Entrepreneurs are the bread and butter of the American business cycle. Be it a small lemonade stand or a self-made billionaire, entrepreneurs have shaped the American economy for decades.
Known for their dedication, focus, and relentless determination to make their business a success, entrepreneurs work tirelessly to bring forth their products into the market. They value their ideas, creativity, and convenience over a traditional 9-5 job. Surprisingly enough, money is not what motivates entrepreneurs every time. Instead, they enjoy the challenge of solving complex problems and the process of being a creator themselves, revolutionizing ideas into successful systems.
From Henry Ford to Elon Musk, entrepreneurs have attracted attention because of their innovative ideas. However, what would it take to be a true breakout entrepreneur in 2021? It may be more complicated than it seems with the environment, logistics, and business challenges many people experience today.
So, what about franchising?
Compared to the typical entrepreneurship, the franchise system is a relatively new process in the business world. A franchise is a business module whereby the franchise business owner grants its products, ideas, and other related information for a franchise fee. This helps businesses & owners to expand their ventures at a more efficient pace.
Before 1960, there were less than 100 Franchises. Franchising exploded in the United States in 1960 through extremely famous brands such as McDonald’s, Burger King, and Dunkin Donuts. Now there are over 700,000 franchises in the United States, generating over $760 billion.
So, can an entrepreneur be happy with a franchise?
Franchises address the common challenges entrepreneurs face, such as logistics, efficient systems, standardized products, and proven operations. It keeps the entrepreneurial spirit, allowing the entrepreneur to create a successful small business and keep a very personal connection to the company. It also allows the entrepreneur to progress at a pace much faster than it would be to create an entire concept from scratch. However, not all franchising systems are the same.
Extremely standardized and large-scale franchises like McDonald’s tend to be less flexible, more burdensome, and more corporately managed than some of the newer, more modern franchise systems. The contemporary coffee shop franchise environment allows the entrepreneur to thrive using existing tools but is operated at a much faster, more adaptable pace than the corporate franchises.
This allows for more open communication between the franchisor and the franchisee and enables the franchisees to maintain that entrepreneurial spirit that drives them every day.
So, which one is better? The answer is both of them are equally beneficial; it just depends on your personal preferences and career goals. When bundled together, it can be a winner-winner chicken dinner!
If you’re interested in learning more about becoming an Ellianos franchise owner, visit https://www.ellianos.com/franchising/.