Owning Your Own Franchise

Owning Your Own Franchise

You know that you want to own your own business. You want everything it entails: being your own boss, filling a need in your community, working with a great staff, and the million other things running your own company requires. You’re hesitant, though. There are already some great companies doing what you want to do and they’re doing it well. They’re just not doing it in your area and you think they need to. You could consider this as an opportunity for you. It could be that your ideal business isn’t to reinvent the wheel. Instead, consider the idea of owning your own franchise of an existing company.

More Than Just Fast Food

If your mind immediately goes to your stomach when you think franchise, you’re not alone. Most people think about their favorite restaurants when they think about franchising. While fast food and fast-casual restaurants are big money, even some well-known names in the kitchen franchise their restaurants. You don’t have to look any further than Las Vegas to find proof that high-end eateries franchise, too. What if food isn’t the business you want to be in? Retail and fitness are usually lumped in with food as the Business Format category of franchising.

There are four other main categories of opportunities available. The Job classification includes businesses that are easily financed and usually operate with few employees. The companies include services like cleaning, travel agencies, and cell phone repair. Product or Distribution franchises sell products from the parent company. Make-specific car repairs, computers, appliances, and vending machines fall into this category. Hotels and large restaurants require large amounts of capital to open and operate. That’s why they’re the bulk of the Investment group of franchising opportunities. Finally, most home repair and maintenance companies and real estate brokers fall into the Conversion cluster of franchises. These franchisees take existing small companies and adopt their trademarks and business models, expanding the small company’s brand and profile.

Where to Begin

Starting a franchise is only slightly different than starting one on your own. You get ready-made and proven business plan along with successful management ideas and marketing tools. You still need funding, a location, and staff. Some franchises will help you with all of this. Some won’t. Be sure to research how much assistance you’ll receive from the parent company before signing on the dotted line. Also, know your other resources like your local Chamber of Commerce or the Small Business Association.

Franchising could be the answer to your dream of owning your own business.