find the best fit franchise for yourself and get the process of owning your business started.