Thinking Beyond Income: How Franchising Can Enrich Your Life in Unexpected Ways

When most people consider franchising, they focus on two main benefits: greater control over their professional lives and the opportunity to build wealth.?

And while it's true that franchising can provide more freedom to pursue fulfilling work, more control over your schedule, and the chance to directly reap the rewards of your efforts, did you know that franchise wealth-building goes far beyond the income you can earn??

In fact, there are at least five different types of wealth you can build through franchising.

Income: The Most Obvious Wealth Builder

Let's start with the most apparent form of franchise wealth: earned income. As a franchise owner, your income potential is in your hands. The more effort you put in and the more you grow your business, the more you can pay yourself. Unlike a traditional job, there are no salary caps, commission limits, or someone else determining your worth.

While we recommend reinvesting some profits back into your business, you have the freedom to take 100% of your profits as personal income if you choose. You can use this money to upgrade your lifestyle, save for retirement, give back to your community, or invest outside your business for additional wealth streams. One important part we always recommend is to consult a business accountant who can help you make the best plan for your money to go the farthest, The key takeaway? The money goes to your bottom line, not an employer's.

Real Estate: A Hidden Gem for Brick-and-Mortar Franchisees

If you're planning to open a brick-and-mortar franchise in an area with reasonably-priced commercial real estate, consider buying your building instead of leasing. This is especially lucrative for multi-unit franchise owners and area developers.

While purchasing property does require more startup capital, it can provide your business with greater stability by eliminating worries about rent hikes forcing you to relocate. Owned real estate can also serve as collateral for business loans, make your franchise more appealing to potential buyers, or provide a substantial lump sum if you decide to cash out for retirement.

Generational Wealth: Leaving a Lasting Legacy

For many of our candidates, franchising isn't just about personal gain; it's about doing what's best for their families. If leaving a legacy is important to you, building generational wealth through franchising is perhaps the most significant type of wealth you can create.

Generational wealth comes in various forms. There's the obvious cash inheritance you can set aside for your heirs from your franchise income. But franchising can also indirectly support generational wealth.?

For instance, you could use your franchise profits to pay for your children's education, purchase their first home, or invest in their startup business - all ways to give them a head start on building their own wealth. Finally, the franchise itself can become a generational asset if you pass it down or transfer ownership to your child.

Connections: The Wealth of a Supportive Network

When you invest in a franchise, you also gain access to a network of fellow franchisees. In the best franchise systems, these connections serve as a form of wealth. Their mentorship, advice, and support can accelerate your path to profitability, enhance your business acumen, and improve your overall quality of life.

Plus, once you establish these relationships, they're yours to keep - even if you retire or exit franchising. These connections can become valuable assets that enrich your life and any future business endeavors you pursue.

Experience: The Wealth of Personal Growth

Running your own business is a unique experience. Even if you've managed a nonprofit or corporate division, franchising will expose you to new ways of thinking, new responsibilities, and new opportunities. As your business grows, so will you. You'll gain valuable lessons that will increase your competence as an entrepreneur.

This is why we consider experience a form of wealth. As it makes you a better business owner, it enhances your ability to build other types of wealth, such as income. It can also help you grow as a person by developing your patience, confidence, and integrity. And qualities like those are among the most precious forms of wealth you can acquire.

Start Building Your Franchise Wealth Today!

So, if you're considering franchising primarily for the income potential, remember that the wealth-building opportunities extend far beyond your bank account.?

From real estate and generational assets to valuable connections and personal growth, franchising can enrich your life in ways you may have never imagined!

Ready To Explore Franchising? Let’s Talk!

Mack and Sharon Strange are on a mission as Franchise Consultants to help others go from “Start” to “Success” when it comes to franchise ownership.

If you’re curious about exploring franchising as a career pivot, investment vehicle or lucrative side hustle, let’s talk!

Frequently asked questions (FAQs)

Q: How do I book a call?

A: You can book a free, no obligation call with Mack here and/or a free call with Sharon here.

Q: How much do your services cost??

A: As Franchise Consultants, there’s no fee for our services. We’re compensated by franchisors only if and when you decide to move forward with (and are approved for) franchise ownership.

Q: What do you do??

A: ?Our role is to serve as a trusted guide and educational resource.

Q: Where can I learn more??

A: You can learn more about our story and how YOU can follow in our footsteps via the Franchise Together Podcast.

We look forward to connecting with you soon!