Want to Open a Business? Here Are 5 Reasons to Consider Franchising. There's more than one way to become your own boss.
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For many people, the opportunity to own a business is the ultimate dream. In fact, a recent survey from The UPS Store found that nearly two-thirds of Americans dream of starting their own small business. However, the same survey revealed that a fear of failure can hold them back. This is certainly a valid concern, but there is one type of business that can give entrepreneurs a leg up on their own success: franchising.
With more than 733,000 franchise businesses in the United States employing nearly 8 million people and contributing over $800 billion to the economy, franchising is a booming industry. If you're considering starting a business, here are a few reasons you should consider franchising.
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1. A variety of opportunities
Franchising provides a wealth of different opportunities and types of businesses. From business services to fast food, there are many options, but the process should always start with research. Investigate different opportunities to find the best fit for you.
Consider your goals for your business and what you hope to accomplish. It's important to understand that not all opportunities are alike. For example, running a restaurant has different considerations compared to a nonfood business.
Of course, we at The UPS Store are partial to the business services category and have more than 5,000 franchisees across North America that saw the benefits of this type of business.
Related: Want to Build A Franchise Empire? Do It Brand By Brand.
2. An established reputation
A major part of establishing a new business is building a positive reputation. With franchising, entrepreneurs have the benefit of joining a well-known brand that has already built credibility with consumers. For The UPS Store, consumers recognize our logo with the shield, which represents decades of a trusted reputation. In a cluttered space, having a distinct and recognizable name can make all the difference in getting customers in the door.
Related: Why This Oakland Cop Became a Subway Franchisee
3. Built-in resources
Working with a franchisor means having built-in resources to set you up for success. Franchisees can take advantage of advertising and marketing efforts from the brand while also doing their own promotion within their community.
Most franchises offer education and training for franchisees to learn processes and skills needed to run a business. Look for a company that offers a mix of online and in-person, intensive trainings to teach everything from financials to marketing.
Related: The Top Food Franchises of 2019
4. A network of peers
It can often feel like you're going it alone when starting your own business. With franchising, you have a network of peers going through the same things you are. You have the ability to network and connect with other franchisees to learn about their experiences. Consider a franchise that offers meetings or an annual convention where franchisees meet regularly to have the opportunity for face-to-face interactions.
Related: What Franchises Should Look for In a Bank
5. An ongoing innovation, product pipeline
As a business owner, there is constant pressure to come up with new ideas to stay relevant. As a franchisee, the brand does a lot of the heavy lifting for you. Most franchisors have a team dedicated to developing new products and services for the business. While you're still responsible for learning about the new products and making the sale to customers, having support from the brand can help keep things fresh and innovative.
Starting a new business is an exciting, yet scary process. Working with a franchise brand comes with built-in benefits that can help overcome the fear of being a new business owner.