Did you know that roughly 62% of Americans want to establish their own business and become their own boss? But when you look at the percentage of people who are currently working for themselves, the number is far less. So what are some of the obstacles keeping people from realizing their dream of business ownership?
4 Obstacles Facing Potential Franchisees
Self-doubt is perhaps the biggest deterrent keeping people from starting their own business. After years spent in a corporate office, it can be nerve-wracking feeling like every aspect of a business will now rest on your shoulders.
But unlike with a start-up, franchisees are never really on their own. In fact, our support system is so strong that we never require potential franchisees to have a specific background or direct prior industry experience. Behind every one of our franchise owners is a corporate support team ready to help in all areas of the business, including operations, marketing, sales, technology, finance, accounting, HR, and more.
2. Concerns About Abiding by Certain Rules
Successful franchises license a business model from a franchisor that’s been tested and refined for many years. Because they’ve learned what does and doesn’t work, most franchises’ rules are designed not to restrict your creativity, but rather to help you avoid costly mistakes that could have been avoided.
3. Concern About the Time Commitment
Once a franchise is well established, it’s true that its owner can take a step back from day-to-day operations once they’ve built a strong team. However, launching a business is a major time commitment. In order to be successful, franchisees must be self-motivated, dedicated, and passionate….but most franchisees find the personal satisfaction and rewards from running their own business to be worth the time commitment to launch it with the support of their franchisor.
4. Finding the Right Business Model & Market
Due diligence is one of the most critical steps when considering a franchise business model and the market to operate. Ultimately, the franchise you choose should be recession-resilient, operated successfully throughout the pandemic, and offers strong unit economics to provide a return on the investments made to launch operations. Equally important, you must be passionate about it and excited to further your success and the success of your new industry.
Outdoor Living Brands, Inc. is the market-leading franchisor of premium residential and commercial outdoor living services with multiple established national brands — Archadeck, Conserva Irrigation, and Outdoor Lighting Perspectives. Get started with us today!