If you’ve ever started your own online security service or any other kind of technology business then you know how cripplingly time consuming, stressful and ultimately expensive, the whole process can be. If you’re on the cusp of starting your own business then the path in front of you must seem like an unassailable minefield.
The sad fact is that 90% of startups fail and while the remaining 10% tend to go onto great success (particularly in digital realms), the prospect of sinking significant effort, research, development, testing and capital into something that has such a high probability of failure is a far from attractive one.
The cardinal sin
Fortune indicates that the most common reason for startup failure (topping the charts at 42%) is that the company manufactures a product that has no market need. Simply put, they’ve developed something that either nobody wants, or another product does well enough for no additional market need to be necessitated.
When struck with a dazzlingly brilliant idea, it’s difficult to be able to see whether your idea has quantifiable market interest or if it’s just… Well, a vanity project.
One man army
Another common failing of startups is that the entrepreneur in question tends to view the project as ‘their baby’ and micromanage all elements of running the business, even if it’s an area in which they have little experience or expertise. Very few people have the experience, talent or expertise to be able to run numerous elements of a successful business harmoniously and even fewer can do so while claiming to have any real quality of life.
Franchises: The other way
In areas where startups tend to buckle under the pressure, franchises are able to do a lot of the heavy lifting. The best franchise opportunities are able to bring not only years of experience and expertise but a product that is known to have quantifiable market interest.
Effectively, a franchise can provide much of the framework for a business from launch to operation to growth phases.
The best of both worlds?
Many franchise owners are able to independently own and manage their business and enjoy much of the autonomy that startups are afforded while sharing very few of the risks. While startups tend to be flying blind, franchises are able to provide entrepreneurs with ample materials to give them everything they need for day-to-day operations as well as areas such as marketing and accounting. As a franchise owner you will be privy to materials and resources that startup owners would have to spend significant time and effort to create for themselves.
Working collaboratively in this way affords a franchisee the autonomy to make day-to-day managerial decisions themselves while having the materials and support that a startup simply would not have access to.
This also means:
- Highly reduced overheads
- Lower operational costs
- Training and coaching
- Greater chance of Return On Investment
- Higher profitability
- Uniformity and brand recognition
- Continued professional development
The market boasts a great many technological franchises, including some that specialise in online security, that enable budding entrepreneurs to bring their technical skills to bear on a business opportunity with fewer risks and greater chance of return than if they were to try and go it alone.