Franchise Focus Series: Franchising 101
Are you passionate about the work you do? Does your job bring you fulfillment and satisfaction? If the answer is no, it might be time to think about what’s next. Whether you’re currently in the corporate world trying to break free, or a small business owner struggling to stay afloat, franchising might be an opportunity that you’ve contemplated. There are many benefits to owning a franchise, but first, let’s cover the basics.
What is a franchise?
Similar to owning a small independent business, owning a franchise requires all of the same necessary skills- hiring staff as needed, generating income, and selling products or services. However, as a franchise owner, you’re joining an established brand with a business and operations model already in place. Since all of the branding, support, and resources are provided from the beginning, and continue throughout the life of your business, franchisees pay a royalty fee to the franchisor.
What are the benefits of buying a franchise?
Now that we’ve established the difference between a franchise and small business, let’s talk about some of the benefits that come with owning a franchise.
The brand is already established. People are already aware of the brand, there’s already (ideally) a strong reputation associated with it, and you save the time and money required to come up with a brand name and logo from scratch.
Start out of the gate with a wealth of resources. With systems already in place that have a proven track record, you won’t need to reinvent the wheel on best practices. You can focus on generating revenue right away.
Be in business for yourself, but not by yourself. By joining a franchise family, you’ll have the strong support of a corporate team, a business coach for guidance, and the other franchisees who are a great resource for ideas on how they’ve problem solved on issues you might be having, and can relate to both the challenges and successes you experience.
The world is your oyster! You can choose whatever investment level, business type, and geographic location you want when you buy a franchise. Consider your priorities as you’re exploring opportunities. There are many low-cost franchises that let you work from home, options for a seasonal business so you have some slower periods to enjoy, and so much more!
What is the best franchise to own?
This depends on a variety of elements- your interests, level of involvement desired, and level of investment to name a few. Do you feel passionate about providing a wonderful food experience to people? Perhaps Chik Fil A could be a great option. Are you interested in saving people time from monotonous household chores so they can focus on enjoying life? Pool Scouts or Home Clean Heroes could be the opportunity you’ve been awaiting. Maybe you have had a personal life experience or a passion that drives your enthusiasm for running your own business – you love kids, pets, or serving others for example. Our newest franchise brand, British Swim School, focuses on water safety and teaching people to swim so it could be a great opportunity for those motivated by a life-saving mission.
One of the biggest factors in finding the best franchise opportunity is determining the cost that’s realistic for you. Many people think of fast food restaurant chains such as McDonald’s when they think of franchising. This type of franchise, while an established brand, comes at a much higher price due to the need for funds for the real estate and physical building being operated out of. With service franchises such as Pool Scouts, Home Clean Heroes or British Swim School, the investment fee is much lower since there’s not an actual building required to get your business up and running.
What Now?
Do your research. See what’s out there. Once you decide what you’re passionate about, and what is feasible from a financial perspective, you can start reaching out to find that mutual connection between you and your potential franchisor. Happy hunting!