You’ve decided to go out on your own, to be your own boss, by opening your own business. One of the first decisions you’ll make is one of the most difficult: Will you start your own business from scratch, or will you purchase a franchise? To make a decision, you will have to weight the advantages of franchises versus starting your own business.
Franchise advantage: Brand recognition
When you purchase a franchise, you buy into that franchise’s brand. You will operate your business under the franchise’s name and logo. That means your new franchise has instant brand recognition. New customers will instantly be drawn to your franchise because your business is associated with a tried-and-true brand. Because you operate under the franchise brand, you also will benefit from any national marketing campaigns that might take place for the sake of the brand.
Franchise advantage: Help with setup
One of the most nerve-wracking elements of starting your own business from scratch is the startup. Where should you set up shop? What types of equipment do you need to operate? What type of merchandise should you carry? A franchise will help you get started. You will get help choosing a location, deciding which equipment you need right away, what types of products you should offer and how many employees you will need at the start. In short, a franchise takes the guesswork out of starting your own business.
Franchise advantage: A proven operating plan
Once your business is up and running, you will have a proven operating plan to help you run your business and address any complications. Depending on your franchise, that plan will include information on daily operations, marketing your new business and more. A proven operating plan is likely why franchises see a much higher success rate over startups: 25 percent of startups will fail in the first year and of those that remain, 50 percent will fail in the first five years.
Franchise advantage: Training
Most franchises also include training in their franchise plan. A franchise can help you develop your business, management and marketing skills as you start your business and beyond. If there are any special skill sets required for the type of franchise you purchase, your franchise likely will include special training to help you acquire those skills.
Franchise advantage: Ongoing support
With a startup, you are on your own from day one. While some people find that notion exciting, for others it can be terrifying. A franchise allows you to gain the independence of owning your own business and being your own boss while still providing a network of support. Even beyond the startup period, many franchises will include regular ongoing training support staff you can turn to with your questions and even site visits to address questions or problems.
The real difference between a franchise versus a startup is that with a franchise, you’re starting a business that comes with everything you need to be successful in your new venture. With a startup, you are one your own to find your way to success, which is rare. If you are ready to start your own business but want the confidence that comes with a franchise, contact SirVent today!