If you’ve never been self-employed, you may be nervous about making the leap to franchise ownership. After all, it means getting a business up and running all on your own–or does it? In reality, there are many franchise resources available for first-time entrepreneurs.
First and foremost, your franchisor should provide support. This usually takes the form of providing you with a business system and access to an owner network, training, and marketing services. In addition, some companies offer turnkey services, financing, and more.
But did you know that you can also look to third parties for franchise resources? In fact, government agencies, nonprofits, and educational companies are all good sources of support for first-time entrepreneurs.
Small Business Administration
The federal Small Business Administration (SBA) has some fantastic–but often overlooked–franchise resources. It’s a good source of unbiased information about franchising, including data on the franchise industry, tips for evaluating franchise opportunities, explanations of the difference between franchises and conventional businesses, and more.
Plus, this agency has a number of resources for first-time entrepreneurs generally. These include guidance on creating a business plan, complying with regulatory requirements (such as tax, employment, and licensing laws), and growing a business over time. Business owners can even apply for low-cost loans or other financial assistance–not just during times of crisis, but also for startup costs and early operating expenses.
Local Entrepreneur Centers
If you live in a medium-to-large city, your area probably has at least one nonprofit entrepreneur center. Entrepreneur centers make great franchise resources for first-time business owners who want face-to-face support. As you look for one in your area, keep in mind that they sometimes go by other names (e.g., innovation center, business accelerator, or business incubator) and may be run by the local government, a public-private partnership, or even a local college or university.
Resources offered by entrepreneur centers are often free or very low-cost and typically include:
- Mentoring programs that pair first-time entrepreneurs with experienced business owners
- Single- or multi-session classes on how to start and run a business
- Networking events to connect you with other business owners and vendors
- Co-working space where you can use a desk and office equipment.
Local Chambers of Commerce
The Chamber of Commerce is a national, nonprofit organization that supports both large and small businesses, including franchises. Your local chapter is the best place to connect. It is a membership organization, but many local chapters either waive or reduce membership fees for new small businesses.
Franchise resources available through your local Chamber of Commerce may include networking opportunities, economic development support, and educational sessions to help you start and run your business. The Chamber of Commerce is also a major policy advocate for business interests. Joining your local chapter can be a way to influence local or state government decisions that affect you as a franchise owner.
Online Learning
What if your area doesn’t have an entrepreneur center or Chamber of Commerce to provide educational opportunities? Then it’s time to go online. Resources for first-time entrepreneurs are available on a number of platforms. Some are free, while others require a membership or charge by the course. The most popular options include:
These platforms include everything from inspirational talks by successful entrepreneurs to courses on how to manage your business’s finances. And since they’re online, you can do the work whenever and wherever it fits your schedule.
And don’t forget: if you want to talk through your options with someone, my co-consultant (and wife) Lauri and I are here to help. We became franchise owners and first-time entrepreneurs after more than 20 years in the corporate world. We understand how it feels to take that leap of faith, and we can help you find just the right franchise to start your journey as an entrepreneur. There’s no cost and no obligation–just support from people who’ve been there.
No responses yet