When beginning your journey as a franchisor or franchisee, it can be difficult to know how to start. Some people know which field they would like to be involved in, while others just know they are ready for a smart and profitable business decision. Whatever the case may be, what is important is that you have arrived at this point and now desire to strategically navigate a path to success. Fortunately, in this century, we are blessed with many opportunities due to technological advancement that can aid in achieving this goal. One such privilege for those looking to develop their career in franchising is the ability to use a digital marketplace to buy, sell, or develop a franchise.
Last month on our podcast, Franchise Euphoria, we hosted Nunzio Presta, the founder and CEO of BizON, an online platform that connects entrepreneurs with the business opportunities they seek. In our interview, he explained the array of services BizON offers including an online search engine for people looking to buy a franchise or business, a connection point for sellers to brokers to help them promote the sale of their franchise or business, and access for entrepreneurs to a variety of resources to help your business develop. We want to touch for a moment on why a tool like this can be fundamental for those looking to grow in the franchise community.
The key to any successful franchise is getting the right people invested in the product. From the perspective of the franchisor, if you don’t obtain quality franchisees who reflect your own interests, goals, and vision for the future of the franchise, the foundation you lay for your business will be flimsy. Imagine the challenge it must have been decades ago when entrepreneurs were looking to begin franchising their business but with no way to reach a wide audience of investors. The smaller the pool of applicants you have, the smaller the chance that you will find the most favorable matches for your business.
Then from the other end of the scope, the prospective franchisee who has decided they want to go into the business but hasn’t yet landed on which opportunity they would like to pursue can benefit hugely from this type of resource. There may be opportunities awaiting them that they weren’t even aware existed. In the ever-evolving world of business, it can be challenging to stay on top of what is trending, what is failing, and what is being created for the very first time. Nunzio regarded in the interview that entrepreneurs are not just growing something from scratch, but taking an opportunity and turning into something even better. In this way, these entrepreneurs are able to access the opportunities ahead, seize them, and grow them into something that has never been touched before.
In a world that is progressing at an unthinkable rate, having access to an expansive, customizable database with the click of a button is just one of many things to be thankful for. With the development of tools like BizON, the potential to find your niche in the franchising market is more accessible than ever before.