Paving the way for a new business isn't easy. But what if you could have all the benefits of being an entrepreneur with the resources of a bigger company? Opening a franchise might just be the right path for you.
Franchising allows bigger businesses to branch out and grow while giving people the opportunity to run their own business with the help and support of a larger company that has a proven formula for success. Of course, that doesn't mean that opening a franchise is a piece of cake, either, but for many aspiring business owners, franchising is a much less risky, yet still rewarding, option.
These eight franchisors and franchisees told Business News Daily why franchising is a great choice.
It gives you independence with guidance.
"Franchising has allowed us to do what we love while running our very own business! It gave us the opportunity to work for ourselves and to serve a real purpose, instead of just working on the things we do well for a boss. Franchising is a great way to start a business when you want to work for yourself but have only a little idea of how to start it. Coming to America as war refugees, we knew hard work and a little leap of faith could get you far in life and franchising paved the path for us." – Huy and Van Phan, franchisees, Goddard Systems
Editor's note: Considering opening a franchise? If you're looking for information to help you choose the right one, use the questionnaire below to have our sister site provide you with information from a variety of vendors for free:
You can work with friends and family.
"Our favorite thing about being a franchise owner is being able to work alongside our loved ones. As a husband and wife team, it really lets us play to our strengths and spend time with each other while simultaneously running a business together." – Sue and Sean Olson, franchisees, Capriotti's Sandwich Shop
It has the benefits of a big company.
"A franchise helps you navigate bureaucracy and offers advice about how to handle certain situations that come up that other franchises may have faced before you. It also helps for getting group discounts on marketing materials and having a team to help build your brand locally as well as nationally. It is a good way for entrepreneurs to start their own businesses while still having the resources of a bigger company." – Gianna Kagel, owner, Assisting Hands
It's easier to get funding.
"The fact that the business plan and all financial projections are already done makes it much easier when applying for a loan. The history — if [it's] good — with a franchise is hugely credible with the bank." – Anthony Santini, franchise owner, The Salon Professional Academy
It's less risky than starting a business from scratch.
"When you run your own business you build it from the ground up, and there will be failures that will cost money, time, energy, and frustration. With a franchise, these pitfalls can be avoided because you have a tried and true system to fall back on." – Idan Shpizear, owner and founder, 911 Restoration
You can ask for help if you need it.
"In my prior stand-alone business, I had nowhere to turn to for advice when things got tough. The only other people I knew that had a business like mine, were competitors. They sure as heck weren't going to share their best practices with me. I literally was standing alone, with no one to get coaching from, unsure if the next move I was making would make or break me. It became a trial and error proposition. That's why I really enjoy owning a franchise. I know that there are a bunch of other partners with experience out there I can turn to for advice." – Jeff Huguet, franchise owner, Nurse Next Door
You have access to proper training.
"Most people can master one part of a business, but struggle with other areas, which may include accounting, marketing or managing. When you start your own business, you must learn all these things on your own, with 'rookie mistakes' part of the learning curve. Franchisors provide franchisees with training in all major areas of their new business. They also stay by their side with advanced training to help them stay on top of your business as it grows." – Felena Hanson, founder, Hera Hub
You have a built-in support system.
"The great thing is that the franchisees support each other. I know that I can pick up the phone and call, text or Facebook anyone and they will more than likely answer my question, and if they don't know the answer they will find out and get back to me." – Bridget Jones, franchisee, Just Between Friends
Editor's note: Considering opening a franchise? If you're looking for information to help you choose the right one, use the questionnaire below to have our sister site provide you with information from a variety of vendors for free: