Franchises are today’s hottest entrepreneurial opportunity — provided you know what you’re doing.
Let’s say you are seriously looking into buying a franchise. Where do you start? This is not an easy question since there are more than 3,100 franchise concepts to choose from. Most people, regardless of how intelligent or experienced they may be in other businesses, don’t have a clue about how to investigate franchise opportunities, or begin with a host of misconceptions and incorrect assumptions.
I invest most of my professional time coaching and educating people on how to become savvy franchise investors. I’ve come across some common ways of thinking that are just plain wrong.
Idea #1 — Buying a Franchise is like Buying a Job
Some people are looking for a single unit location to open and manage. There are some great opportunities here, and even if someone “buys themselves a job” through a single-unit franchise, unlike a job, they can build equity and assets while earning income.
Although you may choose to work in your business, a growing franchise is far more lucrative and secure than a traditional job. Second, franchising offers a variety of options that fit the skill set, financial goals and objectives of any level of investor.
Area development, multi-unit and master franchising are all vehicles to build significant wealth through growing large and/or multiple markets in unique ways. Many offer semi-absentee ownership, and planning so the candidate can keep his or her job while building the business for a transition in the future.
Idea #2 — It’s Too Expensive
It’s unfortunate how many would-be entrepreneurs simply don’t take a serious look at an opportunity because of this myth. Franchises are more affordable than most people think and there are many funding options available. You may be surprised to find out that over 30 percent of the 3,100 franchise opportunities in the U.S. today have an all-in start-up cost of under $100,00, and 70 percent have a franchise fee of under $30,000. Professional help is available to explore funding options at no charge to you.
Idea #3 — “Do What You Love and the Money Will Follow” (insert fairy dust here)
This has to be the most misunderstood idea in business today. Many people try to monetize their hobby or interest, or try to find a franchise in an area close to their heart and end up a complete misfit. Why is that? Yes, we want a product that is reliable and useful and popular, but you do not have to love the product. You do have to know it is a great product, its better if you love solving the problems your customer has with your product/service. The bottom line is that you do have to love the idea of being in business for yourself, being an owner, and being in charge. You’ll want to bring your passion for building something of value, customer service and commerce to the enterprise and success will follow.
The trick is to take your skills and competencies and find an opportunity they will easily transfer into. Time after time, we have found that no one is limited to their previous line of work, experience or hobbies.
So, separate the idea of the business and what the business does or sells. Separate the role of you, the owner, and the purpose of the product. This way, you will measure your fit to the role of the owner and have a world of opportunities open to you.
Along with your search for concepts based on interest, an experienced advisor can enlighten you and educate you on the vast possibilities you really do fit into.The top concepts where you can add value, generate income and build real wealth. After all, a business is simply a vehicle to get you somewhere – where is it you’d like to go?
“Green Acres is the place to be
Farm living is the life for me
Land spreading out so far and wide
Keep Manhattan – just give me that countryside
No, New York is where I’d rather stay
I get allergic smelling hay
I just adore a penthouse view
Darling, I love you but give me Park Avenue”
Who remembers this classic 70’’s sitcom? In it we see a classic struggle…. Wanting MONEY vs. wanting FREEDOM & QUALITY of LIFE!
So many of us exchange our life for money and the security it brings – or we feel it brings.
True security isnt about money, its about having a way to generate money. Quality of life may not be fresh air and the countryside for you, it may be all about living our lives the way we choose. Having control of your days back.
That’s where business ownership comes in. Make no mistake about it, owning a business today is not “buying a job”.
Franchising today offers technology, well-supported systems, training and structures so that, in many situations, you can have a lucrative business & have a life.
Franchise models like “executive franchise ownership”, “multi-unit development” and “master franchising” offer variety and freedom, and are some of the more attractive models for senior execs, enterpreneurs and folks who are looking to really grow an enterprise.
Theres the opportunity to build equity in something you will sell someday & earn good income all the while. There are solutions to problems of insecure job futures, trading time for money and wanting to invest in something that will grow and scale with time.
If you have ever wondered about how a business may help get you to your economic and quality of life goals, there has never been a better time to investigate the dynamic, diverse world of franchising.
Oh, and if you are feeling nostalgic, listen to this… https://www.youtube.com/watch?v=umS3XM3xAPk
Mariel can be reached at 877 220 -4214 or at firstname.lastname@example.org
Consider Self – Employment
In the last few years, startup activity has risen, reversing a five-year downward trend, according to the 2015 Kauffman Index.
