Hi Jack, thanks for taking the time to meet with us. Why do you feel individuals should invest in their own business?
Many words come to mind, but one needs a very strong desire to own a business. The desire may come from wanting more control over their future; they may have been downsized once too often. Many people are putting in long hours and now want greater flexibility a chance to rebuild a relationship with a spouse or spend more time with the children. Financial success is also a great motivator for people wanting their own business: They get tired of 3% increases in pay, they can never sell their job. I think people today value their independence, and there is no greater way to have true independence without having control of your future, and business ownership gives that to you.
Why buy a franchise?
A franchise gives a new business owner a system from the very start. The franchise company has created this system a hundred times, maybe a thousand times, and a new franchisee benefits from all that experience. That experience helps many proven executives transition from one industry to another. The training program a franchise company provides helps prepare the new owner, but, just as important, it helps train the employees. When a new business owner starts out, they are just learning the ropes and they are not prepared to start training several employees.
Can you tell us a little more about the support a franchisor will provide the franchisee?
The franchise company provides ongoing support in training, new product development and staying on top on the latest in technology. A good franchise company keeps trying to improve the systems to help the owners better work on their business instead of in it every day. The importance of name recognition in some industries is critical to success, and franchise companies can help provide a new owner with instant recognition. A franchise company has a track record of establishing the brand in new markets.
What other advantages does a franchise owner have over a mom-and-pop business?
A franchise company has developed proven sales and marketing systems. Many independent start-up businesses test advertising dollars on different advertising mediums and end up wasting half the dollars until they figure out what works. A franchise company that has opened many units knows what advertising works and what doesn't work, and can better focus new franchisees' advertising dollars with much less waste. The franchise company has developed many advertising support materials that would cost a new independent business thousands of dollars to develop. They have developed proven sales techniques and know how to target the best customers.
They have a good understanding of the right site selection and demographics, and this is critical if the location of the business is important to their success. A franchise company has opened hundreds of units and they have systems to help people get open quickly and speed the start up process.
