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Alternatives to Owning a Franchise
Owning a franchise is a venture designed only for serious entrepreneurs. While franchise owners are in complete control of their operations, that sword cuts both ways. Most franchises do not succeed, mainly because the franchise owners have to shoulder the responsibility of financing the entire operation, from the initial investment to marketing, build-outs, supplies, and more. Owning a franchise takes a financial and personal commitment because the business model requires dedication and hard work. And even with all of the capital and investing personal time and energy, there is no guarantee the risk will yield a reward. However, there is a way for people to acquire the franchise business they want, without such a high level of responsibility and investment.
The Franchise Partnership
The financial investment required to own a franchise is very steep. Very few people have the experience and knowledge to handle the responsibility that comes with owning a franchise, even though it may be their entrepreneurial dream. As an alternative, a franchise partnership may provide a path forward without biting off more than you can chew. As in business and personal life, the success of a franchise partnership depends on both parties taking active roles with a common goal in mind. At a basic level, the financial responsibilities are split. But like other partnerships, an arrangement could be made for one person to handle the majority of the financial responsibilities, and take most of the earnings as compensation for their investment. This setup is typically temporary and the financial responsibility becomes more evenly distributed over time.
A franchise partnership is an alternative to taking on full financial and personal responsibility, plus it allows all parties involved to have more freedom. Additionally, a partnership makes owning a franchise less time-consuming. Hiring employees, marketing, training, and more can be split between partners to lighten the workload while also increasing accountability. Franchise partnerships also allow people to play to their strengths. One partner may be great at accounting, while another is better at HR or marketing. By delegating responsibilities among partners, you can have all of your bases covered, with no gaps in expertise.
On the other hand, not all franchise partnerships last, for all the human reasons that personal and professional partnerships of all types fail. One party may be into owning a franchise to make short-term profits and then back out of the business. Another simply may not be trusting, or may want more control to edge out the other partner. Business partnerships – especially franchise partnerships – require ethics, professional trust, and a legally sound agreement to prevent one person from leaving the other holding the bag.
At the end of the day, owning a franchise can be a very lucrative business opportunity for anyone who understands the benefits of a partnership. By splitting up financial and business responsibilities among two or more people, a franchise can become a tremendous success, and prevent any one person from having to wear all the hats at once.
Interested In An Affordable Franchise-Like Opportunity?
If you are looking for cheap franchise opportunities, but still want to work as an individual and experience complete financial independence, The Commercial Capital Training Group (CCTG) might be perfect for you.
CCTG is like a franchise, in that you pay for training and access to 24/7 support from experienced financial professional, but it is very much unlike a franchise in that you get to set your own schedule, work with your own clients, and reap our own rewards. You don’t have to worry about driving a van with a big logo on it, or a big sign hanging outside of your house.
CCTG gives you the tools you need to excel, and to make the money you deserve while helping other business owners get the financing they need.