If you’ve been considering a break from your 9-5 and are ready to try something new, you’ve likely considered going into business for yourself. And while a totally new venture, hinged on your fabulous ideas and personal vision, might be appealing, you may also want to consider the potential of purchasing a franchise.
There are benefits to owning a franchise. It can be a great way to start a new venture with corporate support and an established business model.
As a franchise owner, there’s little guesswork. If you pick the right company, you’ll be a part of an established brand and that comes with many benefits. For example, choosing a company like McDonald’s, Jimmy Johns, or Costa coffee, allows you to tap into their marketing efforts and name recognition.
Most of the planning and market research has already been done which makes your risk much lower. Don’t go it alone though… if you’re not sure which company you want to go with, look for a business broker opportunity, to help you make the best choice for your goals.
When you start a new business on your own it can be scary. Being a new business owner can sometimes feel like walking into a busy road with a blindfold on, and many people struggle to make it through. However, when you buy a franchise, the franchisor will offer you support. They will guide you from the very beginning. Remember when they build the franchise model, they consider what you will need to get started and become successful. This is important because instead of figuring everything out on your own, you’ll have resource.
Deciding to start a business is no easy feat. Getting started with a franchise might be the way to go if having solid support/assistance is valuable to you. And there are also additional potential benefits available for minority ownership: from assistance with your upfront cost to business mentorship.