For any entrepreneur, owning your own successful business is the ultimate dream. However, starting a business from the ground up can be a daunting task. Young entrepreneurs in particular may face barriers including limited finances and business management experience, as well as the absence of support needed to succeed as independent business owners. Enter franchising.
Franchising offers a unique opportunity for Millennials who may not have prior business experience to succeed thanks to a business structure that is already in place.
Taking advantage of training and resources
By joining a franchise, business owners capitalize on the industry knowledge, training, sales and marketing expertise, and longstanding reputation of an established company. Many franchises provide franchisees with comprehensive training programs and tools to develop the business acumen and day-to-day operational skills needed to own and operate a franchise. The training helps establish a foundation to develop, learn new skills, and truly understand all facets of owning a business.
In business, it’s important to set attainable goals and then develop a clear plan to achieve those goals. Whether it’s increasing sales, encouraging brand loyalty, or promoting a specific product, goal setting establishes a clear path to success. It’s also critical to communicate these goals to employees because at the end of the day, once you have communicated your business model and goals to your employees, everyone can be held accountable.
Hiring the right employees
Employees are the first touchpoint for customers and a critical part of achieving business success. However, finding and retaining good employees can be challenging. It’s important to create a positive work environment and keep them motivated so they remain engaged. It is also essential for employees to be properly trained to communicate with customers and properly represent the business and the brand.
Making connections within the franchise network
Unlike many other independently owned businesses, franchising allows you to join a network of other owners. Networking with these other franchisees offers a great opportunity to make new connections and develop relationships that advance your business and your career. It can also provide great insight into what it takes to operate a successful franchise. In addition to this internal network, local small business organizations and national nonprofits like SCORE -- which is dedicated to helping small businesses succeed via mentorship -- can be a great way to connect with other business owners.
For Millennials and other young entrepreneurs, owning a business is an exciting yet challenging aspiration. Through franchising, this dream can not only become a reality, but can also lead to a successful career.
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Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.