The Three Key Elements of Franchise Entrepreneurship
North America's Leading Career and Franchise Business Coaching Company, The Entrepreneur's Source, Explores The Main Differences Between Being an Independent Business Owner and a Franchise Business Owner
March 13, 2014 // Franchising.com // Southbury, CT - Each year, millions of people explore the idea of entrepreneurship. In fact, three out of every four adults have considered a path towards self-sufficiency. For many, it's not a question of "Can I do it?" it's a matter of "How do I get started?"
Starting a business from scratch or purchasing an existing business can be daunting for many budding entrepreneurs. Those who feel they don't have the necessary knowledge or experience to start a business on their own should consider franchising, as it provides a comprehensive, entrepreneurial blueprint for success.
"There are many independent business owners who start businesses and are successful," said Terry Powell, founder of The Entrepreneur's Source® (E-Source), North America's leading career and franchise business coaching company. He added, "However, the kind of person who starts an independent business from scratch and the kind of person who invests in a franchise are typically two different people. The person who invests in a franchise may have passion and the desire to control his or her own destiny, but they want a proven system in place. They don't want to invent it themselves, and they don't want to go through all the hassles and mistakes that independent owners encounter. Franchises give franchisees a proven entrepreneurial track to run on, complete with a brand name, operating system, and ongoing support. Independent business owners have to figure out those pillars for themselves."
Powell continues to explain the three basic pillars of a franchise operation:
- Brand Name – A franchise provides an established service or product with brand name recognition, giving franchisees the benefits of customer awareness that would typically take many years to establish as an independent. Owning a franchise is like buying a “ready-made” business that already has a “built-in” customer-base. When you become a franchisee, you are automatically associated with the brand's successful history.
- Operating System –When you buy a franchise, someone has already done all of the front work for you and ironed out all of the kinks, leaving you a turnkey operating system. Right out of the gates, a franchise increases your chances of business success because you are starting off with a proven business model, as opposed to developing one from scratch. With this in the palm of your hand, you have all the tools you need to succeed. Franchisors also have established supplier relationships, outlined marketing channels and proprietary technology systems designed to facilitate your business operation.
- Ongoing Support/Performance Enhancement – Regardless of your prior experience, a franchise provides a regimented training program to teach you about the business operation and industry. Often, this “franchise launch” program combines training and “real world,” hands-on coaching by the franchisor to help build a solid foundation for your business. Many franchisors also offer ongoing training throughout the life of your franchised business. Besides this support from the franchisor, joining a franchise allows you to connect with your network of franchisees who can act as a sounding board to bounce ideas off of or exchange knowledge, experiences and how to best leverage the system.
For anyone who has entertained the idea of business ownership and is interested in exploring what options are available to them, The Entrepreneur's Source is hosting a complimentary, virtual franchise expo March 27-29, 2014 from 10 a.m. to 7 p.m. ET. Called Start a Business Weekend®, attendees have the opportunity to discover the pros and cons of franchising and whether it is the best path towards self-sufficiency. During the interactive expo, participants "walk" into a digital Exhibit Hall and virtually visit the booths of more than 80 of the nation's latest franchise concepts. They can also connect with representatives about a variety of different franchise brands, learn how to finance their new business, attend keynote presentations, and download informational resources. Coaches will also be present to answer any questions. Registration is free at www.StartABusinessWeekend.com.
For more information about The Entrepreneur's Source coaching services and becoming an independent business owner, visit www.entrepreneurssource.com.
About The Entrepreneur's Source®
The Entrepreneur's Source is North America's leading career and franchise Business Coaching Company dedicated to the entrepreneur, with more than 200 coaches in the United States and Canada. Dominating the $1.5 billion Business Coaching/Consulting franchise market in North America, the company offers a full range of services to individuals seeking alternate career options and to franchise businesses looking to increase performance. For more information about The Entrepreneur's Source, please visit http://www.EntrepreneursSource.com/.
The Entrepreneur's Source and Start a Business Weekend are trademarks of TES Franchising, LLC. All rights reserved.
SOURCE The Entrepreneur's Source
Senior Account Executive
Fishman Public Relations
O: (847) 945-1300