The Advantages of Franchising
When considering your options in starting a business, there are lots of factors to account for. Will you go it alone, whether it be a partnership or otherwise? Or will you franchise? All of these options are valid paths when starting a new business, and each has its lists of pros and cons — but all fall under the umbrella of self-employment.
Self-employment is an extremely attractive notion, especially for those who have worked in corporate America for years and are tired of the rigid structure and monotonous days. The benefits of self-employment grant you the freedom and flexibility that a regular 9 to 5 corporate job can’t. You call your own shots, reap all the benefits and build your own brand.
Nothing in life comes without its risks, however.
Going it alone also means dealing with the risk of the costs of running your own business, not having any support to fall back on or even losing everything you put into the business.
Consider The Advantages Of Franchising
Maybe you’ve weighed your options and going it alone is worth all the risks involved. But maybe not. Take some time to consider the alternative: entrepreneurship with a franchise.
There are countless franchising opportunities and advantages of franchising to consider. Here are several that may strike your interest:
1. No Need To Build Up The Business Model
Starting a brand new business from scratch can take a lot of time; it requires gathering the funds, supplies and creating the proper infrastructure that your business will be built upon. Instead, when choosing a franchise, the business model is already set up for you. The hardest part is done. All you need to do is take advantage of it.
2. An Established Brand With Existing Marketing
A brand new business means a blank slate to build your brand upon. No doubt, it’s an exciting venture, but for consumers to get excited about a brand and its marketing, it takes a lot of time and energy on your part. With an existing and established brand reputation, the process is made that much easier for you. Don’t underestimate the power and simplicity of name recognition!
3. Low Risk, High Reward
One downside of starting a new business is that all your capital and investments are on the line. The bottom line is that you’re undertaking a big risk. With franchising, it’s much less risky than going it entirely alone. Franchise Owners see a much stronger ROI and can turn a profit in much less time than in a solo business.
4. Training At The Ready
Whether you’re experienced in the industry of the franchise you’re choosing or not, most franchise opportunities offer extensive training programs and classes to prepare you for what lies ahead. They want you to succeed in running the business. Typically training will be onsite at their headquarters and maybe some classroom setting training locally. This is the chance to really familiarize yourself with the industry and the franchise itself. They will set you up for success and always be there for you when you need them.
5. Continued Support
No one knows all the answers when running a business. Chances are, as a Franchise Owner, you’ll run into a few hurdles yourself. The advantage of franchising means when you have a problem or a question, you have a full support system to fall back on — unlike running a business completely on your own. Franchise support is paramount and will even provide you with ongoing training and information about the industry to keep you on top of things.
6. Available Financing Options
Starting a business, especially all on your own, can mean a big price tag. You need your finances to be in order in order to get your business off the ground. When choosing a franchise, oftentimes there’ll be financing options in place for potential Franchise Owners to better help them get the business up and running.
7. Purchasing Power
Big franchises mean big opportunities. There will be doors open to you that would take years to open if you were going it alone in the business world. You’ll have the purchasing power of the franchise on your side, meaning a higher success rate for your business.
8. Building A Family Legacy
A lasting advantage of franchising is the benefits it brings your family. Whether you’re looking to support your family for years to come or to bring the family into the business, franchising is an excellent method of building a family-centered business. The capital you earn will fund the growth and goals that your family will work towards. The capital you earn can even lead to expanding the franchise and allowing your children to take the reins when they’re ready to do so.
Step Away From Corporate America
A big motivating factor for many individuals leaving the corporate workforce is a better work-life balance. Long office hours, an inflexible schedule, stress, and poor pay are the nightmares of a 9-to-5 job. The 9-5 schedule drastically limits one’s schedule and often causes individuals to sacrifice their personal needs. The advantages of franchising aren’t just associated with finances, but with personal issues as well. Franchising grants you freedom and flexibility in your personal life and in business. Don’t be deterred by the risks of starting up a business, because with franchising those risks are put to bed. With a franchise, you can have a profitable business and a flexible schedule without the common risks associated with business Ownership.
Post Retirement Investment Opportunity
If you’re retired, you likely know a thing or two about the way the world works, especially if you’ve worked in business. You may be considering starting a business or getting back into the working world, but have you considered franchising as an alternative?
Franchising is an excellent opportunity for retired people as it can allow them to experience the benefits of retired life while earning an income.
Investing in a franchise can be the best move you can make after retirement. Maybe your retirement benefits just aren’t cutting it anymore, or maybe you’re looking to occupy your time by doing meaningful work. Whatever your reasons may be, franchising is an excellent investment opportunity for retirees as it requires minimal effort as opposed to starting a business from scratch.
Choosing The Right Franchise For You
When looking for what franchise opportunity is right for you, and what aligns with your interests, consider taking a look at the flooring and home improvement industry. Franchise opportunities, like at Footprints Floors, see many benefits. The advantages of franchising with companies like Footprints Floors are endless, both financially and personally.
Breaking Down The Numbers
Footprints Floors is an excellent franchise opportunity and has some of the strongest unit economics for any service business, period. Let’s take a look at the numbers so you can get a better understanding of what franchising with Footprints Floors would look like:
The flooring companies available for sale on the market today are asking for anywhere from $290,000 on the low end up to $5 million. On the other hand, your initial investment with a Footprints Floors will typically be between $75,000 – $97,580*.
The home services industry is an economic powerhouse with an economic impact estimated to be somewhere between $400 billion and $800 billion a year. As a sub-segment of the home improvement industry, the flooring industry is a driving force in the economy all on its own with floor installations accounting for around $26 billion a year in revenue. The flooring industry has experienced steady growth since 2010 with an average growth of 4.5% over the past five years.
Money You Make
The average Footprints Floors franchise sees a 783% return on investment, in fact, our Franchise Owners have typically recouped their initial investment within just 3 to 6 months. Our quality services are continually reflected in the average 24% sales growth reached by our Franchisees. With a system-wide average gross sales of $808,547*, most Footprints Floors Franchisees are able to reach $1 million or more in sales by their fourth year.
*Refer to 2021 Franchise Disclosure Document Item 19- Average Gross Sales of combined Table 1 and Table 3
Venturing into franchise ownership can be extremely overwhelming. There are hundreds of franchising opportunities available, and no one wants to risk their budget investing in the wrong project. Fortunately, resources are available to help new and more experienced franchise entrepreneurs navigate franchising. This page answers common questions about franchising, including what types of franchises are available, what kind of experience is necessary for franchise ownership, how to choose the perfect franchise for you, and more..
Footprints Floors: A Step In The Right Direction
Why wait any longer? If you see yourself as an ideal candidate for franchising, especially with Footprints Floors, contact us today!
Start your bustling career in the wonderful world of franchising. We’ve got your back and we’ve got your covered.