Have you been dreaming of your own business? Have you been fantasizing about being your own boss? Does the idea of controlling your own financial destiny appeal to you? Then a business franchise may be in your future.
Before embarking on your entrepreneurial mission, your dreams need to be coupled with considerations of how serious of a commitment it is. Let’s look at the personal character traits of the best and most successful franchise owners, and some of the “real world requirements for running any franchise.
It’s important to recognize that a franchise is both yours – and not yours. Franchises have certain requirements when it comes to keeping brand standards. Whether it’s a coffee, fast-food or digital marketing business, each franchise will require a high level of focus on keeping the products and/or service experience of consistent high quality.
If you’re seeking to create a business completely on your own, then it’s likely a franchise isn’t for you. However, there is a multitude of aspects that come into play in that case – each of which you will have to figure out on your own: business model, accounting, setting up, software and process, sales, etc. On the other hand, if you want to focus on something larger than yourself, and want the benefits of an easily recognized brand name, existing and time-proven business model, established processes for virtually every aspect of the business, help and advice of the corporate office and the network of franchisees like you, then franchising may be the right fit.
Franchises take away some of the risk that comes with building a brand from scratch, and usually include training (online or offline, or both, like in case of WSI) in all aspects of the business, ranging from lead generation to growth, which is wonderful for the new entrepreneur. Choose your franchise wisely: ask yourself which brands you are most passionate about and what you like about them (Is it because they are respectable, or because they are cutting edge, etc.), what industries are the most promising (hint: Think “digital”) and then begin the process of researching the ins and outs of the franchise process.
Franchisees have many of the characteristics that are common with any small business owner: they’re passionate about people, business-minded and enjoy being part of a community. Small business owners work hard every day and have the drive to succeed at any business – whether a franchise or independent business.
Some of the best advice on choosing a franchise is pretty simple: are you in love with the brand and the industry? You will be spending a lot of time focused on building the business, of course, but more importantly you will be repeating a formula established by the brand and product/service itself. This means you will have to follow the franchisors established best practices and processes. The good news is that these processes will increase your chances of success many times over, plus they will speed up the time it takes to make the business profitable and grow it further.
One of the best benefits, in terms of P&L (profit and loss) for a new franchise owner, is the ability to take advantage of the collective buying power of a large company. Franchise owners are able to negotiate better prices on products/services than available to the independent business owner. Saving money on the products you’ll need to run your business will significantly impact your bottom line. We have created a supplier network for all the WSI franchisees and we are constantly working on negotiating the best deals and exclusive offers that suppliers provide to WSI consultants.
The parts of your business might feel predetermined will also help you: there is much less risk in franchising. You are paying for a time-proven business model that has been tested by other franchisees in various markets all over the world many times over. WSI offers ongoing operational support, marketing assistance, education and training, and much, much more to help you drive sales and grow the business.
The bottom line is that franchises take honest effort on your part, with the potential for great gain, just like any other entrepreneurial venture. The biggest benefit of a franchise is access to an established business model.
To learn more about franchise opportunities with WSI please make a request for more information.