It wasn’t so long ago that everyone seemed to be starting businesses—and really, they still are!
While the general subject of entrepreneurship might feel over-explored, the idea of quitting your job to stake your own path is a dream that members of different generations have had at some point or another.
When freedom is the goal, taking the leap is the hard part.
It is easy to convince ourselves that we would be happier or more comfortable staying in our jobs. So we tell ourselves that “now is not a good time.”
The reality is that there is never going to be a good time (or a bad time) to become your own boss. There will always be factors for or against.
Take the COVID19 pandemic; there’s no denying that the pandemic dramatically changed how we work. The business world as we know it has been flipped on its head with what’s called the “Great Resignation.”
This is the latest trend in the business world as tens of thousands of employees are resigning and taking their careers in totally new directions.
Making the move from employee to business owner is quickly becoming a reality for many prospective entrepreneurs. One way to smooth the transition into business ownership is to consider buying a franchise.
In this article, we’ll answer the question you may be pondering: “Why buy a franchise business?”
Read along and discover why entrepreneurs love franchises!
Franchised Business vs. Independent Business Owner
First, let’s start with the difference between owning a franchise and owning an independent business.
When you own your own business, you set everything up from scratch.
That means you create and develop your own product or services. Build your own marketing and advertising campaigns. Create your own hiring processes. And not to mention everything else!
In contrast, many of these steps are created for you when you buy a franchise business from a parent company—ideally with a proven track record.
Find out what to ask franchisors during the discovery process!
All that is required to access these business fast tracks and corporate support is an initial investment, ongoing franchise fees, and, of course, the grit to implement the strategies.
The franchise system has become a popular business model being adopted by many industries—fortunately, allowing more people to operate their own franchise in a field they’re actually passionate about.
If you’d like to learn more about how franchising works, read our latest article here.
5 Reasons to Buy a Franchise Business Instead of Starting Your Own
We’re sure you’re eager to discover why the franchise world is an appealing avenue among many entrepreneurs, so let’s get right into it—cue drumroll!
1. You gain instant access to proven systems and processes
As we mentioned, joining an existing brand by paying a franchise fee means access to resources and systems already set up for you!
This means access to ready-made marketing materials, business set-up, and access to a team of franchise and business experts ready to teach you how to run your business effectively.
For example, at Nurse Next Door, new franchisees get access to our specialized coaching, training, and ‘Business 101’ through a 16-week $0-$40,000 fast-track program that sets you up for success.
For many, a ready-made business set-up plan can help them sail through the start-up stage. Ultimately, this tears down a significant barrier many
have when deciding whether to start their own business.
Find out what the discovery process looks like at Nurse Next Door!
2. Moral support from the get-go
Many entrepreneurs, first starting out, can feel lonely and isolated. But what if we told you this didn’t have to be the case?
Well, a wonderful benefit of buying a franchise is access to other like-minded people!
When becoming a franchise owner, moral support is given by all company members—beyond just the franchise development consultant.
Everyone’s there to cheer YOU on, from top-level management, the sales department, and even operations. However, the most valuable of all is the support from other franchisees. They can provide valuable insights from their firsthand experience.
The instant community that comes with a franchise is a key piece that is missing for solo entrepreneurs. While, of course, you can pave your own way to create a community of other business owners, it usually takes a while to build up this network.
3. It is less risky than starting from scratch
When you launch a new business, you never know what to expect until it happens.
With a tried-and-true system, others have had successes and failures before you. A franchisor has tested the waters and found what works and what doesn’t.
While you will still have to conduct market research and create a business plan—showing you understand your area’s demographics and the business concept—you don’t need to create a whole new (untested) business concept.
As a franchise partner, you can then leverage this knowledge to enter into business ownership better prepared than most entrepreneurs.
4. Just like owning a solo business, you determine your success
Going into business for yourself, for some, is the ultimate freedom.
The fact that you get to spend time putting effort into a business you own and directly reap the benefits of is an exciting notion.
However, avoid one of the most common mistakes prospective franchise owners make!
They go into discovery sessions thinking that after signing the franchise agreement, the corporate office will do the work for them.
While the franchise helps to support you through ongoing training programs and access to your own franchise consultant, you will still have to put in the time and hard work.
If you want to run a business successfully, it all comes down to what you put into it. You will want to put your best foot forward in the business because the business’ success is depending on you.
While there are certain expectations you will need to meet to become a franchisee, there are also opportunities to be flexible in the way you choose to manage your team, your day-to-day operations, your schedule, and so on.
At Nurse Next Door, we set up our franchise partners for success with access to acceleration programs to help show you how to run your business.
Of course, what you do with that information is up to you. However, we have repeatedly seen that the most successful franchise owners take the franchise’s training program and then dive right into growing their business with their hearts and soul.
5. There are many franchise financing options available
Many franchises backed with a strong brand and financial history can make it easier for banks to justify the approval of business loans.
Nurse Next Door recently published an article on our franchise blog (How to Finance a Franchise) that includes alternative financing options, like borrowing, leveraging home equity and more.
It also includes information on the current SBA loans and initiatives to support small businesses, with incentives including automatic coverage of the first six months of principal, interest and fee payments on loans.
If you are a motivated, organized and tenacious individual who likes structure but also wants to leave your mark by making a difference in the lives of seniors in the community, a franchise could be your next big success—especially one with purpose.
If all of this sounds intriguing to you, take it as a sign and take the leap to discover if Nurse Next Door is the right fit for you!
We are here to help you on your business ownership journey.
Watch Our Discovery Video For More Information On
- How to start your own home care franchise
- Nurse Next Door’s unique 24/7 call center
- What type of training & support we provide for you