Brody Sweeney is the founder of Camile Thai Kitchen. It is an award winning home delivery franchise. This is his third franchise business. So we are safe to say that he has the experience and knowledge of working with a start-up franchise in the industry. For all those who dream of being their own boss with a franchise business, the advantages of a startup franchise can be lucrative.
Partnerships with the right firm can help you achieve your business and career goals. In this article we will discuss all the important advantages of a start-up franchise.
Between a large franchise, for example Mcdonalds, finding a franchise that is available close to your house will be almost impossible. This is because the prime locations are already filled in by existing franchises or company owned stores. On the other hand, a startup franchise might have plenty of scope for locations that are yet to be filled in. You will also have the right to reserve other key areas for development in the near future.
Compared to existing franchises, the scope for growth in young franchise can be high. One reason could be less competition with other existing franchises. More growth opportunities can be explored with greater brand awareness in the initial stages.
Smart franchisors realise that they can grow only when their franchisees are able to grow. This means the franchise is highly invested in your growth. They offer immediate support and guidance in your journey.
If you have to consider the cost of resale of a startup franchise in comparison to an established franchise, it will be low initially. However, once the brand grows and has multiple franchises, their resale value grows with higher demand.
The adventure of investing and working in a young brand can be very exciting. Initially, the work might seem chaotic and intense. However, there will be plenty of rewarding moments when it grows substantially.
Do you love to learn from trial and error using creativity? Since the scope for innovation is high, joining a growing franchise can be perfect for you. If you trust your skills and experience to take bold but practical choices, the chance of emerging successfully is high.
A good franchisor will consider your financial stability and see if you are suitable for running a store on your own. For instance, they will not let you set up in a location, that they feel might not work. They know how to market the business, set up costs, prices and how to train the staff to optimise workflow. These are the small but important aspects that some small businesses fail.
All big business franchises once started small. It is a rewarding experience to trust and succeed in a growing franchise. Imagine being part of something great like Starbucks or Mcdonalds since the time they started franchising.
When you are part of something from scratch, you will become a close group. All the learning and experience that will be shared for the initial franchises to take off will be very useful. In other words, since you have been part of the growing franchise, you will be closer to the franchisor than the following successor franchisees. This means you will be heard when you have to.
Mcdonald’s Big Mac was the idea of a franchisee. Your great idea can be incorporated into the franchise products or services for overall success too. Now isn’t that a proud feeling?
Starting your own business means, loads of time spent on work. The challenges and risks taken might become a burden if you are not able to share it and learn from similar situations. When you have a set of other franchisees who have gone through the same path of progress they will have the knowledge to help you out of your situation. This way you are not alone in your battles to set up a successful and growing business.
In conclusion, treat the entire franchise relationship like marriage. Get to know your partner really well. Understand what drives them and how their past has influenced them. Franchising is a long term commitment that you will be investing your time, money and efforts into. So treat it with respect and give due importance to choosing your franchise partner.
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Other Reads: Owning a Franchise with No Money
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