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Investing in any business venture, especially as a franchisee, requires a good deal of research, data, and financial review. Certainly, a consideration of industry types and track records is a part of that review and deliberation. Information on franchises is bountiful, but how do you know if this business model is for you? Your own personal style and interests are part of the answer, but consider these signs that suggest you are not meant to go it alone.
1. Homemade Isn’t Your Style
Other people have great ideas, and you are willing to reap the benefits of their wisdom as a franchisee. Why come up with an untested business concept when out-of-the-box business opportunities abound? Instead, you can ride along with a proven organization who have a history of successful franchises. And let’s face it, maybe you are a very hard worker, but just not a self-starter. That’s ok because you know it is oh-so-much-easier to follow a recipe than to create one from scratch. With a franchise, the recipe comes with all the necessary ingredients, too.
2. You Appreciate Expertise in Others
Successful businesses know that working with other experts reduces risk. This doesn’t mean that you don’t have your own ideas, just that others have good ones too, and they know how to execute them. Franchise opportunities come with proven training programs and demonstrated success rates. By choosing a franchise as your business venture, you will benefit from others’ know-how in your chosen business model and effective training to reach the highest success levels as a franchisee. If you don’t have the stomach for risk, let others help you along the franchise path with more consistency in the delivery of your product or service and confidence that it is the right path.
3. You Like Being Part of a Bigger Team
If you preferred participation in team sports over individual endeavors, that’s a sign that franchising may suit you well. The collaboration and support you receive as a group of business owners are stimulating and rewarding for you. Plus, a franchise comes with a national brand identity. No need to create names, logos, or brand recognition. Rather, you get the immediate recognition that helps bring customers to you. The franchise site is yours to run, but you always have a team of fellow franchisees who are supportive and striving for the same success. You can surely count on others to help your business thrive.
Susan Guillory is the President of Egg Marketing & Communications, a marketing firm specializing in content writing and social media management. She’s written three business books, including How to Get More Customers With Press Releases, and frequently blogs about small business and marketing on sites including Forbes, AllBusiness, The Marketing Eggspert Blog, and Tweak Your Biz. Follow her on Twitter @eggmarketing.