Starting your own business is a huge amount of work, stacked deeply with layers and layers of infrastructure and planning before you're ready to open your doors to the very first clients. You need a business model, a leadership structure, a location, office furnishings and equipment, software and a framed workflow, and so much more. You need to worry about establishing your brand, managing your finances, overseeing your workforce, and of course, providing a competitive quality of service.
However, not every entrepreneur needs to start from scratch. If your goal is to be a business owner but you're not trying to pioneer a whole new product or service, then opening a franchise could often be the most streamlined alternative for entrepreneurship. You could benefit from the many resources already put together to support the franchise brand, business model, and so much more.
Here are the top five ways that starting a franchise could save you time and money compared to pioneering an all-new brand.
1) Advertising and Brand Establishment
One of the biggest hurdles for new entrepreneurs to overcome is the need to establish a trustworthy brand. Getting your brand name and imagery out there is challenging enough. Building a strong reputation for a new brand is an even greater gauntlet that not all new businesses make it through. With a franchise, however, you don't have to spend a huge chunk of your startup capital on extensive advertising because you are already working with a brand that clients recognize and trust. You are building on an existing reputation, using a company name and imagery that already has an excellent reputation for service and results.
2) Building an Effective Business Model
Every entrepreneur goes through a little trial-and-error when it comes to the business model, especially when you're starting from scratch. Alone, you will need to shake out a functional authority structure, supply and vendor network, and a way of doing business that effectively generates revenue and builds your brand. With a franchise, you can start with a business model that has already worked well for dozens or even hundreds of other franchisee entrepreneurs who have enjoyed the benefit of skipping the trial-and-error phase. Why experience errors when you could dive right into a functional business model that has provided results to others?
3) Back Office Infrastructure and Support
When your goal is to provide great service and lead a great team, back-office infrastructure and management can really slow you down. Many new business owners can get get bogged down doing paperwork in the back office instead of taking the inspiring leadership role they had aspired to. With a franchise, you don't have to spend all of your time managing books in the back. The back office support provided by your Franchise home office can help you jump-start all the tedium that often comes with opening a new business.
4) Creating a Network of Industry Advice Sources
Especially for first-time entrepreneurs, it's important to have a network of industry experts and experienced fellow business-owners who you can ask for advice along the way. Whether it's advice on how to successfully launch, how to deal with an especially difficult client, or how to manage a complex vendor/supply issue, it's great to have industry knowledge at your fingertips. Independent business owners must build this network manually, but a franchise entrepreneur has the benefit of an entire community of fellow franchisees and the expert support of the home office to rely on.
5) Choosing the Best Industry Software
Finally, modern businesses must all strive to find the best possible industry software for the job. For your workflow, to maintain data security, and of course to manage all of your employees and internal functions. With a franchise, you don't have to worry about weighing and choosing between the hundreds of industry software options available. Your franchise brand and fellow franchisees have already done the hard part. You can rely on their expertise to know which software options are the best for your industry, business model, and the success goals on your horizon.
Starting your own business and becoming a successful entrepreneur doesn't have to mean you are starting from scratch. With the support and infrastructure provided by an established franchise, you can own your own business without some of the hassle, tedium or uncertainty that comes from possibly striking out completely on your own. Contact us today to find out more about how to start your own staffing agency with Nextaff.