It’s without a doubt that starting a business can be difficult because there are unforeseen obstacles and challenges that may lie in the road ahead. Overcoming the hurdles is the main key to success but of all the new businesses that start each year, 7 out of 10 survive the first two years, half make it beyond 5 years and a third continue to at least 10 years. Those numbers can be a little hard to swallow but entrepreneurs may have a better chance of survival by going the franchising route.
Starting a business involves serious legwork like generating an effective business plan, maintaining a strong customer base, creating a branded identity and much more. When you take a look at franchises, these things have already been tried and tested in the real world with proven success – making the option of running a franchise quite attractive to the prospective business owner. This allows for a safer sense of security in terms of survival because the brand may already carry consumer value and have operational assistance from the corporate entity.
Any good franchise will offer some kind of training to get you up and running which can help turn a profit quicker than going it alone. This allows the franchise owner to understand what strategies are effective and how to run a successful business. Also, franchise owners will be able to get marketing guidance that can bolster sales and promotions that ultimately lead to positive gains. But it must be understood that franchises need devoted and hardworking owners who will do their part in running the business. While there will be help, it comes down to the diligence and dedication of the franchisee to be successful.
It’s without a doubt that being your own boss has its perks like hiring employees, making work schedules and managing a team. This allows for aspiring entrepreneurs to be self-resilient rather than relying on the uncertainty of the current job market. Franchises also significantly reduce the market risk that is commonly associated with startups because the level of certainty is more predictable than the latter. It’s better to have a track record of success rather than hoping for the best and owning a franchise can provide that stability.
It’ll take a lot of work to successfully run any kind of business, regardless of the industry, but one thing to keep in mind is that there will be assistance from the corporate branch who wants to see you succeed. It’ll take a solid foundation to build upon and having the resources you need to thrive will be within reach when running a franchise.
About the Author
Andrew Hill is the owner and operator of Pet Assist Pet Sitting in Sharon, Massachusetts. As a franchisor of Pet Assist, he likes to give instrumental advice and tips about running successful pet franchises to aspiring business owners.