When professionals start to dream of being an entrepreneur, we tend to dream big. Take for example, starting a little garage-business and growing that business into an international giant like Microsoft. Or starting an online business and taking over national retail, like Amazon. But that's not actually why most people start their own business.
You start a business because you want to be your own boss, and because you know you can do better than business owners in the past. You start a business because you have the resources to put a small startup business together. And what you're aiming for in the first ten years probably doesn't look anything like Microsoft or Amazon, because what you bring to the table is good practical knowledge of the business world and the ability to lead a well-organized team.
The Allure of Franchises
That is exactly why opening a franchise is so appealing to most people at their first-business stage. Most first-time business owners have had long, successful careers resulting in the funds and experience to start a business. These are not 25-year-olds with a break-out industry idea and years of living on Ramen Noodles ahead of them.
And really, there's no need for you to go through the starving startup phase. That's what a business plan is for. As any industry professional knows, it's better to start with some guidelines and best practices than to go off of instinct and experience alone. A franchise is a tempting way to begin your first business because it gives you a solid place to start.
Starting with a Game Plan
A franchise isn't just an instruction list. By opening a new franchise, you join an established brand that already has a game plan for your supply, management, marketing, and internal procedures. While you will have all the power of a business owner, you also don't have to start from scratch to figure out the best practices for your business.
This is because a franchise plan has been tried many times over, and each franchise that uses the plan grows and adds to the pool of knowledge and best practices.
Having All Your Paperwork In Order
Paperwork is among the biggest challenges for any new business owner. Not only do you need to get all the right contracts for your building, startup staff, and supplies, but you also need to get all your permits, licenses, and compliance codes in order. If you are missing even one document filing or license, you can wreak your startup experience.
But with a franchise, you're following a well-worn path. The franchise package and support team will clearly list every piece of paperwork you need to start a complete new branch and provide guidance on how to get it all filed correctly. Following a franchise guide could potentially save you on legal fees getting the same information from a lawyer.
A Clear Outline of Current Regulations
Between HIPAA, GDPR, PCI, and the FDA there are a lot of compliance issues to worry about. Compliance for data safety, compliance for food safety, for employee fair treatment workplace safety. These may also be things you've never had to deal with in your career up until now and staying compliant can be a real challenge for anyone unfamiliar with the regulations.
Fortunately, joining a franchise means guidance on all the applicable regulations and how to easily remain in compliance. Most of the time, it will be a collection of common-sense best practices that your business will take to naturally. There may also be a few things you'll need to schedule regular audits to uphold. However, no matter what regulations are at play, you will have assistance knowing what they are and how to follow them.
An Established Brand to Build On
Finally, a franchise seriously simplifies the challenges of small-business marketing. A recognized brand comes with a lot of benefits for building a customer base and successfully drawing attention to your new business. People who recognize the brand are more likely to convert, skipping the 'awareness' phase of marketing.
And because the brand is already strong, any online marketing you do will most likely have better results because search engines will know that the brand is legitimate with a solid online presence.
As a first-time entrepreneur, you can absolutely start your own independent business as your first entrepreneurial adventure, but why not go with a more secure bet instead? For more information about how to start your own staffing franchise, contact us today! Ask yourself these three questions to see if starting a staffing agency could be right for you.