Do you dream of owning your own title company or other business? The truth is that owning your own business has many rewards, but running a business efficiently requires many different types of skills—for example, accounting and marketing. Because a franchisor will help you with all aspects of your new business, buying a franchise can be a good option. Franchises also have a better chance of succeeding and producing higher incomes.
To help you come to your own conclusion, let’s compare some of the differences between starting your business from scratch versus buying a franchise.
-Franchise – The basic business framework is provided to you. You are given guidelines for launching your business, operating it on a daily basis, and growing it. Training and information on how to run specific areas of your business are usually covered – these typically include marketing, bookkeeping and technology. The good thing is that this framework has been tested, honed and proven to work.
-From Scratch—You have to lay out the framework yourself. This involves determining and documenting processes and guidelines for each aspect of your business, including daily operations, marketing, bookkeeping and technology. You have the freedom to control each process, but unless you’ve run a business before, you will not know whether your framework will produce success. This means you’ll have to learn from trial and error.
Branding and Marketing
-Franchise –You are part of a larger, successful brand that’s often recognized by your potential clients. That gives you instant credibility in their eyes, and confidence in your products or services. You will reap the rewards of all the marketing efforts of the franchisor, and you are given detailed information on how to market your specific business by the franchisor.
-From Scratch—Since your business is new, you can expect to work hard to create a name that people will recognize and respect. Unfortunately, this takes time and often considerable marketing effort and costs. You will experiment with different types of marketing such as social media, email campaigns and direct mail to find out what works best.
Resources and Collaboration
-Franchise – You typically have resources and assistance when you need them. You are not out there on your own, but have the support of your franchisor, especially if problems arise. Many franchisors also provide you with access to a greater network of business owners in your profession, with whom you can share ideas and tips.
-From Scratch—You can join associations, if available in your area, and network with others in your profession, but otherwise, you are solely responsible for the success of your business. You will have to find resources when you need them, determine who to turn to for assistance, and how to handle problems when they arise.
About Lincoln Franchise
Lincoln Franchise is a division of Lincoln Abstract & Settlement Services that helps existing title providers, real estate professionals and entrepreneurs open and run their own title companies. Your fully compliant title and closing operation will be backed by Lincoln Abstract & Settlement Services’ national relationships and resources. We’ll crunch the numbers for you with our Financial Performer Tool and give you an estimated monthly gross income figure. To learn more about this opportunity, or to fill out your application, please visit our homepage today!