3 Reasons to Choose a Franchise as Your First Business Venture
If you’re ready to take the leap and become a business owner, consider franchise ownership as a viable business venture. While startups may sound appealing, they simply don’t compare to the success rate of franchising. In addition, franchisors offer marketing services and ongoing support within an established business model. Due to this, franchise businesses have a 90% higher success rate than startups, along with greater longevity.
A franchise can become one of the most lucrative investments you make in your lifetime. However, first you must find the franchise opportunity that best fits your budget, knowledge, and interests. Luckily, there are franchise opportunities in nearly every business sector. Consider meeting with a franchise consultant who can assist you in the process of finding a franchise that works for you.
First-time business ownership is within your reach. Here are three reasons for aspiring entrepreneurs to bite the bullet and choose franchising as your first business venture
1. Increased Chances of Success
The most challenging stage of beginning a new brand is the startup phase — including creating a viable business plan, conducting market research, and testing your products. There is no guaranteed road map to becoming a successful entrepreneur. Given that 90% of startups fail within the first five years, it is evident that even the best-laid plans can fall apart.
However, franchises buck this trend by speeding past the startup stage and the struggle for brand recognition. Unlike building a business from scratch, franchisees are buying into an established business with pre-conducted market research and a well-known product. It’s no wonder, then, that franchises are more likely to succeed.
2. Established Business Plan
Those who invest in a franchise also benefit from the structure of a well-developed business model complete with the most efficient operational systems, services, and pricing. Not only does this eliminate guesswork, but it also ensures a much quicker return on your investment. With the support of a proven business model, franchisees can enjoy streamlined workflows and offer competitive pricing and services to stay the course for many years to come.
3. Built-In Marketing and Support Network
In addition to providing a great head start in product development and business planning, franchisors also provide franchisees with a comprehensive marketing approach. On your own, it can be challenging to develop a strategic marketing plan. When you own a franchise, though, you benefit from widespread brand recognition and an existing, already-loyal customer base that franchises have.
Some franchises also grant you access to a network of individuals who can guide you along your journey. Every franchise is different, with some offering more support to franchisees than others. But compared to creating a startup by yourself, every bit of help is a step in the right direction. Most franchisors can answer questions and aid you in developing your business quickly.
Hundred Acre Consulting
If you’re interested in franchise ownership, Hundred Acre Consulting is here to help. Leveraging years of experience, we can help you choose the best franchise for your skill set and guide you through the process of building a lucrative business. With expert guidance, even first-time entrepreneurs are sure to find the perfect business venture to make your professional dreams a reality.
Ready to find the franchise for you? Contact Hundred Acre today, and let’s get started!
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