Ford Motor Company founder Henry Ford once said, “The whole secret of a successful life is to find out what is one’s destiny to do, and then do it.” Ford’s own destiny was one that would have a profound impact for generations to come. He brought cars to businesses and families, and in doing so made the world a little more accessible for everyone.
What does it mean to be 50 in America—this monumental age where we’re no longer young but not yet old? For some, it means an empty nest (and not coincidentally a raft of tuition bills from the universities hosting our fledglings). For others, it means saying No More Excuses and starting the novel, taking the trip, or making the key career move that’s been a growing dream for years. And other feel it means reaching new heights on the corporate ladder.
You have decided to follow your dream and own your own business. You opted to buy a franchise concept. Now you have to decide if it is going to be your full-time job or your gig on the side. You know the gig economy is in full swing today with more than a third of Americans working within it.
There are many ways to fund a franchise. Using cash is the easiest and most straightforward option, but if you have no other liquidity, that is a bad move. Burdening yourself with an unneeded or incorrectly structured loan can also wreak havoc on your business plan.
Embarking down the path of franchise ownership will change your life. It can also be daunting. With over 4,000 franchise concepts available and 759,236 franchise locations out there, how can you go about choosing the one that fits your personality, wants, business style, and support requirements?
You hear about franchising every day. Chances are, you spend money in franchised businesses every day as well. Just how big is the franchising way of doing business in 2016 America? In terms of sheer numbers—jobs, revenues, dollars in the economy, people employed—it’s massive.