Starting your own business is no easy task. It takes hard work and dedication plus a well thought out business plan. One thing that’s critical for the long-term success of any business is that it features an innovative concept – one that customers are ready for and that fulfills a need or solves a problem for them. If you put all these elements together and mix in a little “right time, right place” plus a little luck, you have a good chance of turning your dreams of successful business ownership into reality.
But what if you don’t have that initial business concept to begin with? Are you destined to work hard all your life, only to generate wealth for your employer?
The need to scale your business
At the company I started way back in 2002, we had a great concept that was appealing to our customers. We grew and grew – so much that I couldn’t keep up with the demand. Sounds like an ideal “problem” to have, doesn’t it? Scaling your company is something every successful business owner must grapple with at some point.
In my case, instead of hiring managers all over the country to open and run Prep’n Sell in other locations, I decided to solve the problem of how to scale my business by taking the franchising route. Someone had mentioned franchising to me and when I looked into it, I was surprised to learn how many big businesses are franchises, and also to discover how much employment is directly generated by franchise. So much of our economy is fueled by the franchise industry that it’s currently the 12th largest industry in Canada.
On a personal note …
Aside from all of that, the franchise concept appealed to me on a more personal level, because I believe being in business for yourself is the surest route to success – however you define that word. All my life I’ve seen and lived the power of being a business owner. My Dad was an entrepreneur and I worked with him then followed in his footsteps by starting my own company. I wanted to share the exhilarating challenges, the rewards, the joy and the freedom with other people who, like me, are willing to work hard and reap the rewards. Perhaps it’s not for everyone, but many people can achieve success in their own business IF – and this is a big IF – they are willing to put in the necessary time and effort and IF they find a way to get the right guidance and support in the areas they aren’t strong in. That’s where the franchise business model comes in.
The bottom line.
I could go on about the many benefits of the franchise business model, but that’s a topic for another day, but for now, here is what you should know:
Fact: 50% of independent business are not in business 5 years after start-up.
Fact: 95% of franchise business are still in business 5 years after start-up.
The reason for the franchise model’s huge success is that a franchise concept has it figured out, they have made all the costly mistakes, so you don’t need to. The franchisor is an expert in his business model and can provide services that are shared between a group of franchisees at considerable cost savings over what an individual would pay.
When you decide to start your own business, believe me, you will learn a lot in a short period of time. You’ll need to be ready for the unexpected, whether that’s a sudden setback or a golden opportunity. Don’t think you will be making the big bucks right off the bat. You will need to invest in your business to help it grow by wearing many different hats and putting in your time. Make sure you are willing to make the necessary sacrifices – loads of people say they’d like to run their own business, but if it were just that simple, why isn’t everyone doing it?
What should you look for in a franchise business?
These are must-haves for your new business venture to have “legs”, meaning long-term potential:
As my father used to say, “If you like what you do, you will never work a day in your life.”
The road ahead will be so much smoother if your franchisor provides:
Starting your own business is one of the most rewarding and profitable things you can do in your life. It’s not for everyone, but it can be for you IF you are ready for the challenge.