You don’t have to start your own business to become your own boss. Opening a franchise is a great way to become a business owner, and it offers many benefits over a traditional startup. If you’re interested in becoming a business owner, specifically through franchising, here are five hidden benefits opening a franchise offers over a startup.
1. Business Planning Is Done for You
A startup requires an extensive business plan to not only make sure your business is viable but to secure funding as well. When you open a franchise, all the business planning is already done for you. All you have to do is open the franchise, stick to the plan, and, hopefully, profit over time!
2. You Have Greater Choice Over What You Want to Do
Launching your own startup is simultaneously full of freedom but also very restrictive. When you launch a startup, you’re likely going to stick with whatever product or service you’re capable of producing or offering. But when you choose franchise opportunities, you have the ability to choose a franchise in any industry that appeals most to you. Because you don’t have to worry about coming up with ideas or producing and providing products or services you come up with, you get to select whichever franchise fits your needs and desires best.
3. Brand Recognition Is Built Into Your New Business
Marketing a startup can be difficult. If the image and name aren’t right or your reputation is affected early on in your business journey, you might not go as far as you want to. Franchises are unique in that they already have an established name and brand image. People already know about your franchise and want to go there for the products or services they offer. This brand recognition means you won’t have to struggle to stand out from other businesses in the area.
4. Extensive Marketing Support and Other Business Resources
A startup can be difficult to manage because you’re responsible for everything or responsible when it comes to hiring out for business activity you can’t take on yourself. When you open a franchise, you get support in the form of marketing plans, promotional materials, and other resources provided to you by the franchiser. This extensive support can make a world of difference in your success as a small business owner.
5. Fewer Barriers to Entry
Some people might believe that becoming a franchisee is far too difficult. However, it might actually be easier than becoming a startup founder. While there are franchises that require a major investment, there are plenty of franchise options that are more affordable and, therefore, easier to open. Whatever you can’t fund on your own or get funding for, you can finance.
Becoming a startup founder isn’t for everyone. In many cases, opening a franchise is much easier and provides you with far more support which is a better business investment. Consider opening a franchise if you want to be your own boss but don’t want to deal with the many unknowns and challenges that come with startups.