Why Growing Your Business Through Franchising Works
Learn how to invest your IRA or 401k into a franchise penalty-free. ($50k min)
This week, ambassadors from across the country will give dispatches for Entrepreneur from cities where Small Business Week events are being held. Today we feature experts tips from Kansas City.
So you’ve started a business. It’s changed your life and allowed you to take control of your professional destiny – you’re your own boss now, just one of the many perks of small business ownership. Thousands of successful, household-name franchises began just like your business – through an admirable work ethic, a dedication to success and a desire to share the concept with others.
When my family started City Wide Maintenance more than 50 years ago, we never dreamed that it would turn into a successful franchise with nearly 40 nationwide locations. There are dozens of reasons why franchising worked for us, and can work for you too – here are a few:
- Utilizes the talents of other entrepreneurs
- Allows you to focus on what you do best. (Everyone has a different skillset, so why not harness the passion and talent that you already have?)
- Challenges you daily to refine your systems for maximum efficiency
Of course, not every business owner is cut out to franchise his or her concept. Here are some questions to consider before making the leap:
- Do you have a big idea, but are short on the time, talent and finances to explore the opportunity on your own?
- Do you have solid processes, policies and practices that can be taught to others?
- Do you like to teach and help others, and want to do so without the day-to-day challenges of operations?
- Do you have the passion and desire to sell your vision to others?
- Do you want to help others achieve common objectives and goals?
Of course, franchising has its challenges as well. Assembling a team of like-minded individuals is of paramount importance, as is finding qualified franchisees. Look for individuals who love to execute a plan, are willing to follow a plan and work well as part of a team. Think of it this way: you, the franchisor, are the architect of a beautiful new building. The franchisee is the contractor who builds it.
Franchising can help you expand quickly without spending an exorbitant amount of time, money and resources. Continue to research and see if franchising is right for you and your business.
For reprints and licensing questions, click here.