FRANCHISING COULD BE YOUR NEXT CAREER

For entrepreneurs, business owners and professionals, franchising can be a simpler way to own your own business.

Have you been asking yourself if it’s time to get into business ownership for yourself? Perhaps you’ve reached the conclusion that at this point in your professional life, you’re tired of working for others and are ready to launch your own business.

You might even own your own franchise already but are looking to grow your portfolio.

Have you considered owning a franchise for your next career?

Franchising can be a lucrative career move for professionals who want to own their own business. Some of the top reasons people decide to invest in franchised businesses are:

·      It’s time to stop making money for your boss; it’s your turn to enjoy the profits!

·      You feel that “now’s the time to do my own thing” but you’re not sure what that “thing” should be.

·      You have the passion for business, but lack a new product or service to bring to market.

·      There’s no need to start from scratch or come up with a fresh idea; you buy into an existing, proven system.

·      Conversely, you have a passion for a particular type of company, product or service but are not sure how to get started or desire the support, marketing and branding that a franchise provides.

With over 4000 different franchises available today, there are certainly many ways for you to enter the world of business ownership through franchising. First, you want to decide to investigate franchising. Second, avoid 3000 of those brands! Yes many will not survive or are not good for the franchisee. That still leaves 1000 or so excellent opportunities.

Today’s franchisees have a wide range of business models to choose from in a broad array of industries. Each type of franchise also offers a different type of lifestyle and income potential for the owner. You can choose from working independently from home to building a multi-unit business empire and everything in between. Depending on what appeals to you, chances are, you’ll find a franchise business that makes sense for you.

There are many considerations: What income level do you need? How much of an investment can you make? What hours do you want to work? Do you want to be in food service, retail, B2B, or home services? I help you figure that all out.

Getting started on the road to franchise ownership

While the thought is brewing about getting into business for yourself—whether as an independent startup or in a franchise system—there are some facts to consider and key questions to ask yourself before you dive into the research or contract a certified franchise consultant to help you navigate the franchise maze.

1.    Franchising has grown into a $2.3 trillion franchise industry. The International Franchise Association and the IFA Educational Foundation state that:

o  Seventy percent of new employer firms survive only two years, 50 percent at least five years, 33 percent at least 10 years, and 25 percent stay in business 15 years or more. (Source: US Small Business Administration)

o  Bureau of Labor Statistics data show that 49 percent of establishments survive five years or more; 34 percent survive 10 years or more; and 26 percent survive 15 years or more.

o  More than 90 percent of franchisees renew their agreements at the end of their contracts. On an annualized basis, approximately 5-6 percent of the franchisees that come up for renewal are terminated (not renewed), and approximately 2-3 percent are transferred to another owner for a variety of reasons, including personal matters.

2.  Other studies back up the high failure rate among startups, although figures shift along the spectrum a bit.

o  According to an article in FastCompany, which cites a study done at Harvard Business School, 75 percent of venture-backed startups fail.

o  In a study by Statistic Brain, Startup Business Failure Rate by Industry, the failure rate of all US companies after five years was over 50 percent, and over 70 percent after 10 years. 

Do you have the stomach for those statistics?

Here’s another question: Did you also know that franchises experience the opposite scenario? More than 80 percent of new franchises will still be around in five years. So, if you’re strongly considering opening a business, looking at franchises could be the way to go for you. With a franchise, you step into a business model with proven success, invest in a system, support and training to get you started … and help you meet your goals as your business matures. It’s largely a matter of determining if a) franchising is right for you and b) finding the right franchise fit.

Want to learn more about the franchise market and opportunities? Do you need help determining if franchising is right for you? As a franchise owner, franchise broker and consultant, I help business owners and professionals become franchisees. Learn more about franchise ownership with a free digital download of my book on my website: https://goo.gl/rM3bHe

If you’re ready to dig a little deeper, take my free business builder assessment at https://www.zoracle.net/assessment/welcome/lakeportfranchisegroup.

Have questions about becoming a potential franchisee? Contact me at [email protected] or (918) 992-6300.