If you are looking for a new challenge in your life this year, one of the things you may think about going is starting your own business. You might be bored with your current role and want something else to move into, or you may have a brilliant idea which you are ready to share with the world. Whatever the reason, starting a business can be a life-changing thing and it will be wonderful for both you and the people you love.
A franchise can be a great option if you have a decent budget to start off with, and you will be able to enjoy a wealth of opportunities and profit from building a successful franchise. Here are some reasons why a franchise could be the right choice for you this year.
1. Track Record
Franchises which are successful are incredibly successful. When a franchise takes off and the idea gains traction, it isn’t long before it has taken over the state, the country and then even the world. You could start up an escape room franchise tomorrow, and with the popularity of this activity, you could be looking at a hugely successful brand within a year or so. For anyone who wants to take over the world with their business idea, a franchise is an effective way to do it.
2. Strong Brand
Branding is the most important part of building a successful franchise. In order to be a successful franchise in your local area and beyond, you need to come up with a logo which will be universally recognized as being yours. Once you can do this, you will see a strong brand force pushing you forward and into success. Due to a franchise being in multiple locations, you will gain traction much quicker and therefore your brand will be your strongest tool. Just look at companies like McDonald’s: that signature yellow M is recognized all over the world, and it makes people want to visit the chain as soon as they see it.
When you build a franchise, one of the great things you will be able to offer to your employees is training. With a franchise, you will have plenty of budgets left over to provide the best possible training to your workers and this will lead them to want to stay working for your company for much longer. Employee loyalty can often be directly related to the training and investment you put into their success, so it is something which you should definitely take advantage of to grow a loyal team who will continue to help your business grow.
4. Ongoing Support
Running a franchise is a little bit more challenging than other businesses because it is often on a larger scale. A franchise can face many issues and struggles along the way, but the good thing is that once you enter the franchise community, you’ll always have support. There will always be experienced people who can give you advice on your venture and help you come up with solutions to your problems. This is something you don’t usually get with business, and it can help you improve much quicker.
As a franchise, you will never be confined to advertising your company in just one area. The fact that you will be able to broaden your social media posts and online adverts to other areas will bring more people with it. If you can create fun and engaging content every single day to your audience, they will be more likely to come and visit you to see what all the fuss is about. For example, if you are a new restaurant chain, make sure to take plenty of old photographs and also videos to show off the cheese pull on your pasta and pizzas. You will have people running through your doors before you know it!
6. Real Estate Help
Estate agents will become familiar with you over the years as you start to look for new locations and expand your franchise to different areas. The beauty about being a loyal customer is the fact that your real estate agent will pay extra attention to you and your needs and they will even send you suggestions of new places when you aren’t looking yet. You will get so much help from your estate agents and they will likely be able to haggle with you for better prices and bargains to save you the money on rent or the mortgage.
7. Construction Made Easy
The beauty of owning a franchise is the fact that you will be able to throw up buildings much quicker than new businesses. When you come to create your first building it will take months of planning the design with an architect, deciding on materials and then having everything built to your specifications. However, the second time you want to build a store or chain, you can refer back to your original plans and simply repeat the process to fit the space. You will save so much time on design and construction as you expand, that by the tenth building it will be done in a matter of weeks, ready to start a business.
8. Purchasing Power
There is one brilliant advantage of owning a huge franchise which will change the way you think about your business and can make a huge impact on your profits. When you are working for a large-scale corporation and you need to buy supplies or systems for your employees to use, you can haggle. Haggling is a great way to save money on buying items in bulk, and you will be able to use the money that you have managed to save later on in the business. Suppliers will accept a haggle from you because you are buying in high volumes and they need a sale. So it is definitely something you should take advantage of in your business life.
9. Less Risk
If you either build your own franchise or buy one from someone else, you are at a much lower risk of failing than you would be with a new business. The reason for this is that your money is spread between different places and venues meaning that if one store doesn’t rack up the cash, your other ones can make up the funds. It is a better way to work if you want to succeed and it will be much easier for you to succeed in the professional world.
If you are a big advocate for charity work in general, you will have a wonderful opportunity as the owner of a franchise to go out and send your employees to help charities all over the world. Many large franchises will give their employees a couple of days off each year to volunteer for their favorite charity. You could even pay for them to go abroad if you want to. Volunteering gives you a sense of pride and you will be able to make a genuine difference in the lives of so many people around you. Working for a charity will also improve your reputation as a company and this can help you to grow and succeed even more in the future.
You can even organize a fundraising event in a large area where you sponsor some performers for the day, set up stalls and allow small businesses to show their wares if they want to. This can be great for the local community, but it will also be a great way for you to give back to your customers.
11. Team Spirit
One of the great things about working in a franchise is the fact that you will have a positive team atmosphere, and you will have the ability to make sure your team is happy and supported at all times. Make sure to arrange plenty of team building activities throughout the year to keep everyone be dead and close. Workers of a large franchise will often feel a sense of pride for working for a known name, and this will likely make them more loyal to your company.
12. Recruiting Power
As soon as you have a name which is recognized, you will be in good stead to have lots of people applying for a job with you. The advantage of having lots of people wanting to work with you is the fact that you will get more people to choose from. If you get 100 applicants for every single role you offer to the public, you will end up with more people to choose from and this means you are more likely to get the right person for your role immediately. Always advertise your jobs on social media as well as your website and job sites, you will be surprised at how many people you get wanting to work with you.
A franchise can be a great business decision to make. If you want to find success and wealth this year, consider starting up a franchise of your own.