How to make next year brilliant
Lots of people make New Year's resolutions, but keeping...
If you follow the news, you will probably have seen various articles deeming franchisees to be "quasi-preneurs". This term has been applied based on the perceived reduced risk that these individuals are accepting by buying into an established brand with a strong reputation and added support.
But is this characterization really fair? The definition of an entrepreneur is somebody who "sets up a business, taking on financial risks in the hope of profit." This certainly describes franchisees. Although their passage into the world of self-employment and business ownership is simplified by the support network that franchising affords, there is no guarantee of success, and they are still required to acquire the property, technology, professional support and financial backing that is needed to run their business.
.
Benefits of becoming a franchisee
Putting the terminology aside for a moment, here are the benefits of becoming a franchisee.
Although it is helpful, previous experience in a particular industry sector is not required. The franchise that you join will provide you with the training and support you need to establish your business. This means that people with transferable skills have a far greater chance of achieving success than they would if they were pigeonholed into only working in their current industry sector. This opens up new opportunities to them and allows them to thrive.
Brand name familiarity increases early customer footfall. Customers are more likely to frequent a known brand, even though the business's owner may be unfamiliar to them. Failing to get sufficient customers through the doors in the early days can break a new business, so the familiarity of being part of a bigger picture can increase a franchisee's likelihood of success.
Moreover, when you buy into a franchise, you are given a transparent overview of the financial position of the business, allowing you to make informed decisions regarding whether to proceed. Dedicated franchise attorneys and financial advisors can further support your decision based on the content of the proposed franchise agreement. This safety net can prevent franchisees from buying into an unsuccessful business venture.
.
In Conclusion
Although we dislike the terminology applied, we are proud that franchising offers an entry into the exciting world of business ownership. We don't feel that entrepreneurs should view struggling to become established as a badge of honor when support systems exist to ease their passage. There will always be some business people who pioneer their own path, but for those who want to increase their financial security, be their own boss and enjoy their work, franchising is a career option that should not be discounted.
.
