The franchise model offers the franchisee the ability to grow under a common brand and share in the benefits of a larger group of business owners, says Entrepreneur.
“Though each business is independently owned and managed, all franchisees share in the collaborative benefits of the organisation through the support and oversight of the franchisor.”
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This includes group advertising resources not typically available to independent business owners, the benefit of having a recognised brand, training, and operational support from the franchisor.
Most people seek three common elements when choosing a franchised business: flexibility, money and status.
“These three elements are important for a variety of reasons and seem to be common denominators when people seek a new business as a career path," says Entrepreneur.
It adds that flexibility has always been a hot button for entrepreneurs who exchange the stability of a real job for the freedom that comes with being their own boss.
And, money - or income - is always a factor but surprisingly is seldom the most important.
“We know many people who have left huge salaries behind because they were miserable, to pursue the dream and launch a business. Status is an all-encompassing category that includes not only titles and position, but more important, the feeling of purpose one has and being a part of something significant.”
Entrepreneur says that it’s been said that if you love what you do, you can’t help but succeed.
“There’s a lot of truth to this statement,” it adds.
“If you can align yourself with a franchise that really fits, you’ll be much happier, which in turn results in higher productivity.”
This simple philosophy is often overlooked.
“Some franchise organisations have suffered because they lost sight of this reality during the fast growth stages.
“Sometimes companies are so successful and grow so fast that they seemingly forget about the little things that made them successful in the first place. In this case, their initial success can lead to their ultimate failure.”