What is a Franchise Owner?
What is a Franchise Owner? A franchise owner is a business owner who has bought a franchise, an already established business model that is part of a chain (think McDonalds, Subway, or Kentucky Fried Chicken). Each franchise uses the same name, trademark, product, and services.
Buying a franchise establishes a relationship with the successful business (the franchisor), provides on-going brand awareness, and gives the franchise owner a proven system to work with.
The main benefit of becoming a franchise owner is that the business will have an established product or service. In franchising, someone has already done the work of developing and launching a viable business system. Rookie mistakes will likely have already been ironed out.
What does a Franchise Owner do?
What the franchise owner is paying for is an already established business, marketing, and operating strategy. By using the umbrella company’s system and existing presence in the market, there will be a reduction of risk and a quicker return on investment.
As a member of a larger team, when a franchise owner runs a successful business, it helps the entire brand, which in turn benefits all the other franchisees connected to that brand. Someone who has a good experience at a franchise location will remember that when they’re in another city and see the brand’s logo on another franchisee’s location. Effectively, one franchisee’s superb service may gain customers for other franchisees in this way and vice versa.
Speaking of which, Luke Stays Franchise is one of the most accessible franchises to start. Luke Stays franchise is a property franchise specialising in short-term rentals and Serviced Accommodation. Luke Stays achieved a 1400% growth rate in the previous 2 years, with a 5-star guest experience. To be a franchisee of Luke Stays is very efficient to start. Joining a team of experts in property management and short term rentals, you can begin earning with a low cost of buying the franchise. The minimum investment to start Luke Stays is one of the lowest amounts for starting a business globally.
Visit our Franchise page, to know more about our franchise, how to start it quickly, and the earnings on our property franchise.
What’s It Like to Start a Franchise? Easy or Hard?
You start your business with an established and recognisable brand when you buy a franchise. Customers already know the company name and have expectations about what you provide. Your job is to deliver the product or service to customers in the style that the franchisor determines is most likely for success.
The best thing about starting a franchise business is that you will save a lot of time and effort when opening your business. You don’t need to worry about the awareness of your business, building the system, arranging an organisational chart, thinking of what employees do you need and their roles and responsibilities. All you need is the capital required to open the franchise business (each franchise has its minimum amount of investment) and check if you can achieve the franchise’s conditions.
Let’s put a brief example of opening a franchise. You decided to open a Macdonald’s restaurant. Of course, it will sound like a good idea and a 100% profitable investment regarding income. However, starting such a type of franchise requires many to-do’s to be ready. You, as a franchise owner, will have to secure a good location, the minimum space required, the tools and equipment needed for the franchisor, employees, and the list goes on. To a certain extent, it will feel impossible to do it.
Hence, you need to keep in mind that opening a franchise is not as easy as it looks regarding terms and conditions. Most commonly, the requirements that are requested by franchisors are so strict and very difficult to achieve. But gladly, it does not always have to be that way, inflexible and rigid. There are many franchises out there that are easy to start and don’t require all these obligations.
Luke Stays is one of these easy to start franchises, because it was designed to smoothly start, unlike the other franchises.
As A Franchise Owner, You Are The Boss
If you are looking for a way to be your own boss, it will be through franchising. It is true, that we discussed earlier that it is hard to open a franchise, but I also mentioned that there are franchises that can be opened really fast.
To be a franchise owner and your own boss has many benefits, which I will illustrate below.
1. Established Brand Ready-Made To Own
We all know that to make a business successful and to have it as a well-known brand, requires efforts and time that can be uncountable. It can take years to create a well-known brand, and put in mind that it will cost you a lot of money.
Being a franchisee, you will just skip this part of your business journey and save yourself hidden costs, working day and night for years, and the failures you might face building up a business.
You can simply open the franchise, and get into the game with a click. Read more on how to start your franchise business with Luke Stays right from your mobile in just a click.
2. Joining The Network
As a franchise owner, you will promptly join the franchise network, which consists of the business structure that it might take from your years to build. Owning a franchise, you already have this structure ready for you.
I’m talking about a network of franchisees who want to succeed as their own bosses like you. But how can this network help you and your business?
Every one of the franchisees has experienced issues and difficulties in building the franchise to make more profits over time. All failures and mistakes have been shared and already outlined solutions for them.
As a franchise owner, all other franchisees and the franchisor want your success, and you will all make the team to build the franchise because it is a win-win situation. Hence, when you are a franchise owner, all obstacles you might encounter are already solved. You don’t have to worry about coming up with instant solutions or putting more money to fix them, hiring consultants and whatsoever.
3. Guaranteed Income Potential
The good news is that as a franchise owner, you will have a guaranteed income from the franchise. The more you invest, the more your revenue. Unlike owning a local business, it can be a high risk to invest more in it, as not all businesses can be successful. Plenty of businesses we know failed and lost a big amount of money investing in them, which ended up a tragedy.
However, the best part of being a franchise owner is that you don’t have to worry about that. Why? Because as I discussed above, the entire network will help you succeed, even the franchisor.
Another special thing about owning a franchise is that you can always increase your income; it is totally up to you. It is straightforward to do that by:
- Investing in more franchise units
- Increasing the size of your commercial space
- Adding more revenue-producing employees
- Buying more territory
- Increasing marketing spend
Of course, the above points differ from each franchise, but the fact is, the more you contribute, the more you will help yourself by increasing your income.
Luke Stays Franchise, for example, does not require all of that; they just made it so easy and simple to all franchisees that are investing in their franchise. With a low-cost investment, you can be a franchisee promptly and start running your business from your phone. Visit the Franchise page to know more.
4. System Designed To Follow
The good thing here, you don’t need to create a system for your business and reinvent the wheel trying to make an income stream. You simply follow the franchise system, and you’re all good, ready to make your profits. How simple is that!
When you own a franchise, everything you need to start and grow your business is provided. Just add effort. You get:
- Formal training
- Up-to-date technology
- A complete operating manual
- Marketing/advertising plans and templates
Expressed simply, franchisees receive a tested business system to follow, along with business support from headquarters to help you keep your operation up and running at maximum efficiency.
5. Get Into The Game Fast
Honestly, opening a franchise is really quick, and you can start making your profits within your first months. Your snowball will start rolling after your first profits; keep it rolling, and see it getting bigger and stronger.
When you buy a franchise, it just takes a few days after you sign your agreement to make your ball start to roll, and it will just keep rolling and rolling.
When you sign up for your agreement, you will get busy learning about the system’s franchise meanwhile, you will finish your legal documents. Without even feeling about it, you will be in business and ready to open your doors to start making money.
You’re a Franchise Owner!
You can also visit the online booking platform of Luke Stays, and check all the properties of Luke Stays and its franchisees.