If you’re thinking of starting a business of your own, chances are you’re considering the benefits and risks of franchising vs. starting a business from scratch. There are many pros and cons to consider when it comes to this important decision. We believe that there are many benefits to franchising when you enter an industry as opposed to starting a business independently.
When you begin a new business, it’s important that you take the time to learn everything about the industry. Independent entrepreneurs can spend months conducting research to learn about the best possible location to open their doors, the most efficient operations methods, and the strongest means of production. All of this time and energy is tinged with the uncertainty of never really knowing if the decisions you’re making are the best they can be.
One of the most significant benefits of opening an existing franchise is that you’ll be able to take advantage of the valuable expertise a franchise company has developed over the years. Whether it’s establishing good systems, vendors or operating systems or helping franchisees access the latest and greatest technology, an established franchisor can help get their franchisees off to a strong start.
Starting a new business can be intimidating if you attempt it on your own. Not only do you need to learn about your chosen industry, there are many requirements of getting a new business up and running. Independent entrepreneurs need to deal with a myriad of important decisions including choosing a location, negotiating a lease, choosing the best vendors, marketing their new business, and more. As you can imagine, all of these tasks take a significant amount of time and energy.
Franchisor time-tested business models have often been honed over years, if not decades, and they give you the benefit of experience rather than making best guesses on your own.
Independent business owners need to spend months or even years developing a reputation and letting their community know what their business is all about. By joining a franchise you are able to make a name for yourself much faster due to the well-established reputation of the brand. Why start a new reputation from scratch when you can cash in on the value of existing brand recognition?
There are many advantages to franchising vs starting your own business. Between the expertise, training and support, and brand recognition you’ll enjoy, there’s no reason to go it alone. Feel free to reach out to one of our Franchise Mentors to help find the perfect franchise for you and your goals.