You’ve worked hard for a lot of years to create the opportunity of a lifetime – owning your own business. Are you ready to take it to the next level with a franchise? Franchising is a great business opportunity, but it is also a major undertaking. Franchising is a process with many moving parts. There are all kinds of details to consider including operational issues, the strength of competitors in your marketplace, the level of the financial investment required, interaction with Franchisors, etc. At the end of the day, though, franchising affords many of the best business opportunities in CO. A franchise development consultant can help you make your dream a reality and help you maximize the benefits of being a franchisee. What follows is an, admittedly incomplete list to help you understand the benefits of being part of a franchise. These below are many of the best benefits from business opportunities Colorado has to offer.
Benefits of Being a Franchisee
- Quality Control – One of the major benefits of being a franchisee is that many of the key processes and procedures and systems have already been ironed out. Through trial and error, through the growing pains that come with franchising, and through the success that it takes to become a Franchisor in the first place, most of the glitches and quality control problems that small businesses encounter have already been addressed and resolved. The learning curve for a franchisee is much easier than for small business owners trying to make it on their own, and the results are consistently higher.
- Supply Chain – For most franchises, one of the major benefits is having a well-established supply chain for individual units. There are several advantages to franchisees. They do not need to spend inordinate time comparison shopping. The bulk buying power of a franchise allows them to get great deals. It also goes a long way towards ensuring an uninterrupted supply flow. If a supplier is running low on a product, they might put a small shop on backorder, but they are very wary about doing that to a franchise. Finally, purchasing agents for national chains constantly draw the attention of those with products to sell, which gives them the best exposure to new opportunities. Continuity, consistency, great deals and new product offerings are all enhanced for franchisees.
- Marketing – One of the more obvious benefits of owning a franchise is the brand recognition and marketing efforts built into the franchise. When an entrepreneur opens a new business, they often have to build their base of clientele from the ground up. Franchise owners have a pre-established base of clients, often nationwide and usually exposed to millions of dollars of advertising.
- Financials – Few entrepreneurs enter the marketplace because they want to crunch numbers. Often, the accounting/taxes/payroll side of the business is the thorn in the side of small business owners, and because they don’t like it, they may not devote all of the time they should to it. That means missing write-offs and savings opportunities. Unfortunately, there are too many stories of small business owners who trusted the wrong accountants, and it ended up costing them their business. One of the unsung benefits of owning a franchise is that there are well-established, transparent systems for managing the books. This allows entrepreneurs to focus more time and energy on the things they really enjoy – growing their employees, serving their customers, and being creative problem solvers.
- Legal – No one wants to think about legal battles, least of all entrepreneurs trying to escape the confines of working for corporate America. This is where having a large, interstate corporation at your back can be a big help. By having standard, reviewed contracts and paperwork, clearly documented policies for hiring and firing, specific procedures in place for workplace accidents, etc. the franchisor significantly mitigates the risk for franchisees. They also have dedicated teams to stay on top of things such as changes to labor laws. If an issue does arise, the strength of a large, experienced legal team can be an asset both inside the courtroom and in negotiations that happen ahead of time. This is the benefit no entrepreneur wants to have to take advantage of, but it is nice to ensure your business is not at risk.
- HR – Any entrepreneur can tell you that the most consistent challenge over time is a human resource challenge: talent acquisition, retention, and training. Most franchisees have well established and proven training regiments that comply with all labor laws and best practices. There are specific guidelines on employee reviews, raises, and benefits to make sure you have the best chance of retaining the best and brightest. The HR assistance that entrepreneurs get from being a franchisee can pay dividends year after year.
These are just a few of the benefits of being a franchise owner. To discuss some of the other reasons to consider becoming a franchisee, please call us at 303-223-3673 for a free initial discussion.
Choosing the Right Consultant to Explore the Business Opportunities Colorado Offers
If you’re considering entering the franchise market one of the best investments, you can make is finding a consultant to help you understand the market. There are many great business opportunities in CO when you explore the franchise model. A consultant can help you to learn how to understand all of the benefits and risks, and help you clear the, often considerable hurdles to franchise ownership.
Here at Franchise Logic, I will personally work closely with you to assess your goals and your reasons for business ownership as well as your spending tolerance, and the intricacies of the Denver market. The key to success in business is conducting your due diligence and seeking out the right franchise opportunities. Our process will help you understand how to do this as we explore the best business opportunities in CO. I will personally help you to understand your options and teach you the “How To” explore franchises that present the greatest opportunity to meet your specific interests and talents. The end result? To match you with the potential perfect franchise matches that give you the freedom and opportunity you long for.
At Franchise Logic, we don’t charge a penny for our services. We pride ourselves in working with the safest, most lucrative, fastest-growing franchises and business opportunities in CO. We work with individuals to help them identify what characteristics are most important to them in a potential business match.
The financial and personal rewards of franchising can be enormous and last for generations. As an entrepreneur, play to your strengths and choose the right franchise development consultant to bring you the best business opportunities Colorado has to offer.