When considering a franchise in the Business Service sector, you may be surprised at the vast options and the benefits that come with this industry.
In general, business service franchises are a win-win situation for the franchisee, the franchisor, and the clients that they both serve. For the franchisee the main benefits of owning a franchise are brand recognition and a proven way of doing business that not only attracts customers, but also retrains them. Having a successful, proven method for growing a franchise helps ensure the franchisor’s brand remains strong. One of the more profitable types of franchise you can choose is rendering a service. In this type of franchise, you don’t have to worry about manufacturing and marketing a product, but rather focus on the service you provide for the customers using the methods provided by the franchisor.
The relationship between a franchisee and a franchisor is a strategic partnership backed by a solid business plan and quality services. It is through this partnership that a successful franchise grows. Brand recognition combined with a proven business model can provide a lucrative, rewarding opportunity for the right person, who can supplement hard work and determination with the resources and support required of successful business services franchises.
Business Service franchises, also commonly referred to as B2B (business-to-business), are focused on selling products and services from one company to another. When looking at the big picture, the transaction of a product or service could be between a manufacturer and a wholesaler, a wholesaler and a retailer, or in many cases when dealing with business services, the transaction is between an industry-expert and business owner.
Now to dig deeper; many business service franchises are indeed selling a service rather than a product. Interestingly enough, even though a product offers something tangible to show the customer during a sales pitch or presentation, there are many advantages to owning a service business over one that sells products. Once you are invested as a franchisee, you can hone your marketing results by understanding the advantages of services over products.
Benefits of Business Service Franchising
The main benefit to the franchisee and the client, in focusing on a specific servicing niche, is the increase of productivity experienced. If you discover a franchise that serves businesses in a specific area that you enjoy and have experience in, there will be no need to waste energy and resources on other needs that can be provided by another company. Therefore, you can stay on target by providing the best specialized service in that market available. This enables higher productivity not only for your company overall, but for each of your clients as well.
In attaining clients, businesses can usually provide a free sample of its service offerings at a low cost, thus giving the customer an accurate representation of said service. For example, a bookkeeping service can show a customer how it would handle the receipts for a small project to show its qualifications and give the customer an accurate representation of the bookkeeping company’s abilities. These small perks not only impress potential clients, but also make them more inclined to choose your business over another that does not prove its credibility.
Another benefit to owning a business that offers a service versus a product, is that while a product is a tangible item that cannot always be easily altered, services are can be customized to accommodate the needs of almost any customer. For example, an IT support company can offer various levels of support based on the client’s needs and add certified technicians for operating systems and other software as needed, or an accounting service can take care of balance sheets for one business, but add payroll for another. Unlike selling products with which you are limited by certain features, being able to add services to your offering as customers indicate a demand is key. Standing out from your competitors by being dynamic in your offering is what will set you apart, so keep an eye out for these little differences when choosing a business service franchise.
Lastly, an extra boost for service franchisees that are part of specific business servicing company is that they are more likely to be up-to-date with new trends and technologies since they are focusing only in one particular arena. Not before long, your clients will rely on you as their “trusted expert” to keep them currently updated.
Types of Business Service Franchising
When considering a Business Service Franchise you may be surprised to the options available. Common types of business service franchises on the market include areas such as Accounting, Tax Services, and Payroll. Financial service franchises, also known as cost reduction franchises, are also popular businesses that cater to individuals, small businesses, or large corporations.
Another hot spot on the market involves businesses visiting businesses to update and troubleshoot their information technology products and software. Seeing as many businesses are busy focusing on their particular product and service offerings, they often don’t have the time to ensure that their computer systems are working properly, or to troubleshoot problems as they arise.
Sales and Marketing are major areas for business service franchises, as it’s very likely for small businesses to seek out assistance from industry experts. Since a business owners’ focus is on the general operations of the company, many don’t have time to invest in properly marketing themselves. At the same time this important service can be the life or death or a company; it can assist in growing their customer base and thereby increases their profits. Without proper marketing, the business may go unnoticed in today’s ever-growing market.
Many small businesses are looking for innovative ways to reach their customers, and these answers can be found in hiring a service franchise to do the work for them. Marketing providers aim to simplify the life of busy business professionals by saving them time and money with the resources that tend to their marketing needs. Working alongside business owners, these service providers help to exponentially increase effectiveness of their marketing campaigns. Franchised business services in this sector specialize in everything from store signs and direct mail campaigns, to television and radio commercials, as well as social media, website maintenance, and guerilla marketing.
Business Services in coaching is also common. This type of franchisee focuses on helping other business owners increase the value of their businesses by identifying business weaknesses, educating them on business solutions, and holding them accountable to implement appropriate strategies through periodic coaching sessions.
Other traditional franchises that can fill recurring business needs include shipping and supply companies, commercial cleaning and janitorial services, mobile repair services, and employee staffing. Considered as the largest sector in business services franchising in the United States, staffing services come in three types: temporary help services, professional employer organizations, and placement agencies.
More miscellaneous service franchises range from ATM rental services to cooking oil filtration. So, if it’s a B2B brand you’re considering, the key is to find something that interests you and that can be of service to a business. Chances are that if you can think it up, there’s a market for it.
How to Find a Business Service Franchise
Before deciding on a specific business service franchise, first discover where your expertise and passions lie. Next, decide if you would prefer to be a franchisee that goes to visit clients on-site, or would rather have clients come to seek your services in a specific location. Also determine if you would like to coach clients in a specific area of their business or if you have a preference for providing a returning service.
Once you determine the type of business service franchise you prefer, research the best available matches for your criteria. Investigate possibilities through the Internet, on sites such as Franchising USA Magazine, or the International Franchise Association. You can also enlist the services of a broker, or ask other franchisees in the industry. A crucial part to your success is performing due diligence, and asking others about their experience with a franchise is some of the most valuable information available to you- utilize these options.
Overall, your objective should be to provide the most solid streamlined service to your customers in order to assist them with their business needs, the end result should be success for all.
-Jessica Spoto