5 Easy Ways to Explode Your Business through Franchising

The current business climate has been very welcoming of new startups, as more entrepreneurs rise to the challenge and introduce their own innovations to the market. Another highly viable option that is gaining as much traction as startups is franchising, and rightfully so. For years, this has been one of the most reliable ways to enter an already well-developed market in order to grow your own business as a branch of a trusted brand.

Still, the practice does come with challenges for the novice business owner, and it pays to know the best industries to consider and the most viable ways to grow them. If you are interested in making the very same commitment but might be having doubts of your own, let’s go over a few key ways in which building a franchise can help you soar in the business world.

Instant brand recognition

One of the greatest primary struggles any startup faces is lack of any brand awareness. Any new business first needs to invest heavily in branding, marketing, and advertising in order to gain enough traction to become truly solvent. This can take months, sometimes years, with true profit out of sight for a long period of time. Franchises, however, come with an established image of the brand you choose to work with. That fact alone is enough to give you the traction and the trust you need in order to drive success.

Remember, the vast majority of brands that offer franchises are already corporations with a sturdy reputation, which means that they have not only survived, but managed to thrive and expand in the face of competition. When you work with a franchise, you know that you can already expect awareness and the loyalty that come with the name.

A wide range of thriving opportunities

Based on Entrepreneur’s annual research, it seems that numbers once again point to the most reputable giants in the restaurant, service, and fitness industries, due to their growth rate and financial stability. Some of the brands on the list come with hefty franchise figures in order to join the ranks, but they are well worth the investment considering the return you can expect from their reputation.

It seems that well-established service business ideas have stood the test of time and are still considered the most sought-after businesses when it comes to opening a franchise. Opportunities range from mobile car mechanics, delivery and shipping services, beauty parlors, pet care, all the way to traditional tailors and catering.

Guidance and support provided

In addition to a notable brand name and a financially secure industry selection, franchising is a perfect choice for another very strong perk: the training and support that come with the territory. Before you even embark on your journey, the business in question will want you fully acquainted with the ins and outs of the brand. From accounting, marketing, all the way to day-to-day operations and data on previous successful franchises, you will be able to learn the ropes quickly.

Add to that, every serious franchising business ensures that you always have access to online or phone support and advice from the company’s experts. After all, it’s in their best interest for you to succeed as well, so you know they’ll provide you with the best learning tools they have.

Tried and tested business models

Most startups have another pet peeve: building an entirely new business strategy and refining it on the go with many failures along the way. Although opening a franchise does come with a steep learning curve for anyone eager to join, you at least have access to an already tried and tested business model that has proven to be exceptionally successful.

With that in mind, depending on your financial status and your skills and experience, you can open up an entirely new franchise or simply run an existing and already equipped one – both of which come with a business strategy to ensure success and stability.

Room for innovation

Choosing the franchise model means you’ll come across many perks on a day-to-day basis, such as lower supplier costs, strong partnerships in place, and contacts you can use to your advantage. In such an atmosphere, one might think that you have nothing more to bring to the table other than the initial investment it takes to kick-start a franchise. This, however, couldn’t be further from the truth.

These businesses would never be able to expand so vastly and so successfully had they not included innovation as the key ingredient of their growth. That said, you can expect that, with the right approach and the right level of expertise, you can always contribute to their growth. In the spirit of this mindset, you’ll also continuously be educated on the latest business trends, methods, and procedures, so you can expect novelty to be an inherent part of running a franchise.

Franchises are a promising way to enter the business arena with the help of a secure investment and willingness to learn. Make sure to pick an industry that matches your values and your passion, so that you can truly contribute to this fast-growing eco-system with your expertise.