Many of us dream of the freedom and independence that comes from owning our own business. But it seems like there’s always something in the way. Whether it’s your 9 to 5 job, that is all too often a 9 to 8 job, or the need to balance work and family life, we spend years of our lives just dreaming. Sometimes it’s simply fear that you “don’t have what it takes.” But, if you open your eyes, there are plenty of opportunities all around you. Franchising can eliminate much of the risk, and help you achieve the independence you’ve been seeking.
The fact is, most of us are indecisive. We struggle with decisions fearing that we’ll make a mistake. Unfortunately, our indecision often costs us time, money, and missed opportunities. It’s why we constantly feel overwhelmed and tired.
Take the Steps Today for Freedom Tomorrow
Starting your own business can be challenging. You might have a great idea, but you also need to understand marketing, distribution, and accounting. You might need to find an office, set-up a website or arrange financing. Even if you find an overlooked niche, it may take years to run tests and do your research. You need to determine if your idea is even viable, after all. Even if you’re lucky enough to get your idea to market first, there will soon be competition. There is a chance they might have deeper pockets or a distribution network already in place.
It’s no wonder why so many of us put off our dreams for the safety of a paycheck. But the truth is, if you’re seeking the freedom to pursue your goals and live an extraordinary life, owning your own business can help to get you there faster.
Franchising offers you the opportunity to start a business with several advantages. Like having the research and much of the logistical work done for you. A franchise offers you benefits like a proven business plan, marketing materials, and strategies. It usually includes training, and sometimes financial assistance and help to find the right location.
Franchising is speed to market, allowing you to hit the ground running and begin building your business immediately.
Finding the Right Franchising Opportunity
Finding a franchising opportunity that offers you support and a proven business plan is half the battle. In franchising, the relationship between the franchisor and franchisee is a key element. This relationship is the dynamic that leads to success or failure at the unit level. If you’re considering a franchise, it’s imperative you understand this element of the business. You should know what the relationship entails and what both you and the franchisor can expect of each other. When this relationship is strong and maintained properly you can experience the long-term success you’re seeking.
There are several important elements to a franchising agreement you should be aware of. These include:
- Clearly Defining Each Party’s Responsibilities
When entering into any business agreement, setting expectations up front is critical. Make sure your franchisor provides a detailed overview of expectations that explicitly defines the duties of both parties. You need to have a full understanding of what the process will look like as you prepare to launch, as well as what to expect in the course of everyday business.
Having the details clearly outlined and reiterating them throughout the initial franchising process enhances a successful launch. Everyone must be on the same page. There should be an agreement about duties and communication before your relationship begins. When both sides clearly understand expectations, they can be held accountable.
The franchisor’s responsibilities include establishing and providing brand mission and messaging. They would also offer support and training to meet brand standards. Finally, guidance in deploying the product, service development, and ongoing innovation are typically offered.
Your responsibilities begin with your performance at the unit level, maintaining brand standards, and upholding the integrity, mission, and performance of the brand within your local region.
- Keeping Communication Open and Honest
To succeed in franchising, your franchisor must provide you with the tools, systems, and processes to operate your business. The best way to build your relationship is through clear, open and concise communication. Opportunities should be frequent, whether by weekly conference calls, NFAC (National Franchise Advisory Council) meetings or at the franchisors’ annual conference.
Through these and other communication efforts, franchisors can provide the necessary tools, support, and resources to help you succeed. It’s also an opportunity for you to raise concerns and present ideas that can improve the system.
Finding the right franchising opportunity can foster your success. A good franchisor/franchisee relationship is a partnership in the best sense of the word. Through your hard work, and the support of your franchisor you can build your business faster. You will also avoid the years of trial and error when starting a business on your own. Be sure to meet with a franchise consultant who can assess your strengths, goals and match them with the best franchising candidate.
Building Your Business to Pursue Your Goals
The point of being a business owner is to be able to provide for your family and have the time to live your life to the highest level. For many business owners, their strengths define their franchising direction. For others, business ownership gives them the ability to earn a good living and still have time to pursue their other passions. For some, the ultimate goal is attending the kids’ baseball game or getting away for some R&R with one’s spouse. It may be important for others to spend an occasional afternoon on the golf course, or on a boat fishing.
Franchising can get you there faster. It is successful thanks to proven business models and systems, high-quality marketing, operations, and everything in between. If you’re entrepreneurial and willing to work hard, a franchise gives you the ability to reach profitability faster. You’ll be able to pursue those passions sooner than when working for someone else.
The strength of the franchising model lies in its standardization. An example of a franchise modeled for success includes:
- a proven system
- a supportive and motivational franchisor
- parties that are open to building a relationship
- honest communications
- clearly defined expectations for all parties
With these in place, you can experience the benefits of business ownership without having to reinvent the wheel and forfeit your entire life in the process.
Franchising can provide this dynamic giving you the best chance to grow and scale your business while freeing your time to enjoy both your business success and your passions in life. Make time to contact Careyann Golliver, America’s Franchise Matchmaker™ today to learn more about our no-cost consultation services.