To learn more about the benefits of owning a Senior Care Franchise, visit our franchise website.
Risk taker! Fueled by passion! Visionary!
These are some of the phrases that come to mind when we think of entrepreneurs. These are also true for people who open a franchise business, though I have to admit when most people picture an entrepreneur it’s of someone who created a new product like Apple or a service like Uber. The fact is while entrepreneurs take on more risk by starting from scratch, there are definitely perks to opening a franchise business. Other than a proven business model, franchisor support, etc., read below about some of the lesser known benefits of franchising.
Behind Door #1: A Network of Peers
When an entrepreneur comes up with a product or service idea, he or she may not have anyone to turn to for advice. After all, the reason for their business is to create something new.
When someone considers buying a franchise, they are able to contact those who already own a similar business and ask them about the unknowns, the pitfalls, the glories. Furthermore, once they make that purchase and become a fellow franchisee, they can connect with other owners either during trainings with the franchisor, at annual events or simply by calling them up with a question. These kinds of relationships can ease stress when things get hectic or provide useful insights on everything from hiring new employees to the latest social media tips.
Behind Door #2: Industry and Regulatory Updates
While running a business day to day—whether cleaning windows, selling sandwiches, or providing in home care to seniors—it can be a real challenge to stay on top of the latest news in your industry. This is an important benefit of belonging to a franchise network.
The franchisor most certainly should be aware of the happenings in your industry and should share that with you through regular communications and even offer solutions to any upcoming issues. For example, legislation at the national level might impact how much you pay your employees and you may not fully comprehend how to implement it. This is when you’re glad to be part of an organization with experts on staff diving into the data to help you seamlessly integrate whatever is necessary.
Behind Door #3: Effortless Brand Awareness
As a startup business, there isn’t much in the budget for PR and media. Maybe you are lucky and know a reporter who you can ask for some coverage, but you can’t count on that or that your connection can or will write about your business.
The franchisor is busy keeping the brand in front of the public, so while you are making sure people get their sandwiches, have their windows cleaned effectively, or receive high-quality, home care services, the franchisor is talking with the national media. When there is a national ad placed or an article published, it represents you too and what you offer. Not only has this publicity taken no time out of your schedule, it’s yours to use in your local market and share on social media to increase brand awareness for you—and ideally help to grow your business.
And the Grand Prize Goes To…
Those willing to see the benefits of filling a need in their local community have the potential to build a successful business that can be passed on in their family, sold, or simply help them earn more for retirement. When considering whether a franchise business is right for you, it is critical that you understand the risks and the rewards.
