Learn more about why a franchise can be a great business opportunity.
Starting a business can be one of the most rewarding experiences a person can have. From researching potential investment opportunities to narrowing down your choices, to finally signing the paperwork to commit to creating something of your own, the whole process of opening your own business can be exciting and perhaps slightly intimidating. Starting a business requires a lot of hard work, dedication, time and money—and there’s no guarantee of success.
When people decide to embrace their entrepreneurial spirit and pursue opening a business, it’s best to thoroughly research and evaluate the available opportunities—whether starting a business from scratch or buying a franchise—before moving forward and making a binding commitment.
Factors like brand reputation, financial performance, location and many others should be weighed when deciding how to open a business. While there can be risks inherent in any business opportunity, joining an already-established franchise system certainly has its advantages.
Advantages of Buying a Franchise
After you’ve decided to pursue opening a business, you’ll need to consider the pros and cons of buying a franchise compared to starting a business from scratch.
Let’s look at some of the advantages of buying a franchise.
Brand strength is one of the greatest advantages of buying a franchise. Well-known, recognizable brand names provide immediate credibility in the eyes of potential customers, beginning from the moment a location opens. In terms of the customer journey which typically begins with brand awareness, an already-established, nationally recognized brand name has a certain level of awareness that doesn’t need to be built up from scratch as it would with a new brand. Potential business owners should take brand strength into consideration as one of the most important factors in deciding to open a franchise.
When you start a business, you want to go into business for yourself, but not by yourself. Having training and support resources available from the very beginning allow franchise owners to learn everything they need to know to get started, learn nuances of the industry, and get comfortable with daily operations. Opening a business requires specialized knowledge of a particular industry, service offering and competitive landscape, which are some of the basics that would typically be covered in a franchise training program.
Ongoing support is another consideration when looking at the advantages of buying a franchise. After you’ve opened a franchise business, it’s wonderful to have resources available to help achieve your business goals. From having a corporate team standing by to answer any questions that arise, to a network of other franchisees with whom you can relate and discuss questions, issues or other opportunities, an ongoing support system is a great advantage when opening a franchise business.
When you open a business from scratch, it can be difficult to accurately anticipate the costs associated with getting up and running. You may also need to consider funding from several sources, requiring you to sell your idea repeatedly.
Opening a franchise business can also require a decent amount of startup capital, but the advantage in this aspect is having all the costs (and many other pertinent details) outlined in advance in the Franchise Disclosure Document (FDD). Any costs associated with operating the business, ongoing fees throughout the contract term, an estimate of expenses to build out and equip the business and any required reserve capital for the first three months are all outlined, giving franchisees a reasonable expectation of costs to expect. Because of this, there is less of a chance of encountering unplanned expenses.
Buying a franchise also boasts efficiency as one of its advantages. When becoming a franchisee, the entire operations framework is included in the process. Proven systems for training, marketing, accounting, technology and more have been tested and improved through years of experience, allowing franchisees to avoid some of the trial and error involved in just getting started opening a business. Efficiency helps franchise owners earn a better living and spend less time and effort than they would starting a business from scratch.
Consider a Franchise Opportunity with The UPS Store
There are many advantages when buying a franchise business compared to opening a business from scratch. When an entrepreneur has decided to pursue franchise ownership, another difficult decision is choosing the industry and brand.
While retail owners with The UPS Store come from a variety of backgrounds and have very different career paths, they do share some common traits like a passion for hard work, effective time management, perseverance, dedication to customer service and a desire to make a difference in their community.
If you’ve already answered the question, “Why buy a franchise?”, it’s time to consider your available franchise options. Below are a few of the top reasons to consider a The UPS Store franchise opportunity.
The UPS Store is a nationally recognized and well-respected brand committed to providing an exceptional customer experience in the communities it serves. With an outstanding brand reputation and the quality of its franchise opportunity, The UPS Store has consistently earned accolades and awardsfrom many business organizations and has ranked highly on Entrepreneur’s Franchise 500 list for over 30 years in a row.
Training and Support
New franchisees acquiring a The UPS Store complete a comprehensive four-phase training program, which includes over 215 hours of web-based training, in-store experiences, a university business course and print services training. Everything from business fundamentals to store operations, including training on store equipment, software and techniques are included in the training program to ensure franchisees are prepared and can begin operating their own store confidently.
Franchisees also have access to a vast network of other retail owners with The UPS Store, a toll-free help line, area franchisees and the home office to help with questions and expert advice. There’s also marketing and advertising support at the national, regional and local level to help drive brand awareness and in-store traffic, as well as marketing tools and resources that franchisees can use to promote their stores within the communities they serve.
The UPS Store offers several financing options to help franchisees get started on the right track. In partnership with Guidant Financial, financing options like 401(k) business funding, SBA loans, portfolio loans, unsecured loans and more are available. Guidant Financial knows the franchise business along with The UPS Store models and operating systems, so they are uniquely prepared to help franchisees get started along the path to entrepreneurship.
These are only a handful of reasons why becoming a retail owner with The UPS Store is a great idea. Learn more about available markets and contact our franchise development team to discuss the possibility of owning your own franchise location.