The excitement associated with starting a new business often attracts those professionals with an entrepreneurial spirit. From finding a space to making stock purchases and closing deals, the thrills are endless. However, so are the headaches for many who make the leap into opening their own business.
To negate many of the problems associated with starting a new business, many decide to invest in franchising as the best of both worlds option. A franchise system provides an individual with professional freedom, yet a proven system that can be depended on. As a result, entrepreneurs’ can escape many of the common problems associated with startups, including:
1) Lack of operations. One of the greatest pitfalls of starting a new business is a lack of knowledge and connections necessary for conducting regularly scheduled operations. A new business owner must start from scratch and develop every process and procedure for the minute details to the large tasks. Franchising provides built-in operations and the direction, advice necessary for getting a successful business up and running.
2) Marketing. If a business doesn’t have a marketing and advertising plan, does it even exist? Franchising provides an individual access to instant marketing collateral and name-brand recognition – important when first starting out and maintaining a customer base. In addition, most individuals are not experts in everything. If a professional’s business involves dry cleaning, for example, he or she has focused their attention on related processes and skills – not marketing. Investing in a franchise allows an individual to benefit from access to marketing guidelines, feedback and best practices.
3) Staff training. What are the staffing requirements necessary for a business? This can vary greatly, even within an industry, and how should employee training be implemented to ensure maximum efficiency? Franchise systems come with prepared staff training regiments that are proven effective.