I’m bored with my current job, I’m tired of working from 9 to 5, I need to improve my standard of living,” are just a few of the reasons that I hear from an entrepreneur as to why they want to start a business. Starting a company allows the owner to be their own boss, create their own schedule, and have unlimited income potential. Of course, that’s what everyone wants. Who doesn’t?
Not everyone understands business and there is much more to it than selling a product or service: human resources, marketing, public relations, accounting, finance, research and development, and customer service, just to name a few. Fortunately, business can be learned, but it does not happen overnight. When the technical skills needed for the business is a passion of the entrepreneur, many of times critical details are overlooked to get the doors open. So what should an entrepreneur do when they do not have the mindset to start from the ground-up, but has the passion, drive, time and financial means to get started? Franchising.
According to Entrepreneur magazine, a franchise is defined as, “A continuing relationship in which a franchisor provides a licensed privilege to the franchisee to do business and offers assistance in organizing, training, merchandising, marketing and managing in return for a monetary consideration.”
That’s right; when starting a franchise business, the corporate office will typically fly you to a specific location for hands-on training and learning. Also, they offer constant support in all areas of the business such as marketing. Have you heard the radio, TV and print marketing for top franchises like Subway, Super 8 Motels or budget blinds? That advertising is designed and paid for by corporate, not each individual store.
Owning a business is not for everyone, but in today’s world there are many ways to make that dream a reality. No matter how quickly one would like to work for themselves, it is always important to have a sound, non-disruptive business plan. Every business opportunity is different; it’s about finding the right one to fit the entrepreneur’s lifestyle.