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Entrepreneurs don’t always have to go it alone. Independent business owners can realize significant benefits from joining an existing franchise brand.
Joining a franchise brand can pay off in many ways. It can allow business owners to leverage added investments in technology, industry trend research, licensure assistance, legal safeguards and risk management procedures. It also gives entrepreneurs access to an extensive network of other strong, experienced business owners who can provide insight in ways to improve operations and profits.
Advantages of Joining a Franchise Network
What are the advantages of converting your independent business into a franchise? From better brand recognition to gaining access to established back-office systems, business owners stand to profit from joining a larger entrepreneurial network as a franchise owner. A franchise network can provide established regional and national alliance relationships that can help generate more business as well as being a source of constant operational enhancements.
There are four important questions that independent business owners should ask before converting to/buying a franchise:
- Is the potential to grow my business realistically faster as a franchise owner?
- What is the franchisee satisfaction rating of the franchise system?
- Does the system care enough about their owners to measure their feedback and satisfaction every year?
- Will joining a successful, proven franchise system save money for your business?
Are You a Good Fit?
Before joining a franchise network, independent business owners should take a long, hard look at themselves. Not everyone is temperamentally suited to running a franchise business, which requires the ability to have faith in the network’s proven business processes and operational procedures.
To succeed in a franchise, entrepreneurs must:
- Be a team player willing to follow the franchise systems and operational processes
- Be open to changes to improve their business even if faced with a foreign concept or one they previously thought not feasible.
- Be open to constructive criticism in the true spirit of getting better, evolving their operation to be better positioned for success.
- Embrace the personal and professional interactions of getting to know other franchise owners who all share the same passion for the growth of the brand. Enjoy sharing best practices with other owners to benefit themselves and the entire system.
The International Franchise Association has several third-party studies that document the value of owning a franchise. Contact the leading franchisors in your industry and ask if they have a specific independent conversion program to help determine the feasibility of joining their networks.
Planning a Successful Transition
It takes thorough preparation and planning to make a successful transition from independent business owner to a franchise owner. It takes homework — reviewing all aspects of your existing business to discover how joining a franchise network could benefit you. There needs to be an actual checklist of all steps to be taken by both the franchisor and the new franchisee to ensure no stone is left unturned in the drive to produce the greatest possible success.
May 24, 2019 at 01:05PM
Forbes – Entrepreneurs