Start Your Own Business Without Starting From Scratch

No, this isn’t a get rich quick scheme, but it is a way to become your own boss using an already successful management and business operating system. It’s called franchising! The first thing many of you may think of when you hear this word is McDonalds or Subway. Yes, these are franchises, but there are many, many more franchises that you’ve never heard of or may not have even known.

As many of you may know from some of my past articles, supporting our local businesses is a major driver for local job creation and increasing sales tax revenue for your local schools and governments. While small local businesses have a slightly higher economic impact, franchises are local businesses too. Job creation can be just as strong and sales tax generation is the same as other local businesses.

There are many benefits to starting a franchised business locally including bulk purchasing power, having a pre-determined business and marketing plan, a successfully proven system of operation, national or regional brand awareness, and support from a corporate entity; the major downsides being additional licensing fees and less flexibility in operations.

Some can be home-based or brick-and-mortar in a commercial district and startup costs for franchises can vary greatly $50,000 to $250,000 to $500,000 to $1 million depending on the type of franchise you are interested in. Franchises also cover a wide variety of industries including vending machines, handyman services, health and fitness services, ice cream restaurants, home-healthcare services, restaurants, consulting services…well, you get the idea.

According to the Small Business Administration, franchises can be great for those of you who have a skill and have been downsized, have always wanted to start your own business, or those of you who simply want to provide a source of income for your children. To learn more about franchising, visit the Small Business Administration’s website (www.sba.gov) and type in ‘Franchise’ in the search box.

As we look to create a friendly business environment in Elizabethton, business start-up through franchising should most certainly be part of our growth. Because of their brand recognition, people have grown to trust franchise’s names and can sometime help other local business grow. So going into the new year, think about the opportunities to support local business or start your own local business and help make Elizabethton and Carter County a great place to do local business. Let’s talk about it!