One of the American dreams that many Americans have in common is to own their own business. If you’ve decided that you want to run your own business, then there are a few options to consider that you may not have been aware of.
First of all, you could go about it the traditional way by building your very own business from the ground up. However, another option exists — franchise ownership. The following are four ways in which franchise ownership differs from traditional business ownership.
Reasons Franchise Ownership Is Different
1. Franchises Come with a Proven Business Model
With a traditional business, you have no idea if the product or service that you plan on providing will be accepted by customers. Even if your products or services are actually effective and considered to be of high quality, your ability to market them properly to the right audience may not be adequate.
A franchise owner will have a complete business model laid out for them that’s been proven to be effective. There will be a demand for the established product or service, as well as a proven marketing plan that you can simply follow without fear of failure.
2. Franchises Provide Owners with Support
When you become a franchise owner, you won’t be on your own. You’ll have the support of the franchise, which will typically provide all kinds of resources for you to take advantage of, including training on how to run your franchise and help with marketing and hiring.
Traditional business owners don’t have this kind of support. In fact, they have to go through trial and error constantly as they get their business up and running. It’s sink or swim — and for many, it’s sinking, because without any kind of support, they’re simply in over their heads.
3. Franchises Benefit from an Established Brand
One of the biggest challenges facing a traditional business owner is that nobody knows about their company or their products (or services). This means that they’ve got a huge amount of work ahead of them in terms of building their brand identity and increasing brand exposure. This requires a lot of time and resources to accomplish — and if they fail to accomplish this, their business will fail.
As a franchise owner, the brand will already be established. A business that offers entrepreneurs the chance to invest in a franchise has to have some sort of success in order to do so. This means that it already has an established brand identity that people know about, as well as an established customer base.
4. Franchises Are Not as Unpredictable
A business that sells franchising opportunities has already seen it all. If you’re buying into an established franchise, then they’ve already ironed out the kinks and they know exactly what to expect, which allows them to prepare you for all possible outcomes in the operation of your franchise.
Traditional business owners do not have this luxury. They’re venturing out into the wild, where anything can happen. It’s not easy to build a business from the ground up, and most traditional business owners won’t be able to overcome many of the unpredictable obstacles that come with running a business.
Not only are these four ways that franchise ownership is different than traditional business ownership, but they also happen to be four reasons why you should consider investing in a franchise instead of attempting to build your business from the ground up. For more information about investing in franchise ownership, contact us at Marble Slab Creamery today.