If you love the bar and restaurant industry but you’re ready to give up the long hours that come with it, you may be considering starting your own business.
If this is truly your goal, then it’s important you go for it. However, creating a startup is no easy feat - especially in an industry as competitive as the hospitality sector. There’s a lot of uncertainty around almost every new business and, in many cases, new startups unfortunately fail.
According to data from the Bureau of Labor Statistics in the US, around 20 percent of small businesses don’t last through their first year, and only about 50 percent of small businesses celebrate their fifth year of operation.
But, what if there is a way of running your own business, yet at the same time receiving help with marketing, operational expertise, technology, coaching and the supporting infrastructure of a large organization? That’s where franchising comes in and increases small business success rates.
What is franchising?
Buying an existing business takes a large investment, while starting a new business from scratch can be extremely intimidating. If you want to run your own business but neither of these options appeals to you, then owning a franchise is probably your best choice.
As a franchisee, you will pay an initial fee, as well as ongoing royalties, to a franchisor. In return, you will receive a licence that grants you permission to use their branding, receive ongoing support (such as marketing, coaching and much more), as well as the authority to sell the franchisor’s products and services.
By partnering with a franchisor, a franchisee becomes a strategic partner that implements their business plan, sells their products and services in specific territories and uses their proven business model.
Is franchising right for you?
With franchising, you’ll still be running your own business yet you will receive all the benefits that come with a respected brand name. If you are driven by success and the motivation of owning your own business, franchising might well be the right career choice for you. Advantages of being a franchise owner include:
- Exploring a new career in an industry that you are passionate about.
- Significantly lower risk compared with creating your own startup.
- You can be your own boss and have a more flexible lifestyle.
- You will hit the ground running with existing brand recognition.
- You can be as successful as you want.
- Some franchisors have a range of initial investment options and you can grow your business as little or as much as you want.
- Access to a huge network of fellow franchisees who you can connect with for advice.
- Constant training and support from your franchisor.
- You’ll be a phone call away from a helping hand if you get stuck.
Stay tuned for the second part of this blog, Want to Run Your Own Hospitality Business? 4 Reasons Why You Should Consider Franchising (Part 2)’, where we will explain the four main reasons you should consider franchising.
Did you know Sculpture Hospitality has created a network of more than 370 successful franchisees who love providing expert inventory management solutions for the hospitality sector?
Have any questions about owning a Sculpture Hospitality franchise? Please contact Sculpture Hospitality’s team of experts today. We would be more than happy to connect with you and explore the opportunity of working together.