If you’re asking this question, you’re like almost everyone who has ever considered business ownership for the first time. Starting a business feels daunting. All businesses started from scratch are. Daunting, that is. You, as the business owner, have to come up with all the systems and processes your business will require. You literally have to do everything in your business to set it up before you can get started.
Why are so many women becoming Franchise Owners?
Climbing the corporate ladder is always hard, but can be especially tricky for women. Often, they are considered unambitious compared to male peers, because though they work, they are still the primary caretakers of their families. And for women who took time off to raise their kids or take care of aging parents, it becomes even more challenging to get back in the workforce.
This is why so many ambitious women are opting out of corporate America and choosing to start their franchise business. Franchise ownership is a great option for women who want to work and earn income, but cannot put in the hours that traditional corporate jobs demand. Business ownership gives women the flexibility to grow at their own pace, while working hours that fit with their personal responsibilities.
If you are a professional woman who is exhausted of struggling through a corporate career and wants a career that offers lucrative income and work-life balance, there may be a franchise out there for you!
Why do vets make excellent Franchise Owners?
Are you a vet? Did you know that 1 in 7 franchises are owned by vets? The military taught you self-discipline, leadership and team work. Are you ready to use those skills to start and grow your own business?
Many of the factors that made veterans excel within the military environment make them ideal for franchisees. There are two characteristics that may seem contradictory but are, in fact, necessary to excel in a franchise. First, franchising represents a marriage between the self-start world of entrepreneurship and the rigorous discipline needed to follow a playbook and execute on a proven plan. Second, the ideal franchisee is someone who can take direction and work within guidelines provided by the franchisor, but who can also effectively lead a team and get things done.
Veteran success in franchising is driven by: (i) outstanding leadership and teamwork skills and (ii) the ability to implement and execute systems.
Does this sound like you?
Why do Corporate Refugees succeed in a Franchise?
Moving from executive to entrepreneur can seem foreign and scary, but believe it or not, there is a lot of overlap. Here I highlight a few initial hurdles and explain why they may not be as daunting as you think.
Every company has systems and processes and all employees – even high-ranked corporate executives – are expected to follow them.
Business owners have the opposite experience – they are responsible for creating systems and processes for every aspect of their businesses.
A franchise can be the perfect compromise. You enjoy the independence, freedom, and profitability of entrepreneurship, but you get to take advantage of operating systems that have already been proven to work.
Being an employee always seems like a safer option than being a business owner. But the truth is, there are risks on any job front. As an employee, the biggest risk is job security.
Compared to a corporate position, franchise ownership lets you call the shots. It’s much less risky than a start-up business because a franchise already has a proven business model, significantly reducing your risk of failure.
In corporate America, you don’t have to be in sales to sell. In fact, you have to sell your skills over and over again – at job interviews, as positions evolve, as companies merge, as new managers come in.
Turns out, this skill transitions naturally to franchising because every franchise owner is ultimately a salesperson. You are responsible for marketing and generating new clients for your business.
Franchising may be very different than corporate America, but they do have a lot in common. Either can lead you to financial freedom, it just depends on how you want to get there.
Buy a Franchise or start a business from scratch?
A franchise is a proven business model. It comes with systems and processes that are already set up. As a franchisee, you are expected to start implementing the systems and processes to get your business off the ground.
In a start-up, you as the owner are responsible for creating all your systems and processes. This becomes a daunting proposition for most. It is also one of the biggest reasons why start-up businesses take longer to get to profitability than franchises.
If you are a “true” entrepreneur and want to do everything on your own, you may be better off starting a business from scratch. If, however, you want to run a business where you follow a playbook to succeed, then a franchise may be the right option for you.