America truly is the land of opportunity. If you’ve finally decided that you’re done with the 9-to-5 grind and are ready to make your own mark on the world, then you have a wealth of possibilities at your feet. However, you’ll first have to decide whether you want to start your own business from scratch, or take advantage of and build upon a franchising opportunity.
There are a number of reasons why being your own boss reigns supreme. Personal control of your future, greater financial gain opportunities, exciting new challenges—the list goes on. Before you go all-in with entrepreneurial gumption, however, consider these three important ways in which franchising might be a better pick.
If you’re a wiz at networking and already have entrenched relationships with supply chain businesses, then maybe you don’t need a franchisor’s help. But for most would-be store owners, the single greatest benefit of franchising is the automatic access to favorable supply-chain arrangements that result in immediate financial benefits.
This is a huge selling point, in particular for fast food franchises, where providing customers with low costs hinges on negotiating your own low delivery and food costs. Joining a fast food franchise system allows you to enjoy a powerful network that would otherwise take you years to amass on your own.
Owning a business isn’t easy. In those initial months, if you choose solo-entrepreneurial, it can be especially frustrating as you try to pull it all together. When you join a franchise, while you reap all the benefits of ownership, you also enjoy being part of a larger team that wants you to thrive.
The best franchise groups, including well-known fast food franchises, offer special training at flagship stores to teach you the best techniques and steps to operate your business, both in the short and long term. Following this initial training, you’ll be connected with owners of nearby franchise locations as a ready and reliable resource.
This network of support—and easy access to step-by-step, pertinent knowledge regarding how to make a business successful—is simply not available for those who choose to go into business by themselves.
When you join a franchise system, you’re paying a fee (or an established amount of royalties) to use the franchisor’s trademarks and intellectual properties. This goes beyond the obvious benefits of taking advantage of known brand names, as even the methods of how to do business are patentable and can be protected as intellectual property.
For example, fast food franchises have revolutionized the industry in the last decade, with food preparation assembly lines and other back-of-house systems, not to mention the trade secrets of special recipes and trademark menu names.
As the new owner of a franchise location, you’ll have access to all of this information, much of which has no doubt led to the success of your chosen franchisor. The nature and protection of their success therefore becomes your own.
While these are arguably three of the most important ways franchising beats entrepreneurship, they are by no means the only ones. Other key advantages include easier access to funding, higher probability potential for long-term success, marketing and advertising that’s done for you, and much, much more.
To learn more about the advantages inherent in fast food franchises and cookie franchising opportunities, contact us today at Great American Cookies or download our form, available in the Resource Library.