With countless decisions to be made, running a small business is a challenging endeavor for any entrepreneur. There are many factors to consider when taking the dive into small business ownership: location, business model, suppliers, product quality, employees and more. But first, you must decide how you would like to start your business — build out independently or invest in a franchise.
Thrive on Freedom
Many entrepreneurs elect to run their own business because they crave freedom. They want to take control of their career, break away from corporate America and strike out on their own. Unfortunately, small business ownership comes with a world of responsibilities. It can be a lot for one person to take on!
Through franchising, you can enjoy the independence of small business ownership with the added support of a corporate office. Franchisors are looking to set up franchisees for success. There are processes set in place to make the transition easier, without deterring from the franchisee’s independence.
Know Your Business
Regardless of what industry interests you most, it’s important to consider every aspect of your potential business. Beyond industry knowledge, an independent, small business owner must be well-versed in all things relating to his or her company — accounting, bookkeeping, finding suppliers, point of sale systems, insurance, permits, licensing, marketing, advertising, brand management and much more. It takes a tremendous amount of coordination and hard work to manage a business. It is not an endeavor to be taken lightly.
With franchise investment, much of that new-business stress is alleviated. Well-run franchises, such as The Great Greek, have protocols in place to help smooth the transition to business ownership. Franchisors are able to aid in everything from securing permits to sourcing reputable suppliers to providing employee training programs.
Building a Brand
Developing a company from the ground up is no easy feat and one that often ends badly. According to Forbes, eight out of ten businesses will fail within 18 months of opening. There is a myriad of reasons why a business may fail, but frequently a major factor is the lack of brand awareness.
With franchising, brand awareness is inherently a part of the investment. You aren’t just buying a single location, you are investing in the brand itself. Thus, careful franchise selection is warranted. Customers will often have preconceived notions of what to expect before even setting foot on your property. That can be a powerful tool when utilized correctly!
The Great Greek has an incredible reputation for top-quality customer service, mouth-watering food and a family-friendly atmosphere. To get started on your franchising journey with The Great Greek, click here.