Many franchise owners get into the industry because they want to be their own boss—but this doesn’t mean you have to do it completely alone! Lots of franchisees actually go into business with a partner. In fact, many successful SpeedPro Studios are run by collaborative duos.
Whether they’re your spouse, family member or trusted friend, a business partner can help divide the work and maximize your skill sets in a new investment. However, partnership isn’t right for everyone.
Take a closer look at the pros and cons of choosing solo versus partnered franchising and learn what types of business partnerships you might benefit from.
The Pros and Cons of Solo and Partner Franchising
There are benefits and drawbacks to both solo and partner-based franchising. It’s important to consider these carefully when making a decision to invest with someone else.
Pros of going solo:
- Take charge: You’ll have complete control over all decisions, big or small. This allows you to tailor the business to your specific vision and adapt quickly to market changes.
- Reap all rewards: All the profits generated by your hard work go directly back to you. You don’t have to split your earnings with someone else.
- Build your legacy: You’ll get the immense satisfaction of building a successful business entirely on your own terms. This sense of accomplishment can be incredibly rewarding.
Cons of going solo:
- Bigger investment: You’ll need to invest more time and money into your franchise. As a solopreneur, you’ll have to come up with the initial capital yourself. And, be prepared to put in long hours, especially during the initial launch stages.
- Wear every hat: The responsibility for every aspect of the business will fall on your shoulders. From sales and marketing to finance and operations, you’ll need to be a jack of all trades.
- Limited expertise: While you can develop your skills over time, there might be areas where your knowledge is limited. This could lead to inefficiencies or require hiring additional help sooner.
Pros of partnering:
- Double the power: A partner lets you divide the workload and responsibilities. This can help you have a better work-life balance and focus your attention on key areas. You and your partner might bring different skill sets to the company, giving you complementary power in the business.
- Double the capital: Sharing the financial burden can ease the challenge of making an initial investment and free up capital for further growth.
- Built-in support system: Having a partner by your side provides constant motivation, accountability and someone to bounce ideas off of.
Cons of partnering:
- Finding common ground: Business partnerships are like personal relationships. Compromise and open communication are key. You’ll need to discuss goals, work styles and decision-making processes upfront to avoid future conflicts.
- Sharing the pie: Profits are split between partners. While still financially rewarding, it’s important to have a clear understanding of profit-sharing beforehand.
To determine whether solo or partnered franchising is best, think about why you want to open a franchise and why you are interested in partnering. Do you need additional funds to invest? Are you interested in sharing the workload? These answers can guide you to both the right path and person to partner with.
Who Could Be Your Ideal Franchise Partner?
If you decide that partnering is the right choice for your investment, the next step is determining the right partner! The key to a successful franchise partnership lies in finding someone who complements your strengths and weaknesses. Consider what skills you bring to the business, compared to which skills you might lack. An ideal partner will help close those skills gaps.
For example, maybe you’re a “sales superstar” with a proven track record in sales and marketing. You thrive on building relationships, negotiating deals and driving customer acquisition. Your ideal partner might be the “creative catalyst”—an ideas person who can turn your leads into clients by finding creative solutions for their large-format print projects.
SpeedPro owners in Marietta, Georgia, Littie Brown and Karen Brown (no relation) knew their friendship and differing skillsets would work together well as co-founders of their business. Check out their video profile by clicking below.
It’s also critical to partner with someone you trust and with whom you work well. Many spouses are SpeedPro Studio owners for this reason—they can translate their personal relationship and trust into success on the business front.
Your business partner doesn’t have to be a family member or friend, though. If you have a business mentor, colleague or professional contact with similar interests, work ethics and goals, a partnership could lead to mutual success!
SpeedPro Helps You Co-Pilot
Ultimately, the best choice depends on your strengths, goals and risk tolerance. If you do decide to partner, it’s a good idea to draw up a partnership agreement ahead of time, so everyone understands their obligations to the business.
Whether you choose to open a franchise business as a solopreneur or with a trusted co-pilot, you are never really alone. The SpeedPro network—including our franchise support teams and fellow Studios nationwide—are always here to offer support!
Alone or with a team, are you ready to explore the exciting world of SpeedPro franchising? Contact us today to learn more about our large-format print franchise opportunity.