5 Ways Franchising Helps You Reach Your Entrepreneurial Goals
There are no shortcuts to success, and the road to the top is filled with hurdles and challenges which can discourage even the most passionate of individuals. Those who succeed to accomplish their entrepreneurial goals are not wizards who got there by waving their magic wands. It is their dedication, passion, hard work and prudence which led them to the right path. Setting professional goals is a vital tool in the arsenal of a prospective business owner, which helps to plan and achieve significant milestones. When the destination is well-defined, then the path gets laid automatically. However, the final goal cannot be a hefty pay check or a world tour. It has to be an amalgamation of both personal and professional victories that aims at growth and value-addition in all spheres of life. They need to be spread over the years to match with the professional experience and insight gained by that time. If you are in a hurry to set the ball rolling for entrepreneurship, then purchasing a franchise for sale in Canada is the easiest way to do so. However, some are concerned about achieving their milestones in a franchise system which is different from purchasing a business for sale in Canada.
Though franchising is different from owning a business, it does not mean that you won’t get opportunities for growth. In fact, it gives you the advantage of being your own boss along with the support of an established brand that helps you stand on your feet. An important thing to consider here is that first-time business buyers are complete novices with no experience in running a company. For such individuals, investing in a franchise comes as a blessing as it is part of an established business and allows the utilisation of the brand name, its marketing efforts, advertising, and point of sale material. Thus it cuts down on the considerable branding and marketing costs and provides the much-required backing and training which helps the buyer to enter the market with confidence. Franchising is gaining momentum in Canada with enterprises branching out in local communities and making valuable contributions. According to the Canadian Franchise Association, there are over 40,000 franchisees in the country, and the industry contributes over $96 billion/year to the economy. It is no surprise that people are now eyeing franchising as a successful business model that can be leveraged to gain professional growth. Here are the top five ways in which franchising can help you reach your entrepreneurial goals with ease.
1. Money Related Aspirations
Every entrepreneur dreams of earning more and more money with each passing year and watch his empire grow by leaps and bounds. In a typical set-up, it may take years before you even reach the break-even point. However, when you are starting out as a franchisee, you are working on a proven and tested formula which is bringing in substantial profits. Also, buying a franchise is cheaper than starting a business from scratch which needs enormous capital for the set-up, branding, marketing, resources, supply-chain, delivery and more. In a franchising opportunity, most of the work is done by the corporate headquarters. In many cases, they provide the entire unit or outlet with trained staff and stock in place to be simply taken over by a qualified buyer. Thus it becomes easier to realise your dream of earning more money by owning a franchise than doing business by yourself.
2. Career Growth Goals
Grabbing a franchising opportunity means that you do not have to toil much to make your business strike a chord with the target audience. They are well aware of the brand and its offerings. The onus is to merely replicate the quality of the parent brand and offer the best customer service. The success of the individual unit is your responsibility, and you have the freedom to make it grow in the best way possible. With time and increased audience, you can expand the premises, hire more staff, increase the trading hours, and start your own local marketing campaigns to improve the margins further. The overheads will always be on the lower side, and your robust supply chain network will keep the inventory well-stocked and fresh. With time and money on your side, the sky is the limit.
3. Leadership Goals
Some people are born leaders and love to lead a team. An entrepreneur is supposed to be an inspirational figure who motivates his subordinates to work diligently and become more productive. Many people wish to become business owners because they don’t want to take orders. They like being the boss and supervising the work done by others. They are proficient in tapping the full potential of their resources and helping them become better in their jobs. They know how to delegate responsibilities and make everybody work collectively in a team. If you have such goals in life, then franchising will allow you to lead a group of trained and qualified employees with ease. On the other hand, in a start-up, you will find it challenging to hire the best resources and train them in their pre-defined roles.
4. Achieving Work/Life Balance
While moving from employment to empowerment, most people are worried about missing out on precious family time. It is true when you are trying to build an empire on your own. However, when you invest in a franchising opportunity, then you get ample time to devote towards your personal and social life as all the dirty work has been done by someone else in advance. The initial few months will be a new learning experience, and once you get the hang of the daily grind, you will be sleepwalking through the process. A franchise is a turnkey business that is waiting for an owner to take charge and start minting money in the marketplace. With a franchise, you can plan your vacations and never miss a birthday or school recital in your life again.
5. Keep Learning
Running a business offers many great lessons and teachings that go a long way in making you a stronger and sharper businessman. You will learn everyday while interacting with your customers, suppliers, and staff members. However, the most significant learning comes from the corporate headquarters which is present to guide you at every step of the way. They provide their wisdom and expertise to tackle stressful situations and support you with a deep understanding of the industry which they have accumulated through their vast experience in the field. As a beginner, the franchisee is fortunate to have the backing of a seasoned and veteran entrepreneur at his disposal.
An entrepreneurial goal should be SMART, which is specific, measurable, attainable, relevant and time-bound. You must break down the long-term goals into smaller objectives that can be achieved every month or quarter. Franchising offers myriad ways to accomplish all your professional goals and makes your life enriched. So invest in a franchise for sale in Canada and make the most of your professional career.