Franchising or Entrepreneurship: 4 Reasons Why One is Better than the Other
If the idea of owning your own business appeals to you, you are not alone. Nearly 60% of Americans and 32% of Canadians want to own a business. It’s not hard to see the appeal of owning a business: freedom, independence, flexibility, and stability are all things that come to mind when we think of owning a business.
One thing that many people discover when they begin learning about owning their own businesses is that investing in a franchise can be a great option for owning your own business. As part of your research into owning a business, you owe it to yourself to look into quality franchise opportunities that provide many of the positive qualities of entrepreneurship, but with some added benefits.
Take a look at these 4 benefits of franchising vs. entrepreneurship, and see how investing in a franchise may be the opportunity you are looking for.
#1 Franchising Empowers You
There can be no doubt that one of the biggest benefits of owning a business is the sense of accomplishment you feel every day. As a business owner, you can make your own decisions and work toward your own goals; this is in sharp contrast to working in a corporate environment, where you work as part of a system to meet someone else’s goals.
As a franchise owner, you are empowered to look at the big picture of your business as well as the day to day. The thing that makes franchising different from starting your business from scratch is that a franchise has proven its ability to succeed in a variety of locations. This history of success is backed up by processes and systems that empower you to build your business without getting bogged down in the details of pricing, computer systems, and more.
#2 Franchising Lets You Use Your Skillset
People are often surprised to learn that many of the skills they have learned in a lifetime of work. Whether you have worked in a corporate environment (sales, marketing, management, etc.) or a more literal hands-on environment (construction, carpentry, manufacturing, etc.), you have developed a set of skills that translate well into owning a franchise.
Franchising is an incredibly popular career choice for veterans, who learn a host of valuable skills in the military. Hard work, discipline, teamwork, flexibility, leadership, and decisiveness are all things that members of the armed forces learn through their service, and they all translate into business ownership.
#3 Franchising Supports You
We’ve already mentioned that franchises have proven that their business models work in a variety of markets, but there is a lot more to it. Any system worth its franchise fee offers new owners training to teach them about their businesses. In franchise training, you will learn about the industry, the systems, the products/services, and anything else that is relevant to your business.
In addition, once you have finished training, the franchise has teams in place who help with things like technical support, marketing, market research, and a variety of other things. Many franchise companies boast ongoing support for the life of your business; indeed, between the corporate agents and the other franchisees in the company, you have a built-in network of people in your corner.
In contrast, there is no training schedule or support system when you start a business on your own. There are local support resources—like the Small Business Administration—but these do not offer the kind of resources specific to your business.
#4 Franchising Teaches You New Things
In addition to bringing out valuable skills, owning a franchise teaches you new things every day. For one thing, we already mentioned the training that the franchisor gives to new owners. You will learn about a new industry, and how that industry fits into your market.
On top of the training, owning a franchise teaches you about independence. Learning how to operate the finances of a company (or any other skill that you did not already possess) is a skill that will take you far, whether you stay a franchisee for decades or move to another opportunity later.
The decision to own your own business is not one that should be taken lightly. The most important thing you can do is research both franchising and entrepreneurship to see which fits your goals and personality best.
Find out if you have what it takes to be a franchisee, and see if Pillar To Post Home Inspectors is an opportunity you are interested in.