Why Franchise? The Advantages of Owning a Franchise
Why Franchise? The Advantages of Owning a Franchise
Are you considering buying a franchise? What a smart idea! The advantages of franchising are many, making it an exciting career option. But to paint a clear picture, we’ll cover some disadvantages as well. That will help you look at both sides of franchising in order to come to your own conclusion.
Run Your Own Business
As someone interested in the business world, you’ve probably already operated your own business or at least understand the benefits of working for yourself. To summarize a few of the pros and cons you’ll find when you take this route, here are a few points to consider:
Freedom To Call The Shots
When you’re the top dog in a company, it’s a thrill knowing you have the final say as to how your business is run. Sure, that puts some pressure on you, but for most entrepreneurs, that’s part of the reason they choose this position—they have complete and utter control over operations! The downside to this is that it comes with a great deal of stress and responsibility. It also means there’s no one else to point a finger at when mistakes are made or things go terribly wrong. You’re the one your team will look to in order to make things right.
You Own the Brand
If your business does well, all associated rights and privileges are yours to do with as you please. Whatever marketing plans or proprietary products you produce are exclusively in your hands, assuming you take the necessary steps to legally protect your end product. That can lead to exciting leverage points that you get to take all the credit for.
It’s only fair to mention that one in five new businesses fails during the first two years and that 75% never make it to 15 years or beyond. Starting your own company has many related risks. In most cases, failure occurs due to having a faulty concept, a flawed marketing strategy or a lack of sufficient capital to keep the ship afloat. The years it can take to achieve economies of scale and establish a solid brand may be lean and difficult. Make sure you know what you’re up against before taking the leap.
Yes, it’s exciting to be the one in charge—but it can be a lonely role to fill as well. Usually there’s no one to consistently turn to for help because, even in a strong partnership, you don’t have more than your combined experience to draw upon. If you were to outsource any intervention required, it would likely come with a hefty price tag attached. And yet, the right support could end up being an indispensable resource you can’t afford to turn down.
Running your own business can be exciting, but it can also be a steep, lonely and costly road to take. Go into it with your eyes wide open and the grit needed to sustain the initial growth period and you just might learn to love it!
Choose to Franchise Instead
So, what if you’d rather start a new career with an established franchise rather than risk going it alone? Where would that land you? Well, here are the top benefits of franchising that may interest you:
Freedom, within Reason
When you run your own franchise, you’ll be playing by someone else’s rules so you have to respect that there are boundaries within which you operate. That being said, the best franchises out there delegate as much authority to their Franchise Owners as possible. They understand that the entire success of their business depends on their relationship with their Owners, so they would be wise to remain on excellent terms with those who are helping to grow their brand.
Built-in Marketing and Branding
One of the huge advantages of franchising is stepping into a system that already has solid branding and proven marketing strategies in place. Since that’s half the battle of running a business, this simplifies the process of getting started. The bigger the brand, the more readily people will recognize your logo and associate you with a successful franchise concept. That puts you ahead of the game before you even open your doors.
When you’re a Franchise Owner, you represent a company with a proven track record. That will allow you to see high returns in far less time than you would when running your own business. At most franchise websites, you can learn when the average break even point can be expected after opening for business. While not guaranteed, you can also learn what the average yearly revenue is for existing Franchise Owners to get a feel for what your profits may look like.
Proven Training Model
Even without experience within the franchise’s industry, it’s often possible to qualify as a Franchise Owner once you’ve successfully completed their customized training program. This usually consists of classroom and onsite training at corporate headquarters and will help you launch your franchise with confidence.
Franchise Owners are never left to themselves. They have a substantial team upon whom they can rely at every stage of the journey. This team is there to provide ongoing education and training opportunities so your business remains relevant in an ever-changing economy, which has enormous value.
If you’re looking to reduce risk and find security in your new career while recouping investment costs as quickly as possible, there are more advantages of franchising than disadvantages. But don’t just take our word for it! Do your homework and see what you can learn about the opportunity to franchise. Weigh your options carefully so you can make the best decision for your future.
Choosing the Right Franchise
Once you’ve decided that franchising is the way to go (and we agree, if you couldn’t tell!), here are the next steps you may want to take.
1. Know What You Can Afford
Analyze your financial situation so you know your investment limits, then find a franchise that allows you to respect those limits so you don’t overextend yourself.
2. Find the Best Industry
Invest in a market that has a strong history in a solid industry. Once you’ve narrowed it down to the industry you feel good about, find a franchise that has the qualities you’re looking for in order to make a strong start.
3. Do What You Love
Any business Owner will tell you they don’t just find satisfaction in what they do by making a strong profit—it’s also about finding fulfillment in their line of work. What would feed your passion and give you a sense of meaning? Where do you see yourself thriving?
4. Consider Your Long-Range Goals
Don’t just think about what the first five years in business will be like with a franchise; ask yourself if that business will help you reach your long-term personal goals and satisfy your life’s ambitions. If you don’t see the two lining up, it’s probably best to look elsewhere.
5. Know the Franchise Inside and Out
When you find a franchise you like, do a thorough investigation of their business model, public reputation and online reviews. Remember you could be making the decision of a lifetime, so take notes as questions come to mind and see to it that they get answered. At some point, you’ll want to take a close look at the Franchise Disclosure Document (FDD) so you can gauge the strength and viability of the franchise.
By investing sufficient time into this explorative process, you’ll be sure to find just the franchise for you!
Advantages of Franchising in the Fast-Casual Dining Industry
If you’re sick of being a grunt worker among the impersonal masses of corporate America, there are plenty of ways to change gears. You might choose to start your own business or invest in your own franchise. If franchising feels like the right path for you, the fast-casual dining industry might be a great fit! Here’s what it has going for it:
- The fast-casual dining industry is expected to grow at a CAGR rate of 8% from 2020-2024. Changing lifestyles and an increased interest in on-the-go options is feeding this trend.
- This sector is set to rebound from the coronavirus due to the public’s urge to eat out more since restrictions are being lifted. The entire industry is expected to reach $548.3 billion in 2021.
- With restaurants learning to adapt to a changing consumer base, this industry is expected to see full recovery in coming years.
If you can see yourself loving a career in the right fast-casual restaurant setting, take a look at what Shuckin’ Shack is offering!
The Shuckin’ Shack Advantage
Finding an affordable franchise that’s going places takes time and dedicated effort. In your search, we’re guessing you’re not just concerned about the money. You want to partner with a franchise that upholds a high standard in other areas as well.
- With no direct national competition, this fast-casual dining franchise is in a league of its own.
- The atmosphere inside our restaurants is full of party-on beach vibes, giving customers a coastal vacation experience they love!
- We weathered the pandemic and are on track to have a record-breaking year, so we’ve proven we can outlast global challenges.
- Our high quality vendors ensure our seafood is fresh and responsibly sourced, which is a big deal to our customers.
Our franchise model is efficient to run and a ton of fun to operate! With record-low interest rates being what they are and our dynamite, hands-on training program, our Franchise Owners are off and running in no time.