By Jad Buckman
There are several reasons why a person may choose to join a franchise instead of starting a business from scratch. Franchises allow you to skip the trial-and-error phase, get business advice from subject matter experts and be part of a network of peers. If you are looking for a faster, less complicated way to start a new business, a franchise is a great option.
In some industries, going to market faster helps capitalize on market trends. You can avoid common pitfalls and get your business up and running in time to take advantage of today and tomorrow’s customers instead of spending years on research and startup planning. Here are five ways franchising makes the startup phase easier, allowing franchisees to open their businesses quicker than they could on their own.
A Proven Process
One of the main benefits of investing in a franchise is following a proven process instead of reinventing the wheel on your own. Franchisors have been there, done that in every aspect of their business. They have made the mistakes, learned from them and created streamlined processes with standardized business models. Franchisors provide franchisees with detailed policies for every aspect of their business, including training, inventory, accounting, marketing and more. The franchisor’s system is taught to franchisees during training, and it may also be written out in a comprehensive manual.
In addition to easy-to-follow guidelines, franchisors offer operational support. Calls, webinars and annual conferences are all ways franchisors keep in touch with franchisees to ensure they are supported. Subject matter experts should also be available as trusted advisors to help along the way.
Subject Matter Experts
The franchisor should be an expert in their industry, and they can pass that knowledge on to their franchisees. For example, Epcon is an expert in 55+ housing with decades of market research and experience building homes that appeal to buyers. This knowledge allows Epcon Franchise Builders to jump right in without having to learn a new market or business model.
Most franchisors offer some form of orientation and training for new franchisees. This usually includes programs that cover broad business topics like sales, marketing and finance, as well as more specific topics to the industry. For example, one of Epcon’s many experts is a land acquisition and development specialist that helps Franchise Builders with their projects.
Ready-to-Go Marketing Materials
Marketing is crucial to any business, and each industry has different best practices. Franchisors should offer a wide variety of marketing resources, including access to a library of professional marketing assets and campaigns to use. These may include a website optimized for search engines, product and lifestyle photography, videography, digital and print advertising strategies and materials, design templates, blog posts or social media content.
Franchisor marketing departments can also help with resources and strategies for lead generation. They have a system in place for the best times and ways to sell your products or services, so you don’t have to learn to market from scratch.
Network of Peers
It takes a village, and a franchisor offers a network of peers who are doing the same thing you are in different markets across the country. The ability to talk to people in your industry that aren’t competitors is a huge advantage, and this network can serve as an industry-specific mastermind group to share ideas and best practices. Some franchisors use an intranet to help franchisees collaborate. Many franchisors also offer advisory groups that allow franchisees to give their feedback to the franchisor.
Competitive Pricing
If you’ve ever been to a wholesale retailer, you know the value of buying in bulk. Franchisors use their national buying power to offer discounted pricing on materials and goods, helping franchisees run their businesses competitively with volume discounts and a streamlined rebate process.
Franchisors are better able to invest in more expensive technologies than a single business owner. This allows them to offer services like consumer-facing mobile apps, custom POS systems or analytics software. For example, Epcon provides 3D virtual tours of our floor plans for our Franchise Builders. These tools can increase sales or operational efficiency. Staying up-to-date on the latest technology trends ensures you don’t fall behind and allows you to reach customers in new and interesting ways.
These five advantages allow franchisees to start their businesses quicker while maintaining quality and minimizing risk. By using the processes, products and/or services, materials and experts a franchisor has thoughtfully assembled, franchisees can get to market faster and with less hassle than if they started a business from scratch.
Jad Buckman is business development director for Epcon Franchising, a home building franchise with over 75 Franchise Builders. Epcon Franchise Builders are given exclusive access to a home building business blueprint. For more information, visit www.epconfranchising.com.
The offer of a franchise can only be made through the delivery of a Franchise Disclosure Document. Certain jurisdictions require registration prior to the offer or sale of a franchise. We do not offer franchises in jurisdictions where we are not registered (or exempt from registration). Epcon Communities Franchising, Inc. 500 Stonehenge Parkway, Dublin, Ohio 43017. Minnesota Franchise Registration No. F-3531.