“In business for yourself, but not by yourself” is a common adage used to describe the advantages of franchise ownership. And there is a measure of validity to that statement.
An independent business operator takes on a lot of risk when trying to launch a new business. Starting a business from scratch is hard work, and more than half of new businesses fail to become profitable. While the risk is not completely eliminated, the franchise model can help a wannabe business owner be successful.
Buying a franchise dramatically decreases the learning curve for the business owner. Most franchisors provide training on how to run the business and offer continued support. Franchise owners don’t have to reinvent the wheel or learn what works for their business type by trial-and-error, which is one of the more prevalent factors in independent business failure.
As a franchise owner, you get to be your own boss within the framework of a tried-and-true business system. The franchisor has demonstrated the system can be profitable, and is offering to share a repeatable formula in exchange for a financial consideration (the franchise fee, royalties, etc.) and the franchisee’s hard work and dedication to furthering the reach of the brand.
For those thinking about buying a franchise vs. starting their own business, consider these benefits:
- The franchisor and active franchisees can testify to the reliability of the systems and business operation.
- Brand name recognition – there are customers already with knowledge of the brand and some may already have a level of loyalty.
- Franchisees can expect to get ongoing support in the form of regional representatives, toll-free numbers, company intranet, meetings and conventions, as well as more ongoing training.
- Many franchisors provide location assistance, which can range from finding the right site to help with sales or rental negotiation.
- Marketing support in the form of national and local advertising, as well as templates to use, allow franchise owners to cost-effectively spread the word about their business.
- Potential discounted purchases of supplies and goods used in the business thanks to the power of group buying.
There are many different types of franchise opportunities available to prospective franchisees with various investment commitment levels that can range from minimal to substantial. For those not ready to leave their “day jobs,” there are a number of offerings that allow for a part-time commitment that grows gradually.
Franchise Success Story
The following is a short interview with Gary Chandler who, with his wife Charlene, has been a franchisee with Office Pride in Frederick, MD since 2011. He praises the systems and processes that support the franchise network with aiding him to be a success.
What was your previous career?
I was a regional sales manager for a Fortune 200 industrial manufacturer overseeing 14 district sales managers where I managed about 120 million in annual revenue.
Why did you choose Office Pride?
I chose Office Pride because of the power of the brand, the talent and integrity of the senior management and the high level of respect I have for all the individuals who are a part of the corporation. Having the ability to manage my own time was also a big benefit.
How would you describe the Office Pride culture?
The Office Pride culture is much like a systematic family. The Office Pride culture is one that appreciates systems and processes that are designed to support and network franchisees together.
Do you have any advice for prospective franchisees?
My advice to anyone considering becoming or has just become an Office Pride franchisee is to make sure to do your research so that you understand how truly unique Office Pride is. Another bit of important advice is to make sure to learn the business from the “broom” up.
If you had to do it all over, would you do it again?
Absolutely! I should have done it 20 years ago.