It's an entrepreneurs world today. The online world gives wannabe business owners almost everything they need to start a business at their fingertips. Even though you may hear scary statistics like "more than half of businesses fail in the first year" and "most are out of business altogether after 10 years," it is possible to increase your chances of survival as a business owner. Here are five reasons you may want to consider becoming a franchisee of a business model that is already working as opposed to going it alone.
1. You have support
If you start your own business from the ground up, many times it's just you.
"Being a franchisee gives you the ability to be in business for yourself but not by yourself," said Stephen Giordanella, Managing Partner of I Heart Mac and Cheese. "You receive an established business model and plan and a proven operating system from the franchisor instead of figuring it all out yourself."
2. The concept has already been proven to work
A mistake many entrepreneurs make is trying to figure things out everything by themselves.
A franchise allows you to skip to the romance- starting up still takes an enormous amount of work and resources but the franchise blueprint helps owners avoid the time-suck and financial mistakes that happen with a new concept," Denise Stern, the owner of Let Mommy Sleep said.
3. You're a part of a team
You're bigger and better as a team with others just like you. There is more power and recognition of a brand that is supported by many franchisees with many stores vs one non franchised store run by a single owner. Subway was not successful with one store, only after they had several did they become successful.
"Our franchisees benefit from all the hard work, research, and trial-and-error that we went through for two years, so they can be set up for success," Shane Evans, co-founder and CEO of Massage Heights said. "In the franchising industry, we say that franchising is like going into business for yourself, but not by yourself."
4. You have a clear roadmap of exactly what to do
There are documented procedures and standards already in place to follow to help ensure your success instead of you creating your own.
"At I Heart Mac and Cheese and other franchises, you receive pre-opening as well as ongoing support from the franchisor who shares information they as well as franchisees have learned that can help make you more successful and ensure your success," said Giordanella.
5. It's like a family
You have a network of peers (franchisees) all working together to help and support each other. You are a member of the franchisee family.
"Our franchisees communicate with each other on a daily basis creating a team oriented atmosphere," Director of Domestic Franchising for Truly Nolen, Greg Bohne said. "Owning a franchise can be a lonely experience with many feeling they are on an island by themselves. By providing open channels of communication our franchisees feel part of something much bigger and have the support network to succeed and thrive."