FRANCHISING AIN’T…
Today’s economy has many people looking for new ways to increase their income. Some are seeking a new course while others are looking to supplement their current income. Others are looking to build a legacy for their family. Franchising is one strategy that can help. However, there are several misconceptions surrounding franchising that keep buyers from seriously considering an investment in a franchise. Information is knowledge and knowledge is power. If you want the power to change the course of your life, here is the information you need.
FRANCHISING AIN’T JUST FAST FOOD
Many people considering a franchise believe these opportunities are all in the quick service restaurant (QSR) space. We all know about McDonald’s and Subway as famous franchise brands. And there are many good QSR concepts in the food and beverage industry. But franchising is more than just fast food. In fact, food and beverage is less than one-third of all franchises. Franchising also offers opportunities in automotive care and repair, income tax services, health and wellness services, beauty and personal care businesses, landscaping services, real estate and property management services and so much more. Did you know you could sell and service electric wheelchairs and motorized scooters as a franchised business? How about assisted stretch, gallery and paint classes, or appliance repair? You can even own a business that makes miniature statues of your customers. There are more than 4,000 franchised concepts out there. So where do you start?
FRANCHISING AIN’T FINANCIALLY OUT OF REACH
I hear time and again, “I don’t have the money needed to buy a franchise.” In reality, none of us keep enough money in our checking account to start a business. So where do you turn? Turn to a professional that knows how to help you leverage funds you have in other places. Home equity, investment portfolios and retirement funds can be leveraged in many ways with minimal risk and partnered with lending programs that are designed to put you in business. Again, it’s about resources and knowing where to turn.
FRANCHISING AIN’T COMPLICATED
While there are hundreds of franchised concepts out there, they are mostly structured the same way. There are common threads woven into the fabric of franchising that make most of these business opportunities similar enough to compare and contrast them and allow you to make an informed decision. The fact of the matter is, franchising makes business ownership easier by providing a blueprint to follow. Franchises help with business structure, financing, real estate (when applicable), marketing and direction on how to operate the business. If you have the desire, franchisors have the plan, and together you can change the course of your life.
At the end of the day, it’s about resources. Resources like an experienced franchise consultant or broker can walk you through the identification of brands that best fit your circumstances, educate you on how to review and research companies and point you toward other resources like legal council and funding sources to help you achieve your entrepreneurial dreams. Consultations are free. The results can be priceless.
There are more than 4,000 franchised concepts out there. So where do you start?