Franchise business opportunities abound for entrepreneurs who seek to own a business, or diversify their current business holdings. In fact, according to Statitsa, there were an estimated 745,290 franchise establishments operating in the U.S. in 2017 (up from 2016). And, in a Franchise Buinsess Economy Outlook report conducted for IFA, franchised businesses will continue to rise approximately 1.9% each year, well into 2020. Recent tax reforms, profitability, and growth within the sector have all contributed to the success of such business opportunities. But, is owning a franchise business the right choice for you?
Should you own a Franchise Business?
Owning a franchise business is a very personal and multi-faceted decision that requires a lot of thought and soul-searching. Franchise business ownership requires research and self-reflection in order to evaluate both your personal skills set and align them with your goals.
To help you assess both your reason for owning a franchise business and the type of franchise business best suited to reach your goals, ask yourself these important questions:
Why do you want to start a franchise business, or add more business opportunities to your portfolio?
What aspect of business ownership is most appealing to you?
Do you want to perform the work yourself, manage people, or a combination of both?
Where do your interests reside?
Once you begin to answer these types of questions, you can begin to formulate the type of business opportunities that match your criteria. You can weigh the pros and cons related to starting a business from scratch versus looking at business opportunities with an established brand and business model.
What Makes A Franchise Business So Appealing?
Franchise business ownership is appealing for many entrepreneurs because of the established business model, support, and brand name which can help provide an easier start-up with less guesswork. Some franchisors offer a low-cost of entry and can help support you through the trials and tribulation it takes to start a franchise operation.
While the assistance and support of a franchisor can be great for first-time business owners, or entrepreneurs seeking to diversify their revenue stream, for some it could also be a hindrance. Entrepreneurs who prefer to put their own ideas to work may find some franchise business models stifle their own creative ideas.
Before You Buy a Franchise Consider these 3 Questions
How flexible is the franchise organization?
What level of investment is involved?
What support does the franchise organization provide?
These types of questions and a review of the franchisor’s FDD (Franchise Disclosure Document) will provide any prospective franchisee ample facts to make an educated decision about the investment.
If after all your soul searching, research and review the franchise model validates your end goal, then a franchise business may be the path to help you grow the significant company you have always dreamed about.
Purchasing a Vanguard Cleaning Systems® janitorial franchise could help you build your own commercial janitorial operation centered on a durable business model with growth opportunity. If owning a cleaning franchise business is of interest, contact Vanguard Cleaning Systems of the Triad to learn about this viable business opportunity.
About the Vanguard Cleaning Systems® Brand
Founded in 1984, the Vanguard Cleaning Systems® organization is built upon over 3,000 independently owned and operated franchised commercial cleaning businesses, which are licensed and supported by a Master Franchise network of more than 50 independent regional offices throughout North America. Vanguard® franchised commercial cleaning businesses service over 18,000 businesses, healthcare companies, educational facilities, and non-profit organizations.