July 28, 2016
Franchising and Entrepreneurship
If you ask entrepreneurs “what makes a good company” most will say the people behind it. Regardless of how great an idea is, it cannot be successful without a team that is willing to adapt and grow as the business matures. Joining a franchise can offer entrepreneurs access to a team of people with the skill sets they need to grow their business.
The right franchise will offer entrepreneurs the basic structure and resources to get started, in addition to a certain amount of flexibility. While franchisees will be expected to follow company standards for things like product offerings and business equipment, franchises give franchisees options for other aspects of the business. Local promotions, events and company culture are typically left up to the individual franchisee.
Franchising fits the entrepreneurial model of being your own boss. Franchisees are ultimately responsible for the success or failure of their business. As a franchise owner you have more flexibility in your schedule than you would as an employee. Franchising can elevate some of the pressure associated with starting your own business. Establishing your brand is easier as a franchise then it would be starting from scratch. Sourcing and pricing practices are well established as a franchisee, whereas starting your own business requires trial and error to hit the right balance.
Much like a new venture, the success of a franchise operation depends on the people.McDonald’s franchises fail just like other businesses, even though the brand is globally recognized and feeds one percent of the global population everyday. The success of individual stores centers on the skills of the owners and the employees they hire. Despite the brand recognition, franchisees must maintain their own brand and continue to promote customer and employee satisfaction.
For entrepreneurs, franchising offers both stability and the opportunity to build your business. Entrepreneurs who choose to join a franchise must embrace the challenge and learn to balance their franchise structure with the needs of the local market.