Franchises are 'Ready Made' Business Opportunities Franchising can be a turnkey solution for budding entrepreneurs.
By Jeff Cheatham •
Opinions expressed by Entrepreneur contributors are their own.
When and if an individual decides to become a business owner, there are three pathways to choose from: starting a business from scratch, buying an existing business from another owner in a resale opportunity or opting for the turnkey magic that is franchising. Becoming a business owner through franchising has its advantages over alternate routes, primarily because the proven business models offer a ready-made opportunity. When you buy a franchise, you're buying an established business — complete with branding, systems, processes and operations already in place. Franchises are all-inclusive, giving prospective business owners a turnkey solution for becoming their own boss.
Related: Am I a Good Franchise Candidate?
Related: Considering franchise ownership? Get started now and take this quiz to find your personalized list of franchises that match your lifestyle, interests and budget.
Business-in-a-box
Many franchise owners describe their initial experience as having been provided with a "business-in-a-box." All of the infrastructure is in place, down to the last detail, including the requisite instructions to own and operate the franchise. New owners don't need to figure out the best way to run the business, the brand has already perfected the process. Each brand's operations manual includes an in-depth review of policies, procedures and day-to-day instructions on everything from vendors, supplies, inventory, staffing requirements, operating hours and reporting. Per the franchise agreement, franchisors must follow these directions to the letter of the law. You don't have to get creative, or even concerned, about your role as the franchise business owner. You only need to execute the carefully laid out plans and procedures, all designed to ensure success.
Related: Why Opening A Franchise Business Is Better Than Starting Your Own
Why go it alone?
Starting a business from scratch means you'll have to create your own brand attributes, all while developing and testing your own operating procedures. This trial-and-error period can be quite unpredictable — even if you think you have everything in place. And because most new businesses that fail within the first five years are victims of undercapitalization — you only have a finite amount of time to get it right. Unlike franchising, you won't have the luxury of a brand partner, some concepts of which have spent years perfecting their business model to gain maximum efficiencies and profitability. Franchise brands also pride themselves on the level of training and ongoing support they provide the franchisees in their system. If you run into a problem and need assistance, it's available 24/7 from people with the experience and know-how to help you through it.
Related: The 9 Advantages of Franchising
A ready made fit – just for you
Franchising includes thousands of concepts, across dozens of industries, sectors and categories, each with a ready-made business model for new owners to follow. The beauty of the investigative process is researching and reviewing certain franchise concepts that align with your lifestyle and income-generating goals.
There are usually specific reasons that individuals decide to take the entrepreneurial route for their career. Some want to have control over their own career destiny. Others want to make — and keep — more of their earnings. Some want more flexibility and avoid being restricted to a desk from 9-to-5. For many, though, it's all of the above.
With thousands of franchise concepts on the market today, chances are you'll find a perfect match that aligns with your goals as a business owner. Think of it this way: when you shop for a product or service, you're looking for the best brand at the best price. The same sentiment applies to franchise ownership.
As a franchisee, you won't have the same liberties as you would at the helm of a business startup of your own. Rather, you'll be part of a system built for collaboration and collective success. For many aspiring entrepreneurs, just establishing self-employment is the end goal. And they typically have a far easier time launching, running and owning their own new business when they rely on the ready-made opportunities provided by franchising's turnkey business models.
Related: Franchising Provides Owners With a Proven Model and Opportunities to Evolve the System
