So often we are sold the dream of running our own business but does the reality meet the expectations? We want to delve into the Pro’s and Con’s of running your own business and how franchising fits into that business ownership and lifestyle.
Branding. One of the first things to consider when setting up a business is the branding. Thinking of a name and designing a logo for your brand can come easily for some but others may find it challenging. Is the name easily recognisable? Do the intellectual property rights conflict with any existing businesses? Will uniform be required and does it need to be printed with the recognised brand? For some, this stage can be really fun and you can explore your individuality; whereas others find the process stressful and time consuming. People who buy into a franchise have this step already in place and although this gives them no say in the product name or branding, it does provide a finished product that is industry tested and the majority of the time is already recognisable by the target market.
Products. What products will you sell? Will it be a physical product or a service? For either of these we have to look at the legalities around the product. Is it insurable? Does the product need safety testing? What regulations come with the product or service you wish to deliver? If it is an industry you are already working within, this may seem straight forward but diving into a whole new business enterprise may mean you have to navigate the regulations and laws around your new business. This is a major pro for the franchisee as this is all included within the franchise, the procedures and processes are mapped out and the majority of this is done for you.
Web based services. This includes domain names, website hosting, internet presence, SEO and rights to images online. Setting up a virtual platform for your clients to not only find you but read about your products and services is key to targeting the right audience and gaining sales. I am a firm believer when it comes to e-commerce and the web that you get what you pay for. Putting the ground work in and creating a fool-proof landing page, website equipped with the best keywords and back links can place your business leaps ahead of your competitors. Like any web based marketing link, keywords and platforms take time to establish. This can be time consuming and can take up to 6 months to show any real result. However the more you put in the more you reap the rewards. With a franchised business, this is usually done for you as part of your initial franchise fee and ongoing costs – do check with the franchise you’re interested in to find out!
Price… Sounds simple but is it? Where do you price yourself in the current market? What is your worth? Knowing your worth is one of the biggest key factors we work on with business owners. We aren’t selling your time for the initial service or product… we look at your experience and the time it’s taken you to get to where you are now. Not selling yourself short. Franchises work in different ways on this topic, some franchises have set prices where franchisees are restricted to what they sell and at what price. Others work area by area and give the franchisees flexibility to run in line with competitors and the surrounding franchises. It is always worth having this conversation with any prospective franchise to see what options you have.
Working hours. This is usually straightforward between being employed and running your own business. Employment comes with set hours or a number of hours that need to be completed each week. Self employment can bring adaptability, giving you the flexibility to work around commitments, hobbies and children. This, however can come at a cost. You can end up working longer hours, evenings and weekends to ensure the success of your business. No matter what the business, whether franchised or self made, it requires your time and your dedication. You may find you work hours for no physical money but reap the rewards of those hours spent, further down the line. The question to ask yourself is… are you driven enough to do it?
Income. Being salaried gives you the security of a monthly pay package. That may rise 1% every few years and promotion may be possible. Running your own business puts the onus on you to create your own income. I am a firm believer that the harder you work the more rewards you will reap. There is nothing more satisfying than when you get that ‘ping’ or email telling you that you’ve made another sale. Why work hard for someone else when you can work hard for YOU!?
Setting up a business is a very personal experience and if you’re here reading this, you have looked into franchising. Buying a franchise for me is not just about skipping the first 5-10 years of business development but it’s about starting your business from a place where it is at its ‘end product or service’. The initial ground work has been done for you and the support and guidance is there from people who have developed and run the brand themselves. It is not and will never be a ‘get rich quick’ scheme… If you have been told that, you may want to run in the opposite direction!
What it will be is someone guiding you and keeping you on track to reach your desired goals.
