The Entrepreneur’s Source Terry Powell Reviews the Pillars of Franchising
For individuals who are looking to move from Employment to Empowerment by entering the world of self-employment, investing in a franchise proves to be a successful route for many. By purchasing a franchise business, entrepreneurs are investing in the three pillars that are ingrained in the franchising model. These pillars, which are at the core of franchising, help to save entrepreneurs sufficient time and energy when operating their business.
“Franchises give franchisees a proven entrepreneurial track to run on, complete with a brand name, operating system, and ongoing support. Independent business owners have to figure out those pillars for themselves,” founder of The Entrepreneur’s Source Terry Powell said.
A Breakdown of the Three Pillars of Franchising
A brand name can go a long way when it comes to recruiting customers to consume a new business’ product or service. Because these services and products are already established and have a following, this is an added advantage of purchasing a franchise brand. From here, business owners have the ability to utilize this already built-in customer base instead of having the duty and anxiety linked to creating a new image and reputation altogether.
When investing in a franchise, you are also investing in their proven operational systems and procedures, increasing an entrepreneur’s chance of opening a profitable business. These in-place and established systems enable franchisees to save time by forgoing the associated time and resources that come with forming best practices.
Finally, a franchise provides entrepreneurs with sufficient ongoing support not just when a franchise opens, but throughout its lifespan. When first opening, franchisors offer new businesses access to their supplier relations, marketing channels and collateral and admission to use the system’s proprietary technologies to help get their business up and running. Franchisees are also provided with regimented training programs so that the new franchise can learn about the business he or she is entering as well as the industry their business falls in.
When entrepreneurs decide to make the move and invest in a franchise, they are not only investing in their future business, but their individual success as well. Franchising adds a plethora of added benefits that opening a mom-and-pop business may not.
If you’re interested in learning more about franchising and how you can befit from the three pillars of franchising, sign up for The Entrepreneur’s Source Start a Business Weekend virtual franchise expo on September 18-21st from 10 a.m. to 7 p.m. EST.
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