With economic conditions the way they are now, most young people, who are serious about entrepreneurship, either start a business at home, online or take their chances in a brick and mortar establishment. A business started from scratch, or a Mom and Pop store, does not have the best odds to survive, as can be seen by numerous empty storefronts all over the country. A franchise, however, has distinct advantages for someone who is willing to do the work to make it a success. Below are some reasons to consider starting one:
- A franchise has name recognition, which, if chosen carefully, attracts customers based solely on the brand. Customers do not have to be convinced to buy. Marketing is done via TV commercials and radio ads that are intended to drive business to local outlets.
- Start- up capital is well defined and financed through the franchising company. Therefore, the franchising company has a vested interest in helping individual stores become successful.
- A good franchise operation offers excellent support and training for its franchise owners and will train managers and other employees.
- Franchise owners are usually able to purchase inventory, equipment, signage, and other marketing tools in bulk.
Although there are some disadvantages to owning a franchise, such as lack of creative control, or adherence to corporate guidelines, the benefits of a proven business model outweigh the inconveniences.
The main problem is choosing a franchise with the best chance of success.
A great example of a franchise that has proven success is Supercuts, owned by The Regis Corporation. Supercuts has multiple advantages, particularly for young entrepreneurs. Let’s face it, everyone has hair and needs it cut. Most people prefer not to deal with cutting and dying their own locks because a misplaced move could have a major impact on that person’s appearance and could affect their income potential. The majority of people cannot afford to spend money frivolously on a high end stylist.
Another advantage is that hair care products are simple and non perishable. Pity the franchise owner with rotten hamburgers if business gets slow. Hair stylists require cosmetology licenses and must adhere to strict sanitation guidelines.
I, myself, used to go to chic salons, but got fed up with paying ridiculous amounts of money for a simple cut and color. I ventured into Supercuts, even though I was a little nervous about how my hair would turn out. I was surprised to find that I actually received a much better result, and certainly didn’t feel the dent in my pocket book. With most people cutting back on purchasing items that are not mandatory, an economical good deal makes sense.
Supercuts was voted the 5th Best Franchise Opportunity overall in Entrepreneur Magazines’ annual Franchise 500 Issue. Regis is willing to train a person with minimal business experience, who is able to afford the capital required, (approximately 150K), and who is willing to open at least 3 units. The business itself is not complicated to run. Customers walk in for hair appointments that are handled by licensed stylists. There is a small selection of retail products on the shelf to sell and track. To check out the Regis Corporation go to www.regiscorp.com
About Rebecca Olkowski
I'm a 30 + year voice over actor, blogger, WordPress Blog Consultant and a gal who loves to have fun. I'm on a mission to travel the world in style. Can you give me a lift?
