If you’re looking to be your own boss, there are several ways to do it. You can:
- Come up with an idea for a product or service
- Buy an existing business
- Become a business consultant
- Buy a franchise
I this article, I’m going to show you some of the advantages of becoming your own boss via the franchise model.
Are You Right For Franchising?
Before you start hitting the franchise opportunity websites, you must determine if franchise ownership is right for you. But, don’t worry; it’s not difficult. Just give an honest answer to the following question:
Are you a rule-follower?
If you answered yes, franchising could be right for you.
That’s because franchise businesses are highly structured.
As a franchisee, you’re required to follow the system. You’re also required to use the franchise logo, signage, software, and only their products/services.
The bottom line: In franchising, rules is rules. There’s not much wiggle-room. Make sure you’re someone who will follow them.
There are lots of advantages to franchise ownership. Like:
- The franchise business system
In a nutshell, part of what you’re paying for when you buy a franchise is their system. Their proven system.
When you buy a franchise, you’ll receive formal training at headquarters.
This training will teach you exactly how to use their business system for maximum benefit, along with several other crucial things like sales, marketing, customer service and more.
Today’s franchisors have terrific technology at their disposal. As a franchisee, you’ll have total access to it.
Whether it’s a state-of-the-art POS (Point of Sale) system, or a proven email marketing system, you’ll be able to leverage their technology to help your business grow.
- Purchasing power
As a rule, franchisees have immense purchasing power.
As an example, let’s say you own an ice cream franchise.
All ice cream shops, whether they’re franchises or independent stores, buy their milk in bulk. Except that franchisees-because they’re part of a group (of other franchisees) have the ability to negotiate a great deal with their milk supplier.
So instead of paying $45 for a case of milk like an independent ice cream store does, you, as franchisee, might pay $30. That’s a big deal. A profitable one, too!
When you own a franchise, you own a brand. And consumers like brands.
For example, if you’re taking a family vacation by car, aren’t you more apt to stop to eat in a roadside restaurant with a familiar name like McDonald’s® then say, “Randy’s Freeway Diner?”
Owning A Franchise Is Worth A Look
If you’ve decided that it’s time for you to be your own boss, franchise ownership is worth a look.
However, you should only look at franchises if you have a history of following rules and you’re committed to doing so in a business.
Best of luck on becoming your own boss!
(The Franchise King®, Joel Libava, is a resident of Northeast Ohio, and the author of Become A Franchise Owner! The Startup Guide to Lowering Risk, Making Money, And Owning What You Do.” Joel works 1-on-1 with would-be franchise owners, teaching them how to choose, research, and buy a franchise they can be successful owning. Check out his award-winning website, https://www.thefranchiseking.com.)