There is something almost magical about the word “entrepreneur.” Maybe it’s because the word represents a kind of magic. After all, it does involve a person with ambition and a dream transforming themselves into something else…ideally, a successful and financially independent person!
That’s why countless people have dreams of starting their own business. Unfortunately, those dreams are often dashed when the would-be entrepreneur is unable to create and sustain a successful business.
Fortunately, there is a solution for entrepreneurs who dream of success: franchising! Wondering why franchising is the best bet for modern entrepreneurs? Keep reading!
Franchising Allows You to Be Successful Despite Your Starting Capital
We’ve all heard the phrase, “you have to spend money to make money.” And for entrepreneurs, this phrase is especially true: If you don’t have enough starting capital, you might not be able to start your business with a bang. And if your capital remains low, you won’t be able to take advantage of major growth opportunities over time.
But with a franchise, you don’t have to have the capital to start a business from the ground up. The whole point is that you are walking into a business model that is already very successful. It takes less capital to get into the game and less money to expand, making franchising a great idea no matter your budget.
Learn the Franchising Ropes Early on
If you’re reading this, chances are you are a relatively new entrepreneur. And that means you have some big business dreams but don’t necessarily know the best way to bring those dreams to life.
This brings us to one of the more hidden benefits of franchising: you get great guidance and even mentorship whenever you need it. When you run into a major issue or simply have some questions you need answers to, all you have to do is turn to the franchise for help.
That may sound simple, but most entrepreneurs are forced to operate without much of a support system or a safety net. But by franchising, you can enjoy the benefits of independently running a business while still being able to reach out to others if you need assistance.
Franchising Offers a More Profitable Operation
Entrepreneurs often speak about owning a business in terms of the freedom it offers and the fulfillment it gives them. But at the end of the day, the basic motivation behind all entrepreneurs is simple: they are out to make money!
And when you start a business from the ground up, chances are you won’t see much money for a while. In fact, even businesses that end up being successful usually spend the first few years not turning a profit at all.
But as we noted before, franchising means you can hit the ground running with a successful business and successful business model. Between this and the staffing efficiency of a franchise (more on this later), you can generate profit quicker and ultimately generate more profit than you would otherwise make on your own.
Franchise Support Helps You Staff Your Office
Many newer entrepreneurs are surprised to discover how many employees they need to hire early on. After all, starting a business from the ground up means hiring people for specialized roles. All of this hiring eats into your budget and also eats into your time since you need to personally train everybody.
But franchises come with the extended support system that we mentioned earlier. That support system means that you don’t need to hire many employees to get a successful franchise up and running. And, in many cases, the franchise already has training policies and procedures in place to make training that much easier.
The end result is that the vast majority of franchises operate with fewer than 20 employees. This makes the whole operation much easier to manage than if you built a business from the ground up.
More Success and Less Risk with Franchising
Some of the benefits of franchising for modern entrepreneurs are easier to understand than others. And perhaps the easiest-to-understand benefit is that this option presents far less risk to your average entrepreneur.
Put simply, the franchiser adopts most of the risks associated with the business. In addition to taking care of many of the expenses that you’d otherwise have to pay out of pocket, the franchiser is also the one who is primarily liable for things like employee discrimination disputes. And if you establish a new legal entity with which to run your franchise, you can further insulate yourself from risk while enjoying all the benefits of a very successful business.
Current Trends Point to Major Growth Potential in Franchising
One of the best things about being an entrepreneur is that there is no such thing as being too successful. When you have a successful business under your belt, then you don’t simply rest on your laurels. Instead, you seek out new challenges and find a way to grow your business even more.
But what if growing your business was easier than you ever imagined? Well, here’s some good news: When you run a successful franchise, then expanding your business is the easiest thing in the world.
That’s because once you are running one very successful franchise location, nothing keeps you from setting up another one. And being the entrepreneur behind multiple successful franchise locations seriously increases your profits, while also providing the kind of thrilling challenge that puts your skills to the test.
While opening a franchise is always easier than starting a business from scratch, opening a second location will be much smoother because you already know what challenges to expect and how to overcome them. In this way, franchising means your business always has room to grow!
Start Running a Successful Franchise Today
Now you know why franchising is the best bet for modern entrepreneurs. But what if you could start your own successful franchise right away?
Here at Confie, we specialize in helping entrepreneurs just like you make those ambitious dreams into a reality. To see what we can do to turn you into a successful entrepreneur, just contact us today!