by Larry Reed | Oct 3, 2022 | Franchising
Entrepreneurship is a journey that many begin, but not everyone continues. From starting a business from the ground up or purchasing a franchise, being your own boss comes with pros and cons.
Depending on your professional goals, franchising may have the perks that you desire for your entrepreneurial journey. So, is owning a franchise right for you?
Perks of Owning a Franchise
While there is a long list of benefits of joining a franchise, here are a few key perks that can help you decide if franchising is the right decision for you:
Brand Awareness
When you purchase a franchise, chances are you are joining a known company that has experienced some proven success. By becoming a franchisee, you are joining a business that has built-in brand awareness. Instead of starting a brand from the ground floor and hustling to create awareness, that step has been done for you.
Don’t think this means that running a franchise is easy—there are still many hats that a franchisee has to wear to keep the business running successfully.
A Support System
Purchasing a franchise means you’ll likely receive initial training and ongoing support for your business. When a company decides to franchise, it is important to maintain consistency throughout the different locations. This, in turn, increases brand awareness and creates a desirable, consistent experience for customers.
The level of support received from your franchisor varies and depends on many aspects of the business. Ongoing corporate support is one of the biggest reasons that entrepreneurs choose franchising over starting their own business.
Lower Startup Costs
More often than not, purchasing a franchise is less expensive than starting a company from scratch. Franchises also tend to bring in revenue more quickly than new businesses, due to ongoing corporate support and brand awareness.
For an entrepreneur, running a business can be an exciting endeavor. When deciding how to begin the journey of business ownership, consider the perks of purchasing a franchise.
Ready to start your franchising journey? Contact me today to assist you with your entrepreneurial goals!
by Larry Reed | May 27, 2015 | Franchising, News
Many new entrepreneurs don’t come from sales backgrounds and don’t have sales teams to rely on. The thought of selling is daunting. In fact, one of the most asked questions of me by those considering the franchise business model is, “I don’t have to sell, do I?” Of course we’re talking about capitalism here, so somebody’s got to sell something to somebody to make the world turn, so to speak. And if you think about it, in any job you’ve gained or held, you had to sell your manager that you were the right person for the job. Most of us conduct sales related actions each day to influence or motivate behavior and/or actions; and we don’t even recognize that it is happening.
How do you define selling?
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by Larry Reed | May 26, 2015 | Franchising, Franchising for Veterans
Entrepreneurial Question: What are the top reasons people have not started their own business?
(As reported by those saying they would like to start their own business)
Here’s the story:
Some 39% of employees hope to own their own business, according to a recent survey released by the University of Phoenix Business School. And the younger they are, the more they want it. More than half of workers in their 20s who don’t own a business hope to do so in the future, while 50% of workers in their 30s and 35% in their 40s want to start their own business. One-quarter of workers in their 50s and 17% of workers age 60 or older who do not currently own a business want to do so in the future.
In the University of Phoenix Business School survey, when working adults who said they wanted to start a business were asked why they hadn’t done it yet,
- 67% cited a lack of adequate finances;
- 33% said they needed more education or training and didn’t know enough about running a business;
- 30% said they have not found the right idea or concept;
- 22% simply said they don’t have the time; and
- 17% say they need to develop leadership skills.
“Starting your own business can be an exciting and fulfilling pursuit, but requires significant planning, resources and business knowledge,” said Michael Bevis, director of Academic Affairs for University of Phoenix and faculty member for the School of Business. “Many potential entrepreneurs have great ideas and a strong understanding of specific industries, but often do not have the business background to turn concepts into profitable ventures. Business education can help entrepreneurs fill knowledge gaps and strengthen business acumen.”
Want to know more? Read the entire story on the University of Phoenix website.
by Larry Reed | Mar 25, 2015 | Franchising, News
Meet Robinn Scholfield, Advocate for Women and the Franchising Business Model
Periodically, I highlight successful entrepreneurs and share their story with my followers. It could be someone we’ve helped acquire a franchise, someone we met while networking or someone we admire from afar. This post puts the spotlight on Robinn Scholfield, a Kansas City-area entrepreneur who has owned, operated and sold multiple businesses.
If you haven’t met Robinn Scholfield, then you probably don’t know that her mission is to empower women by helping them maximize their personal image. She accomplishes her mission through Image Evolution, her latest entrepreneurial adventure. Judging by the growth of this new business venture thus far, and her track record, she’s well on her way to building another successful company. (more…)
by Larry Reed | Mar 3, 2015 | Franchising, News
Achieving a better work-life balance is often cited as one of the main drivers behind a person’s decision to invest in the franchise business ownership model. Just what is meant by work-life balance though? Is it working seventy percent of the time while having thirty percent to do as you wish with family, leisure, travel, physical fitness, etc.? Or is it the flip of that formula, or a different balance altogether? (more…)
by Larry Reed | Jan 27, 2015 | Franchising, Franchising for Veterans, News
Why veterans can make great franchise business owners
I believe that veterans have numerous characteristics that can make them successful business owners and franchise operators. Operating a franchise requires a variety of skills – and the military tends to cultivate these skills. Following are the top skills that veterans often gain from their service to our country that benefit them when they operate their own business. (more…)
