Owning a business is a dream for many aspiring entrepreneurs. Even with the strongest resolve, over half of small businesses fail within the first year, and most go out of business within ten years.
While these odds don’t sound encouraging, there is a business model that can help you overcome the odds and run a successful business.
Take a look at some convincing reasons why opening a franchise business is a smart move.
A variety of opportunities
Opening a franchise business provides a variety of opportunities and types of businesses, from restaurants to home goods and business services. Think about your business goals and what you hope to accomplish as a business owner. Take the time to research different franchise opportunities until you find an opportunity that aligns with your skills and business goals.
For example, if you’re interested in the home improvement sector, it’s worth noting that this market is projected to have a value of nearly $680 billion by the year 2026 and is forecast to maintain a steady pace in years to come, making home services franchises a great opportunity for you.
The UPS Store is a shipping and printing industry leader with 40 years of experience providing business opportunities for small business owners across North America.
The company has more than 5,000 franchisees running successful franchise locations across the United States. The UPS Store Franchise provides low-cost franchise options to prospective franchisees no matter their story or business experience.
Traditional centers connect small businesses and consumers on a daily basis, while rural centers help small business owners and local consumers have access to the same resources found in larger cities.
Whether it’s your dream to be your own boss or you’re a real estate agent or broker looking to launch a new franchise, The UPS Store has a franchise opportunity for every budding small business owner.
An established reputation
An essential part of launching a new business is to build a positive, credible reputation.
A franchise system provides business owners with a proven business model and built-in brand recognition that already resonates with customers. Dipping your toes into a crowded marketplace presents a challenge to building a reputation and growing your brand awareness.
Pursuing a trusted franchise brand is a great way to attract customers and build a positive reputation.
Franchisors provide franchisees built-in resources such as a business plan, advertising, and marketing.
Franchises typically offer ongoing training and education for franchisees to learn the skills and processes necessary for running a business. Opening a franchise allows you to adopt a tried and true franchise model that eliminates costly mistakes and the time and resources needed to launch a new business.
You’re part of a team
Opening a franchise is a great option if you want to start your own business without feeling alone.
New business owners often spend round the clock hours developing and launching a business and find themselves wearing many professional hats. Becoming a franchise owner allows you to be your own boss with the added benefit of joining a vast network of franchisees.
Opening a franchise does come with some initial investment and startup costs.
As a borrower, qualifying for a business loan or line of credit at a decent interest rate from a lender can quickly become a barrier to entry. As a new franchise owner you need a reliable financial institution that provides a viable financing option. Whether you need working capital to open in new markets or to pay your franchise fee, look no further than Franchise Lenders.
They specialize in franchise finance and know which lenders and brokers have the right financing solution for the franchising industry. No matter how much money you need to borrow, a franchise lender can help you get the best term loan, SBA loan, or working capital for your business needs.
For the times you want to ensure your business remains healthy and robust or manage that upcoming downturn in sales, Kapitus will get you business loans to stabilize your cash flow. Check out business loans at Kapitus.com to get more information.
Ongoing innovation and product pipeline
Business owners are under constant pressure to stay relevant by coming up with new ideas.
A franchise brand eases this pressure by developing new products and services for franchisees to offer their customers. Delivering innovative products and services play an important role in creating a memorable customer experience. As a franchisee, you are still responsible for learning about and promoting new products or services to customers, but you will have the support of your franchisor.
Working with a franchise brand is a good idea for business owners of all backgrounds.
With built-in resources, a range of opportunities, brand reputation, and ongoing innovation becoming a franchise owner is smart way to be your own boss.