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 first of seven reasons why franchising may be the right path for you to open your business.
The Franchisor is your Business “Partner”
What’s stopping you from starting your own business? When people get asked that question, they often respond that they are scared of failure. That might not be the exact answer, but that is what it boils down to.
Years before I purchased Monkey Bizness, I wanted to start my own accounting firm. Being a Certified Public Accountant and dreaming of owning my own business, this seemed like a logical step. However, there was something always holding me back. While it was always something different depending on the day, I was scared. In order to spread my risk and gain some confidence, I sought out a partner to begin my endeavor with. Finding a partner helped ease my fears by giving me someone who shared responsibilities and that I could rely on to help grow the business.
For many reasons, I never went forward with my accounting firm endeavor. But the process did teach me about the value of having a partner. When you find the right franchise, one of the biggest benefits you get is having a partner to help you start and grow your business.
I have a secret for you…..we have all failed at different times in life. Failure doesn’t make you a bad person or a “loser”. Quite the contrary. Failure makes you smarter for the experience and helps shape you for success down the road.
Because of this fear, most never even try to play the game. Imagine never if Babe Ruth had never played baseball because he was scared of striking out. Imagine if Picasso never painted because he was scared of what others might think of his work. Henry David Thoreau had a great quote – “Most men lead lives of quiet desperation and go to the grave with the song still in them”.
Monkey Bizness is no stranger to failure. Prior to taking over, our system had to close stores. We learned from that. The lessons we learned have made our other stores all the more successful and will make future stores even more successful.
A 2018 Gallup Poll noted that employee engagement was the highest its been in the history of the poll…it was at a whopping 34%. While that is great that it is so “high”, that means that 66% or 83 million Americans don’t like their jobs. Really think of that….when you sit down today at work, between you and the people sitting on either side of you, two of you hate your job. Are you one of them? What is a bigger failure, going to work every day and hating your job or not attempting your dream?
Business owners learn to redefine their success. Is security your definition of success? Do you often go to retirement parties where the honoree says “I accomplished my life goal, I was secure the past 40 years”? While you probably haven’t heard that at a retirement party, you probably also haven’t heard “I accomplished my life goals of chasing my dreams and forging my own path”. It’s sad, but most are too afraid to get to that point.
With a solid franchisor, you get a lot of benefits. You get a business plan, help with the financing and marketing, the benefit of lessons learned…. but most importantly, you get a partner in your endeavor. You get someone that helps you chase your dreams while allowing you to build your success story.
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.