While there are quite a lot of people looking to change jobs or even start their own businesses, many people often overlook the possibility of a franchise business. Whether they think it will cost too much or possibly not allow them the creativity and freedom they are looking for in their business, franchises can often be a mystery to most new entrepreneurs. If you have ever wondered about the pros and cons of franchise opportunities versus traditional business opportunities, take a look at a few of the reasons in favour of and against buying a franchise business.
If you have ever started a small business before, you undoubtedly know how hard it can be to get a business off the ground. In fact, the vast majority of new small businesses rarely make it past the 5 year mark, let alone go on to become successful corporations. This is one of the main advantages of a franchise. With a small business franchise, you will get all of the benefits that come with every small business (being your own boss, setting your own schedule and business philosophy, even being able to work from home) but you will also get some of the benefits of a large, successful corporation (centralized support, large scale advertising, continual product development and advancement, etc.).
Franchises like Jani King and The Cleaning Company have built hugely successful franchise businesses in the home cleaning industry. Both of these companies have made their franchisees very successful by offering a complete package to setup the franchisee with everything they need to get going, even if the franchisee has no prior experience in the business world or in the service industry. This intensive training coupled with the time proven systems developed by Jani King and The Cleaning Company make your franchise very likely to succeed.
Very few entrepreneurs start a business solely with money out of their own pockets and, for the first time business owner, investors and loans are almost a given. What many people don't know about franchises is that since they have proven to be more likely to succeed than the average small business, most banks are more willing to give out small business loans to franchisees that to entrepreneurs with traditional small business start ups, so if you have been having trouble getting approved for a small business loan, you may find the bank singing a different tune if you choose to start a franchise.
Imagine you decide to start a landscaping company that will focus mainly on giving your customers a beautifully manicured lawn and garden. If you are a first time entrepreneur, you may have trouble getting investors to sign on and help you purchase all of the necessary equipment, but if you chose a franchise like GreenThumb Limited (a well known and successful lawn and garden franchise) you will undoubtedly find it easier to get a loan or a few investors.
Furthermore, banks and investors often require a detailed business plan describing your business model down to the very last detail. If you have never written a business plan before, you may find this a daunting task and when you know that your business depends on how you articulate the business plan, it only adds to the pressure. With a franchise business, the business plan will most often already be written for you. The franchisor will put together a detailed business plan for you and your investors explaining the overarching themes as well as the minute details for your particular franchise. The franchisor will not do all of the work for you, but having a strong name and a well proven business plan behind you will definitely work in your favour when it comes time to seek investors and loans.
Finally, consider that with a franchise business, your success rate will be higher than any small business that you could start on your own. Almost every major franchise started out as a small business, then expanded more and more each year and finally chose to take their strong business plans and recognizable names to the realm of franchising. Succeeding as a business start up is a great feat in and of itself, so the prospect of taking a business model that has been proven to work and being able to own your own franchise will nearly guarantee that your business will find success.
Do not assume that the franchisor will do all of the work for you. Every business will be a lot of work, but with a franchise you will get plenty of training up front and ongoing support from the franchisor. Their support staffs will help you out with any questions you have related to the franchise, how to properly manage people and anything to do with the business in general. Whether you choose one of the many home business opportunities such as Cardgroup Greetings or The PC Support Group which allow you to work at home or something with a physical location providing much needed services like The Little Gym, you will most likely find that the businesses that succeed most often, and make the most sense fiscally, are franchises.
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