3 Things to Look For in a Successful Online Franchise
There are a million-and-one ways to make money online. So if you’re someone who is jumping online to strike it rich, your first decision is to choose the structure of your business. One way is to choose a successful online franchise.
Although the “Myth of 95” – the old wives’ tale that 95% of businesses fail within the first 5 years – has been thoroughly debunked by the Small Business Administration, it is true that traditional business people following a traditional plan do not face the greatest odds of success. Why?
Starting a business from scratch entails a mastery of skills that have little to do with the original passion that started you on the path to entrepreneurialism in the first place.
For instance, if you want to open a hamburger brand because you love to cook, you have to be an accountant, bookkeeper, HR manager, IT security expert and marketing guru just to keep the doors open.
When you are running around trying to play every role it will hinder movement in your business. That is why investing in a successful franchise will create more opportunity and financial growth.
Since you are learning about how to make money online, let me share some advantages of franchises and some key things to look for.
The Advantage of the Franchise
MOST NEW BUSINESS DO NOT FAIL BECAUSE OF A LACK OF PASSION.
The statistically quantifiable answer is that businesses fail because they are underfunded, but there is a deeper reason than this.
Most business owners drastically underestimate the amount of money that they will have to spend on the boring parts of the business. These “boring parts” are expenses that comprise anywhere from 90 to 95% of the monies that a business needs in order to survive.
Keeping with our example of the hamburger stand: Opening a brand from scratch means that you will likely be underfunded when it comes to marketing. The market for burgers is saturated with well known brands, and the money that you will have to spend in order to create a new brand is not specified anywhere. If your first marketing efforts do not work, then you just lose that money. And the fun part is… there is no guarantee that any strategy that you employ will ever work.
The franchise model works more effectively because all of the costs are set in stone – the costs that you incur from your passion and the costs that come from the administration of business.
If you join a McDonald’s franchise today, you can be sure that your expenses will have hard line items that you can count on.
The numbers may scare you at first, but when you compare them to the unknown numbers of a new business, they suddenly become much less frightening.
The Quantifiable Cost of the Franchise
With a franchise, the cost of marketing, branding, operations and administration are all laid out for you. A ll of these processes have been worked out by the brand well ahead of time, and the process can be duplicated in any location.
In short, the trial and error that you would have to pay for has already been done.
Many people see the upfront cost of joining a franchise as an unnecessary expense that will somehow go away if a business person takes on his or her own brand. The truth is that these costs are not considered for a new brand because they are not quantified.
The mistake that many business people make is to overlook these costs just because they have not been created as a line item.
Just because the line items have been detailed by a franchise does not make them expensive; in most cases, they are less expensive than the hidden cost that you would incur if you go into business on your own!
What does this mean?
As soon as you can cover the costs that McDonalds franchise is showing you, you can open up shop under one of the most successful banners the world has ever seen. If this doesn’t give you at least a bit of security as a business person, then you might as well go back to working a job (which is the least secure action you can take, by the way)!
The Advantages of the Online Franchise
Many people don’t realize that when it comes to making money online, that the “franchise model” of business will also give you the most security and the biggest chance of financial success.
When you give yourself the freedom of an online franchise, you open yourself up to a world of opportunity with an almost endless space for advancement. Unlike brick and mortar stores, no competitor can force you out of the market by putting you in a bad physical location or buying up all of the ad space in the good part of town.
The online market is also the only space in which an upstart brand can legitimately compete with an established international organization at eye level. Ad buys are incredibly cheap, niche audiences are easily accessible, and you have the ability to create viral content that can take your brand into the stratosphere without any money spent beyond the initial production costs.
Combine this with the advantage of starting with a known quantity, and there is no better option than the online franchise for a quick and cost effective entry into the world of business.
There are three major steps in choosing a successful online franchise. Let’s take a look at each step in depth, one at a time.
1.Online Franchise with a Successful Track Record
The first step in choosing a successful online franchise is picking a business with a successful track record (like Digital Altitude.)
Your job within a franchise is to first maintain a brand, not build it from the ground up. This legwork should already be done for you; this is what your entry fees are paying for!
The best way to find success is through personal referral from someone who is already making money from a system. However, should you click on an ad some day and find something that feel legitimate – do your homework.
TALK TO ANYONE YOU CAN WHO IS IN THE BUSINESS.
Find out what their daily routine is and how much money they are spending every month on advertising. If they have a live meeting, webinars or daily calls – get on them and ask questions.
Keep in mind that there are no guarantees of success, and many companies will drastically over promise and under deliver. However, if someone you know is already making money with it… finding success is easy: just do what they do!
2. Online Franchise with Structure and Training
Once you find an online franchise that has a track record you can believe in, you should then look for a company that has a robust training program like Digital Altitude.
Part of investing in a franchise is to learn the specific processes that create success in a business, not abstract ideas about how to run a company.
When you take on the inevitable operational hiccups in business, is there a structure in place that can not only answer your questions, but actually bring support if it is needed? Many people believe that “support” in terms of business is some kind of abstract term, but this is useless within a franchise.
In a profitable franchise, people will have faced the exact situations you are going to face, and they should be able to tell you exactly what to do step by step.
3. Online Franchise with Support and Mentorship
A successful franchise will have support for the business structure, but it should also have individual support and mentorship.
Learning the process is one thing – learning how to leverage your individual talents within a structure to increase your ability to create profit is entirely another. A great franchise will have both opportunities readily available for you.
To find the best success you need to learn how to scale your business as it grows, and you will need guidance in order to do this.
Good franchises succeed because of a network of successful individuals who are not afraid to share what they are doing. These are the best systems to join, and there are plenty of them available through the family at Digital Altitude.
The main key is to find and partner with an existing, proven system to leverage your success, where all the hard work has already been done for you. With this in place, you get a turnkey business ready to generate profits.
Digital Altitude and Your Digital Franchise
There are many online franchises to choose from, and a new business owner who needs to vet all of them may find the process overwhelming. Digital Altitude provides the structure that will help you to get starting and running successfully.
This is the reason why I developed Digital Altitude. To give you a proven system that you can leverage and create the freedom and life you deserve.
Plus it is one of the few online businesses that provides all of the perks and benefits of the offline franchise world:
- Proven products
- Tested web pages that convert
- Million dollar advertising copy
- Automated sales system
- Fully-trained sales staff that will get on the phone and close sales FOR you.
IT’S ENGINEERED SO THAT YOU NEVER HAVE TO TALK TO ANOTHER PERSON IF YOU DON’T WANT TO.
Just follow the training, advertising and marketing steps to get visitors to your site (that Digital Altitude provides for you) and the system does the rest. Make sure to call your coach for even more support.
Your Next Move
Begin by narrowing down the potential franchises that interest you based on your passion. The more precise your idea of where you want to go, the more that Digital Altitude resources will aid you in your direction.
Once you have chosen your passion, you can look more deeply into the research that Digital Altitude has cultivated for you. Use this article as a guide to narrow down your selection until you have chosen a short list of two or three models that feel like they will work for you.
Take notes on the process of each business – is this something that you can do every day, at least until you have the money to hire a full time staff to do it on your behalf?
Take a meeting with a mentor to help determine your final choice.
Consider your budget, the infrastructure of the franchise and the individual mentorship that is in place for you to use on day one.
Or, you can skip all the research and legwork and just follow the same system that thousands of others have used to break free from their jobs by investing in Digital Altitude.