Building Your Dream Franchise Business

We all have that dream. The one of owning our own business, being our own boss, having a work-life balance. To some people it’s simply and unrealistic fantasy, to others it is an achievable reality. Usually this dream is met with an overwhelming and unsustainable sense of fear. That no one will want our products or services, that we’ll be left in the dust on our own, and that there is no way to build a business so big that it stands out from the rest. But what if you were smart about your business model? What would happen if you could build a business so unique and original that everyone wanted it? Well, there are many different ways to do this. In this guide I’ll be sharing a business model that many startups are using to find quick success.

What is Franchising?

Franchising is a business model where independent entrepreneurs own a local branch of someone else’s brand and sell their products under the name of that brand. The original owner would be the one who controls all the accessories, branding and quality control, while allowing others to have actual ownership. This sounds like it could lead to disaster if done wrong, so how do you make sure it works? Well let me tell you that there are some ways to ensure the best possible experience for both parties involved. It all starts with the perfect location.

Location is Everything

One of the key elements to any successful business, no matter what it’s selling. Most big brand name businesses would not want their products being offered in a strip mall, or inside of a random building. They want it to be in an area frequented by many people, one that allows foot traffic and offers a wide range of free advertising spots on buildings and streets. You have to find the right balance between finding traffic flow and securing yourself an exclusive location that will be extremely hard for anyone else to compete with you at. This is why doing your research and making sure you have solid financial backing is critical to starting off right.

What Type of Business to Start?

The first step is to think about what type of business you want to start. Now remember, you are not the sole owner of this new business, in fact, you’re not even the majority owner. That is why I would suggest starting off your chain with a smaller product that can be offered at a lower price point. Since your franchise will be offering lower priced items, it’s important that they are still quality products with a brand name backing them. This will help people see that the locations are legitimate and not just some fly by night scam operation. Quality will make people trust you more, which is exactly what you need if you want to attract new customers and clients for the rest of your company.

The Product

When deciding what sort of product to actually buy in bulk and sell through a franchise network, there are a few factors you should look at. The main one is how unique it is. For example, if I were to start my own franchise business, my first choice would be food or drink due to the fact that there are many variations and flavors. For example, fast food restaurants or coffee shops rarely sell basically the same thing twice. You could have a different drink every week or something with a completely original flavor because of this very reason. Don’t build a franchise business on an item that is very similar to others. Build the type of food or drink that needs some originality, but as long as there isn’t anything so crazy like putting a puppet show in your restaurant, it’s something that should be just fine to start your own business.

Creating a Franchise Business

When it comes to actually starting your own franchise business, the first step is to find an idea you believe in enough to put all of your efforts into and make sure you can still operate the company yourself if things go wrong. The next step is always having solid financial backing for the rest of what you want to do. Whatever you're offering, you want to make sure you have plenty of raw materials, such as laborers and supplies already in place. This is also why I recommend working on a smaller scale at first. Don’t try to buy out a business that’s already been done for the purpose of doing your own thing. You don’t have the connections or resources, and it would be too much work with the little budget you have to get really good quality products in bulk.

It might seem like a lot of steps that are hard to do all at once, but it can actually be very easy if done right. You just have to start small and then expand from there with quality products and services as time goes on. If you are serious about starting your own franchise business, always remember to find a quality brand to work with and to find a location that’s easy for people to travel to. Don’t start from nothing, build from what’s already there and you will have the best possible chance of success.

Statistics on Franchising

4 in 10 American workers want a franchise job: Franchise Leadership Council

1 in 4 Americans want their own franchise: Franchise Leadership Council

1/3 of Americans between ages 55 and 74 are considering owning a franchise: Franchise Magazine & International Franchise Association (IFA)

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This article was republished from ttecintl.com .

Conclusion

For any business, franchising is an important way to scale because it removes many of the costs and hurdles associated with starting a new company. You can hire people to do the work that wouldn’t normally be available and keep overhead low by selling items rather than making them yourself. If you’re going for the more traditional form of franchising, you’ll have to put in a lot of effort for your business to thrive, but if you can create a product that has brand recognition you can really take off. Don’t forget to check out our blog for more information!

Link post: http://blog.ttec-intl.