As an aspiring entrepreneur, you typically have two paths to business ownership: building a business from the ground up or starting a franchise. Both options offer flexibility and financial freedom; however, owning a franchise could be a better opportunity for you if you are looking to have systems in place that drive success, be a part of a larger community, have access to ongoing support and minimal investment. Let’s explore each of these benefits below.
Benefits of Owning a Franchise
Build a business with a proven system.
Franchise companies are established and provide every owner with a proven path to success. As a franchise owner, you can take advantage of being part of a trusted brand. The company has already conducted market research and offers you all the tools and resources to build your business. If you’re looking for an opportunity to build a rewarding business with a proven system, franchising may be for you!
Get connected to a network of like-minded business professionals.
All entrepreneurs have at least one thing in common: drive. Owning a business is difficult, but you possess the willpower and determination to be successful. As a franchise owner, you’ll be surrounded by like-minded professionals and build camaraderie and trust. Take advantage of peer mentorship, guidance and coaching to help your business grow.
Be supported by a team dedicated to your success.
Behind every great franchise owner is an entire team devoted to their success. From training to marketing to business operations and systems, a franchise provides you with all the tools, guidance and motivation needed to build a thriving business.
Take advantage of lower start-up costs.
A major component of starting a business is investing in infrastructure. You’ll need a payroll system, marketing materials, and ongoing training and development, to name a few. When you branch out on your own, you’re responsible for the investment in these systems; however, as a franchise owner, you’ll launch your business with the infrastructure intact and typically at no out-of-pocket cost to you. When you start your franchise, you’ll pay an initial franchise fee along with a few additional start-up costs.
At WIN Home Inspection, we have the lowest start-up cost in the home inspection industry, with no storefront or inventory required. That means you can be on your way to owning your own business fast and with virtually no overhead.
So what is a franchise?
A franchise is a business in which individual owners seek a stake in the overall company. In return for utilizing a reputable brand, proven system, and tools and resources that the company provides, the business owner will contribute a percentage of their proceeds back to the company. This relationship is unique in that the franchise owner gets the support they need, and the company remains invested in their success.
Are franchise owners considered entrepreneurs?
Yes. An entrepreneur is someone who starts and operates a business, fronting the financial investment but reaping the reward. As a franchise owner, your business is your own. You put in the time, energy and money it takes to be successful and that’s what it means to be an entrepreneur.
Starting Your Franchise
If you’re ready to get started on your journey toward business ownership, now is the time! Follow these simple steps to determine if owning a franchise is right for you.
- Do your research. Research what companies offer franchise opportunities and what industry you’d want to be in. Because the training and development is offered by the franchise, you don’t need to have prior experience in the industry; however, you do have to have a passion for it.
- Schedule consultation calls to ask any questions you may have.
- Hear from your future colleagues. Viewing testimonials or speaking with current franchise owners gives you a unique opportunity to learn more about the company and what it means to be a partner with them. Use this time wisely to ask questions and gain a deeper understanding of the business’s core values and mission.
- Understand the investment. Once you feel it may be the opportunity for you, make sure you have a strong understanding of the financial commitment it entails. Consider the franchise fee, tools and supplies you may need and other costs such as a company car. Also consider your current financial situation, making sure you have money saved to support you while you launch.
- Take the next step! You’ve done your research, talked with the company, heard from colleagues and understand the investment. Now you’re ready to become an official partner! You’ll sign the franchise agreement and begin your journey to business ownership. You’ll get trained, set up with all systems, have access to an array of marketing collateral and more.
If you’re an aspiring entrepreneur but don’t know where to begin or are looking for a low-risk investment, then franchising may be a great fit for you!
Owning a WIN Home Inspection franchise is a remarkable opportunity for entrepreneurs seeking the flexibility, financial freedom and personal fulfillment that only comes with building a business you can call your own. To learn more about our franchising opportunities, visit www.winfranchising.com or give us a call at (800) 967-8127 to speak with one of our franchise advocates. We can’t wait to start this journey with you!