The rate of new entrepreneurs in the United States has increased about 10 percent, to the tune of nearly 6.3 million new business owners a year.
Going into business for yourself is life-changing, involving many choices along the way. Setting yourself up for success requires careful planning and research.
A hasty decision can result in serious negative consequences, including customer dissatisfaction, damaged reputation, lost income and revenue, or worse.
One of the first considerations facing potential business owners is the type of business ownership model to adopt. Typical options include starting a business from scratch, buying an existing business, or buying a franchise.
Starting from scratch
If you’re considering starting a business, you’re probably wanting answers to questions like what inspiration do you need to start and run a business. But you also need to consider that when you start a business from scratch, you’re responsible for every aspect of the business, including:
- Selecting the goods or services to be offered
- Finding the location
- Hiring, managing, and firing employees
- Building a customer base and reputation
Taking over an existing business
Buying an existing business is a less risky option, as some elements of the business will already be established. It offers:
- An established customer base
- A history of income and revenue
- Some degree of name recognition.
Potential problems with this model include determining how much to buy the business for and, like buying a used car, you may be inheriting problems you’re unaware of.
Navigating the franchise model
With the franchise ownership model, a franchisor licenses the rights to a business name, operating procedure, designs, and business expertise to a franchisee.
Benefits include an established template for success, brand recognition, shared marketing, corporate training, and support. The two main types of franchise models include:
- With product or trade name franchising, the dealer (or franchisee) uses the trade name, trademark, and/or product from the supplier or manufacturer. Used extensively in the auto and truck, soft drink, and gasoline service station industries, this model consists primarily of the distribution by a single supplier of manufactured products to dealers who in turn resell to an end consumer.
Curious? Call Mariel, The Franchise Advisor. Coaching and education are free to the curious or committed and we promise that your search for a great business will be easy, transparent and fun! 732 298 0900 www.TheFranchiseAdvisor.com
If you were granted three wishes, let me guess what they may include…1. something about more money, 2. something about more free time and wonderful experiences and 3. Something, most likely , about perfect health.
Life’s 3 most prized possessions do not work without each other – You may have all the money you need, but could not enjoy life’s experiences without health. Or, you may be perfectly healthy but have no free time and your money is tied up paying bills. So, you see, we all strive for a way to achieve this “Perfect Life TriFecta”…
Enter business ownership, and in particular, the best idea ever invented: Semi-Absentee Franchise Business Ownership!
This is our specialty, a business that requires less of you, enjoys strong ROI, and produces real equity and wealth. There are dozens of fantastic opportunities out there if you know where to look. Concepts with very satisfied franchisees, talented and committed franchisor leadership, and products/services in demand.
To find out all you don’t know about franchising, contact The Franchise Advisor for free coaching, education and direction.
Take a look, it’s fun, it’s free, and could possibly be your wish come true!
My kids would ask every so often, while driving through a very affluent neighborhood…”What does that guy do for a lliving?” I always reply the same, “He probably owns his own business!” It’s true, business ownership is the way to real wealth and increasing your net worth. But its few and far between to find businesses making it from a home-grown idea. In todays competitive enviornment, people want a trusted name, a recognized brand and an experience they can count on.
Enter Franchising: offering consumers dependable products and services while offering investors systems and processes that are so fleshed out, new businesses ramp quickly and break even with speed!
To find out all you don’t know about franchise business ownership, contact The Franchise Advisor at 877-220-4214 or visitwww.TheFranchiseAdvisor.com. Our coaching and education is fun and free to curious potential-entreprenuers. Get your free “1st Time Franchise Buyers Guide” on the site.
- Did you know that franchise businesses generate $2.3 trillion in sales in the U.S. each year?
- Or that 41 cents of every retail dollar is spent at a franchise operation? (Especially impressive when you consider that fewer than five percent of all small businesses are franchised.)
- Or that there are more than 3,100 franchise concepts in the U.S., spanning 70 industries? and
- That a new franchise opens every 8 minutes of each business day…
There’s really no need to go out on your own and create a business from scratch, which is a very risky move considering the failure rates of start-up businesses. Luckily, through franchising, you can become a successful self-sufficient business person with all of the systems and processes worked out for you. You get to play to your strengths in the right one!
“Franchising is the champion of small business expansion worldwide,” says Steve Olson, publisher of Franchise Update Media Group. “Studies have shown that franchised businesses enjoy a success rate up to three times greater than independent businesses, because franchising provides greater business advantages, such as training and support, group purchasing power, advertising clout, and brand strength.”