Is it Better to Buy a New Franchise or Start a New Company?
Business ownership, whether you’re buying a franchise or starting a new business, can be rewarding and overwhelming at the same time. When trying to decide whether buying a franchise or starting a new business is better, there’s a lot to think about but in short, buying a franchise business makes more sense because the hard work of establishing the brand, creating a business model that works, etc. has already been done – you take on less risk.
Franchises have proven business plans in place that make it ideal for entrepreneurs who want a structured business model from day one. A franchise company is only as successful as its franchise owners and for this reason, some franchise businesses, such as College HUNKS Hauling Junk and Moving, provide business coaching and mentorship opportunities for franchisees. Guiding new owners through the process of opening their doors and landing their first customer can help them get off the ground with confidence.
A few other reasons buying a franchise is better than starting a new company that you should keep in mind include:
- Franchising gives entrepreneurs access to a network of other like-minded franchise owners and resources that provide knowledge and industry insight.
- Securing financing is easier with franchises because they have a higher success rate than independent businesses – as much as 90% compared to a 15% success rate of businesses that start from scratch. Lenders are often more willing to work with you if you are buying a franchise that has a proven track record.
- Successful franchise brands have already established marketing strategies that work and are ready to help each franchisee put those into action.
- An established franchise brand has already worked out the kinks with everything related to running the business, including technology and brand identity to stand out from the competition.
If structure, support, and proven strategies are important to you, then buying a franchise is the better choice. To learn more about franchising with College HUNKS, contact us today.
Is Operating a Franchise Easy or Hard?
Running any business comes with its challenges and operating a franchise is neither easy nor hard. However, there are key factors in operating a franchise that make it easier than a traditional business.
The hardest initial task of starting and running any business is developing an infallible plan that is profitable. Franchises make operating a business easier by providing owners with a proven business plan that maps out everything such as daily operations, marketing, and financial plans. These plans remove the guesswork that sometimes plagues business owners and disrupts their success. The bulk of the administrative work needed for any startup is already completed with a franchise. It's also important to mention that getting a franchise business off the ground is easier than getting a new business up and running because obtaining financing is typically easier for franchises. Lenders see franchise businesses as a sure thing because they have a proven business model and numbers to back it up. In day-to-day operations, owning a franchise provides a clear plan of action for the owner, management, and staff to follow and reach revenue goals. Franchising is considered easier than running your own business because it provides access to support and mentorship for smaller day-to-day milestones and larger goals, like scaling your business.
Although franchises are easier in their structure and proven systems, they are not without challenges – and that’s to be expected with any business. Duties such as adequately staffing, managing employees, and ensuring customer satisfaction are direct responsibilities of a franchise business owner. College HUNKS values the individuality our franchisees bring to their business. Our goal is to make franchises an easier choice in business ownership. Contact us to discuss what you can expect when operating a franchise.
What Are The Benefits of Franchise Opportunities?
If you’re looking at starting a business, franchise opportunities come with many benefits that make them an attractive option for entrepreneurs.
Business Coaching, Guidance, and Mentorship
Starting a business can be overwhelming. Joining a franchise, however, gives you access to a wealth of business information in the form of written resources, training sessions, one-on-one business coaching, mentorship by another franchisee, and more. Guidance on how to successfully open and operate your franchise business is invaluable and built-in with franchise opportunities. When you buy a franchise, you have the advantage of being in business for yourself, but not by yourself.
Built-in Brand Recognition
Very few franchises go unknown, as franchisors have already established themselves as long-standing brands with years of repeated local and national advertising, partnerships, and market share. They have identified and learned how and where to target customers who want their product or service. This gives franchise owners instant credibility within their community and eliminates the stress and time needed to develop a logo and brand image normally associated with a start-up.
Higher Success Rate
Due to national brand recognition and a proven business plan, franchises experience a 90% success rate compared to independent business startups which have a 15% rate of success.
Securing Business Capital is Easier
The proven business model and profitability record of a franchise make securing financing or raising capital easier than it would be for a start-up. Want to learn more about the benefits of becoming a College HUNKS Hauling Junk & Moving franchise owner? We’d love to tell you all about it – contact us!