Offering both the flexibility and independence of being a small business owner, plus the support and infrastructure of a larger corporation, a franchise can be the ideal opportunity for anyone interested in becoming an entrepreneur. However, while many articles will breeze through some of the positives and negatives of owning a franchise, few take the time to actually detail out thoughts and research behind the points they raise.
The goal of this is to help you see the positives of opening a small business through a franchisor. We’ll share some stories, statistics, and antidotes detailing why we think franchising is the right path for many inspiring entrepreneurs.
Here we go…the fourth of seven reasons why franchising may be the right path for you to open your business.
Franchisors Aren’t Selling a Job, Their Selling You a Business
Before purchasing Monkey Bizness, I was introduced to a coffee house franchise that was actively looking to expand into the Denver market. I was intrigued because I could potentially be owning and operating 3-4 stores within a couple of years. As I was talking to them, a stereotype I had in my mind regarding franchises kept playing over and over in my mind…….I want to operate my business as I see fit, not with all of these rules and regulations.
Franchising at times can seem like you are operating your business with someone else’s rules. To an extent this is true. Part of a franchisors responsibility to all of their franchisees is to protect the brand they are all using. If one rogue franchisee starts to offer a crazy new product or a promotion, it reflects on the rest of the brand and franchisees. As a result, there are rules in place to make sure that no individual franchisee will hurt the rest of the group. While this should comfort most, it also probably drive the more independent of us crazy.
I hope to be the owner of Monkey Bizness for a long time, but I know there will be a point where I move on. The entrepreneurial spirit in me will always want to own a business and the odds are the next one will be a franchised business. Yes, the stereotype that I used to have is completely gone.
As a franchisee you have the ability (in most systems) to set your price, hire and fire employees, set their pay rates, train employees, execute marketing plans, determine how you want to market your business, work with other local organizations and businesses, and so much more.
As a franchisee, most the rules you are “stuck” following are ones you tend not to care about in the first place. For instance, most franchisors will provide you with materials to help train your employees. I don’t know about you, but I didn’t get into my business because I wanted to create materials to train employees.
You are also provided with rules you must follow that “create that magic”. For instance, if you are starting a restaurant, they will give you details on how you must prepare the food so that it tastes consistent across the brand. If you don’t like the restaurant’s food in the first place, I wouldn’t open that store.
The simple fact is that most franchisees provide the systems that you don’t necessarily want to deal with in the first place. They also provide support such as marketing that will give you a leg up on the local competition in the first place. As a franchisee you are free to do what you wanted to when you started out with the venture…..serve your customers with the highest level of service.
What it Comes Down To
The decision is a very personal one. No matter which you route you decide, the business will ultimately be yours. Hopefully, this has given you a little more insight into the decision then you had before.
Below are links to each article in the entire series of 7 Reasons to Franchise.
- #1 The Franchisor is your Business “Partner”
- #2 Experience of a Franchisor Translates into Dollars
- #3 Most Franchisors Offer the Expertise of a Professional Business Team
- #4 Franchisors Aren’t Selling a Job, Their Selling You a Business
- #5 Franchising Offers Flexibility
- #6 Franchising Can Help Financing Your Business
- #7 Franchising and the Risk Equation – What is the right amount of risk?
If you are interested in discussing franchising or oppurtunities with Monkey Bizness, please reach out to us.