Franchising is a critical component of the economy, as there are more than 805,000 franchised businesses in the United States, which creates about $805 billion in revenue annually, according to Statista. The world of franchising offers people the opportunity to tackle their entrepreneurial dreams while minimizing the risks associated with starting an independent business by providing a roadmap to follow and support from a successful brand.
Entrepreneurs who want to open a franchise have dozens of paths to take and options to consider. Here is our advice:
Franchising as an Entrepreneurial Path
Franchising can serve as a strategic step on the entrepreneurial path, offering less risk than opening a business from scratch. Only 3.9% of franchised businesses close over their first five years, compared to 50% of all small businesses, franchised and non-franchised.
Franchising delivers the structure and support required for rapid and efficient growth, allowing entrepreneurs to concentrate on business development and leadership. For numerous entrepreneurs, franchising represents a route to experience the fulfillment of business ownership, complemented by the advantage of a supportive network.
Why Choose To Open a Franchise?
Entrepreneurs who want to open a franchise thrive in the blend of autonomy and guidance. With franchisors providing a proven business model, brand recognition, established systems, and support, franchising can significantly reduce the time and resources needed to build a business’s infrastructure, market presence, and operational efficiencies from the ground up. Additionally, franchise owners are never alone; with support from the brand and the network of other franchisees, there is always someone to call for help.
For example, AtWork, an award-winning staffing franchise, provides franchisees with immense support, such as a robust training program, in-house accounting services that include payroll funding and processing, as well as effective marketing collateral.
Finding the Right Franchise
Franchise opportunities for entrepreneurs range from fast-food chains and retail stores to service-based businesses like staffing and cleaning services. The key for those looking into franchising is finding a sector that not only excites you but also has growth potential.
Entrepreneurs looking to franchise should evaluate their skill set, goals, interests, and how much they are willing to invest. They should consider those factors when determining what industry to invest in. Also, potential franchise investors should look into where they want to open and find out what industries are oversaturated or underserved. Any that are underserved could be great opportunities.
Steps To Owning a Franchise
For those looking to invest in a franchise, the steps to owning a franchise begin with thorough research and self-assessment. After choosing an industry or two, potential franchise investors should carefully research different franchise brands, considering costs, available territories, and support to help decide. Once they determine a franchise, they should reach out to them and begin the process of discovery days, applications, franchise disclosure document (FDD) reviews, and franchise agreement signing. Also, potential franchisees should talk with current owners to learn about their experiences with the franchisor.
Franchise With AtWork
AtWork positions entrepreneurs to succeed in the $201.7 billion staffing industry — a sector known for its resilience and growth potential. Owning a staffing agency allows someone to benefit their community by helping people find their dream job while also helping small businesses grow with employees. With more than 30 years of experience in the industry and as one of the fastest-growing franchises in the county, AtWork has perfected its business model to help franchisees thrive. The franchise provides its owners with the best technology, business coaching, strategic advice, payroll funding, training, and support for owners and employees.
Begin the journey with AtWork by getting started today.
