Why you should consider purchasing a franchise this year
Another year has gone by, and shockingly, 2016 is here. The dawn of a new year often feels like an appropriate time to push the reset button in life — a time to really think about life goals, both personal and professional. If the prospect of going back to work after the new year filled you with dread, then this could be your time to make this the year to start your own business.
Owning your own business puts you in control of your own future, but it’s also difficult to do alone. Perhaps 2016 is the year to consider purchasing a franchise. When you buy a franchise, it's often said that you are in business for yourself but not by yourself. Depending on the business model, the franchisor usually offers support, experience and knowledge in all aspects of the business.
Most good franchisors provide you with all the tools to be successful. They will train you prior to your opening. They give you advertising and marketing support to help build your business, sometimes even having in-house marketing teams. Most importantly, a franchise reduces your risk because those who came before you have tested and tweaked the system until it works. The training and support you receive make franchising the vehicle of choice for first-time business owners.
The benefits of purchasing a franchise as your first business venture are numerous: franchising is less expensive, franchises offer a strong brand and there is usually significant ongoing support — both from your franchisor and, even more importantly, from your fellow franchisees. As a franchisee, you’ll benefit from superior technology systems (without you having to build from scratch) on things like expenses, sales, cash flow and employee management. Franchisors have typically spent large sums on research and development, on proving and testing their systems and best of all, will usually help you with your business planning. Many franchisors help you plan your growth, measure your key performance indicators and keep you on track to stick to that plan.
Franchises are also usually easier to resell than an independent start-up business. Franchisors are properly equipped with the sales team, marketing materials, support staff and success rate of their franchisees for the buyer to review. They also provide a level of security and comfort — and complete training! — to your new business owner that a start-up simply cannot.
Starting a business can feel daunting. If you’re waiting for the perfect moment, it's just like having a baby — sometimes you just have to leap in. Why not reset, refresh and revitalize your work life? Make 2016 the year you explore fulfilling that dream of business ownership.