The idea of setting off on your own can be intriguing, but opening a business is fraught with risk. In fact, 30-80% of new businesses fail. For some entrepreneurs, that’s what makes franchising an attractive option. Choosing a franchise over starting a business from the ground up does not ensure success, but it can give you a competitive advantage if you choose the right one. A franchise will provide a framework to construct your business around. Many mistakes entrepreneurs commonly make will have already been made and rectified by the franchisor, ideally.
What kind of franchise is best for you?
Most people think of fast food or retail when the topic of franchising comes up. Nearly any product or service business is available in franchise form, from vending machines to funeral homes. It’s essential to put some time and thought into determining the kind of business that is most likely to be successful for you.
Explore the market
Choose a business with an identifiable and viable market. Don’t just look at history. Consider growth potential and what disrupters may be just around the corner. After all, someone purchased the last Blockbuster franchise. It probably seemed like a smart investment at the time—throwing the dice with a market leader. However, smart money would have cast a wider eye and saw Netflix on the horizon – an up and comer ready to snatch Blockbuster’s market share before they knew what hit them.
What do you know best?
Your greatest chance of successfully running a franchise is leveraging your professional experience and choosing a business in your field or using the same skills. Choose an opportunity in which you have experience as a user or employee so that you will know in advance what hazards to watch for and what avenues are most likely to bring you success.
If you’re generally tired of your current industry, it probably isn’t wise to launch a franchise in that business. But if you see the potential in your industry, and can identify areas where you can do better, it might be a great option.
Consider a staffing franchise.
If you are an industry veteran, you already know the potential of this business. The “gig” economy is growing. Employees are staying in jobs for ever shorter periods. Businesses are increasingly recognizing the need to be nimble. They need people to keep up with seasonal demands, or individuals with specialized skills to complete projects. They may want to reduce hiring risks with temp-to-hire options. Even if their workplace is entirely direct hire, they often have neither the time or expertise required to source, screen, interview and hire candidates. It’s not the only obligation on their plate, but one of the most expensive to get wrong.
As an experienced staffing professional, you may be tempted to start a staffing business of your own. If you have experience in business, but not in staffing, don’t discount this kind of opportunity. If you understand what makes a business successful and have exceptional relationship building, leadership and sales skills, you can be trained in how to be successful as a staffing professional. A staffing franchise will give you the support and credibility you need to turn your business skills into staffing success. But before you write that first check, take some time to consider the pros and cons.
Why a staffing franchise?
Much as you have the expertise to effectively handle staffing and recruiting functions for employers, a staffing franchisor does the legwork for you. It provides the framework you need to be successful while allowing you the independence of entrepreneurship. A staffing franchise could be a good alternative to starting a staffing agency on your own.
To be successful as part of a staffing franchise you will:
- Be driven, independent and self-motivated
- Be willing to learn and implement a proven business system
- Start from a financially stable position
- Be serious about growing the business
- Have a proven track record of success in the staffing industry
- Be willing to let go of administrative tasks and focus on driving the business
Want to Learn More About Starting a Staffing Business of Your Own with NEXTAFF?
Contact us today! We would be happy to answer any questions you may have. At NEXTAFF, we’re building the future of the staffing industry.