Creating a business from the ground up is no small endeavor. From planning to financing to putting standard business services in place, there’s a lot to tackle. All of that is in addition to operating the day-to-day business.
To overcome these obstacles, franchising is an ideal solution for many aspiring business owners. It provides the advantages of business ownership, but with the added support of a recognized brand and an established method of doing business. Partnering with a franchise like The UPS Store offers numerous benefits.
Flexibility. Opening a franchise allows you to enjoy the freedom and flexibility of making your own business decisions and being your own boss, while working toward your goals of personal and financial independence at your own pace.
Start-up resources. Getting a new business off the ground requires a wide range of activity, from site selection and lease negotiation to hiring and training staff. A franchise can help you navigate these early decisions and needs with a deep pool of experience and knowledge to help overcome the hurdles you may encounter.
Training. Even a well-educated business owner has room to learn. With a franchise, you have the opportunity to receive in-depth training in areas such as business operations, technical systems, human resources, marketing and financial management.
Networking opportunities. Connecting with other franchisees at area meetings, regional conferences and national conventions helps you stay informed of industry trends, discover new tools and resources, and develop lasting relationships with fellow franchisees. The result is a peer group that has intimate knowledge of your business model that can serve as a valuable resource as your business grows.
Product development. Part of developing your business is understanding your customers’ needs and introducing new products and solutions. As a franchise owner, you can contribute insight to the process but focus on running your business while development experts dedicate themselves to researching and innovating new products and services that can help you better serve your customers.
Marketing support. Many franchises conduct national advertising campaigns to build brand awareness, while regional efforts and local store marketing can build excitement in your market. A layered marketing plan extends the reach of your marketing budget and lends credibility to your business.
Financing assistance. Funding your franchise according to your unique goals and background can help eliminate many of the financial pitfalls that those without experience or industry expertise may encounter.
Learn more about franchising and the options available to aspiring small business owners at TheUPSStoreFranchise.com.
A Milestone Accomplishment
A focus on small business is driving big results for one national retailer. The nation’s largest franchise system of retail shipping, print and business service centers, The UPS Store, Inc., is now 5,000 locations strong.
“The UPS Store network is made up of dedicated individuals and families who are committed to serving small business owners, customers and their communities,” said Chris Adkins, vice president of franchise development for The UPS Store. “We look forward to welcoming more franchisees into our network as we continue to challenge ourselves to find new ways we can bring convenience and value to our customers.”
Over the years, the retail concept has expanded to include a range of solutions for small business owners, creating a one-stop shop for small-business support. Small business owners can find resources such as notary services, shredding, mailbox and locker rental, and, in some cases, even inventory management solutions, as well as the packing and shipping services that business and non-business customers alike can utilize.
5 Tips for Creating a Business Plan
Once you’ve settled on a business model that meets your needs, developing a business plan is an essential next step. These five tips can help you get started:
- Think long-term. A solid business plan should account for your start-up, of course, but also the longer range future of your operations. Consider how you want your business to look five years down the road. Create goals and build in milestones to chart your progress on that long-term path.
- Write it yourself. No one can embrace your vision as completely as you can and developing the plan yourself gives you a deep understanding of every aspect of the business, which is essential for good management. Even if you hand over certain responsibilities down the road, being aware of each aspect of your business can make you a stronger, more successful leader.
- Review the plan over time. Know that time brings change. The business climate and other variables that influenced your original plan will likely shift over the course of your ownership. That’s why it’s important to revisit your plan at least annually to ensure your original roadmap is still on the right track strategically.
- Share your plan with others. Inviting input from an adviser or experienced friend or colleague is a great way to spur new ideas and identify potential problem areas. Be sure you’re prepared to accept constructive criticism to help shape the best possible business plan.
- Stick to it. After all the sweat equity you invest in creating your business plan, the worst thing you can do is allow it to collect dust on a shelf. Use the plan to guide you in launching and growing your business. When business is booming and you’re too busy to think strategically, you’ll be grateful to have a well-conceived plan to rely upon.
Photos courtesy of Getty Images (women with clipboard, man with open sign)
Sources: Family Features and The UPS Store