Buying a franchise is a promising alternative for would-be entrepreneurs who don’t necessarily want to start a business from scratch, but long for the independence of small business ownership. In fact, during these difficult economic times, franchise businesses continue to be a source of positive job-growth. But what is the allure of franchising?
Well, a lot of things, and we’ll be covering all of them over the next few weeks. But, first and foremost, this post focuses on the biggest reason people are attracted to franchising: Duplicability.
Successful business owners will always ask themselves, ‘What is the most efficient and profitable way to do this? When they find the answer, they will then systemize and duplicate in an effort to deliver consistency to customers, maximize profits, and build greater value for their business.
You see, duplicability is critical to a business’s success. If a business’s procedures aren’t duplicable, they aren’t systemized. And if they aren’t systemized, they’re not efficient. Systems and procedures establish a well-worn path with a specific set of rules for a business to follow, while allowing for minor adjustments and important improvements along the way. It’s what prevents a business owner from constantly having to reinvent the wheel, lose their way, or provide inconsistent service.
And, it’s exactly what draws so many entrepreneurs to the world of franchising. Good franchises master the art of identifying, simplifying, and implementing systems that can be duplicated. Everything from operations and marketing, to sales and uniforms, are systemized, which can lead to consistency, efficiency, profitability, and a higher ROI. Entrepreneurs are attracted to this because it gives them the best chance to realize their business goals and increase the value of their companies.
In other words, the systemized nature that serves as the cornerstone of most franchise systems provides exactly the type of steady foundation that is necessary to help make a business profitable, but delivers it in a nice prepared package. Now, I’m not suggesting that being a franchisee is easy. No matter what type of business you own, it takes hard work, dedication, and a strong intuition. What I am saying is that the allure of owning a franchise often lies in its proven systems. It provides a sense of security when entering the otherwise risky world of small business ownership. So if you’re a would-be entrepreneur, but you’re not too keen on the idea of taking an enormous chance, the systems-based nature of franchising may just be your best bet.