How Franchising Can Help You Be Your Own Boss
Editor’s Note: This article was kindly shared with us by Stacey Laricchia, founder and owner of The Birthday Suit Waxing Spa. The Birthday Suit is an exciting franchise opportunity in the women’s personal care industry that provides affordable luxury for its clients.
As we look into the future of small businesses, it's clear that franchising is the new face of entrepreneurship. The franchise business model is the perfect solution for budding entrepreneurs who have the drive to own a business but lack the brand-new idea or expert knowledge that traditional business owners rely on.
Nowadays, when we think of franchises, food and coffee chains are no longer the first businesses that come to mind. Modern-day franchising has evolved far beyond the stereotypical big-box brands. Thousands of smaller franchises offer a more intimate, traditional small business feel – which in turn provides new franchisees a manageable and personalized start in entrepreneurship.
In this article, we’ll explore the many ways that franchise ownership can help you access the life that you’ve been dreaming of. If you’re tired of the corporate rat race, struggling to balance work and family life, or yearning to build a better future for yourself, you’re in the right place. Let’s dive in to all that franchise ownership can offer.
What Businesses Offer Franchising Opportunities?
The current array of franchised business brands spans every imaginable industry – from financial to pet supplies and even more niche areas such as laundry services, parking lot striping, or even crime scene cleanup. So, for those determined to steer their own ships, there's likely a franchise that aligns with your vision.
There are about 800,000 franchised businesses in the U.S. alone, providing approximately 8 million jobs. Franchising makes a massive contribution to our economy that simply cannot be overlooked.
Recent years have offered a thrilling chance to watch the franchise industry boom with innovative ideas. These concepts evolved into business plans and then manifested into reality, and they have stimulated growth in countless communities.
In a world where local businesses often win community loyalty over faceless corporate retailers, the right franchise can successfully fit into the local small business landscape and become a hallmark of the community.
Why Choose a Franchise Over a Startup?
One of the biggest advantages of the franchise model is the "business in a box" concept. Essentially, the heavy lifting of establishing a business model has already been done for you. A franchised business offers a proven track record, with its successes and failures already sorted out.
Moreover, joining a franchise offers an invaluable opportunity to engage with other franchisees, creating a community to lean on for advice, support, and reassurance – a benefit that is not readily available and accessible to traditional small businesses.
Franchising eliminates the majority of the guesswork involved in building the foundation of a business. Many potential hurdles, such as determining how much stock to order, staffing, establishing operating hours, identifying your target demographic, or choosing an optimal commercial real estate location are managed with the franchise's support. Some franchises even offer rent assistance, ensuring business and brand sustainability.
The franchising model also provides a multitude of growth opportunities. From becoming a Master Developer to owning multiple units, franchising allows you to expand your business portfolio confidently. Unlike most traditional small businesses, franchising provides robust training and support systems, and it offers vast networking opportunities.
Franchising also offers the freedom to explore different industries. The myriad of unique options and the increased availability of franchise lenders have made funding a franchise a much more achievable dream.
Who Can Become a Franchise Owner?
Most excitingly, franchising has opened its doors to a wide range of people. An Ivy League MBA or a million dollars in liquid capital is no longer a prerequisite to becoming a franchisee. This inclusivity not only allows franchises to expand their brands nationwide but also empowers individuals who may have previously thought business ownership was too far beyond their reach.
As franchising continues to evolve, so does the image of the neighborhood mom-and-pop business. Investing in a new idea can be risky, especially in this time of economic uncertainty – plus, competing against established franchises and their multitude of resources is a major challenge. With the advent of smaller, more niche franchises, the industry has become more accessible and less intimidating for newcomers.
The ever-growing availability of emerging, smaller, unique franchise brands presents aspiring entrepreneurs with an abundance of ownership opportunities that they might not have considered before. Thus, franchising paves an accessible and exciting path to business ownership – for everyone.
Learn More About Franchise Ownership Today
If you’re considering franchise ownership, then you’re in the right place. FranCoach is a national search firm dedicated to working with individuals who are interested in owning a franchise. We've partnered with over 600 of the top franchisors in the country, spanning nearly 70 industries.
When we work with clients, our number one goal is to help them find the absolute best franchise for them to own. If you’re looking to start a business, build a lasting legacy, make an impact in your community, and be your own boss, franchise ownership might just be the ideal path for you.
Reach out to us to learn more about potentially becoming a franchise owner. There’s never any fee for our service, so why not take the first step today toward your better tomorrow?