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?
Once you get past any anxieties about franchise investment, it’s time to do an honest self-assessment about whether you’re suited to business ownership. What do you need to succeed? There are multiple options for franchisees to choose from, but a basic set of qualities that franchisors look for in a candidate.
At its core, a franchise is simply a way of doing business—a method that works for providing a service or delivering goods to a consumer.
Topics: Franchise
When you decide to move forward in entrepreneurship, you’re going to find yourself overwhelmed with choices. There are nearly 3,000 different franchise opportunities in the US today and more than 740,000 unique franchise establishments. There is truly no segment of our economy franchising doesn’t touch.
With so many options, it can seem impossible to winnow the massive pool down to just a few prospects. But with research, you can find a franchise opportunity right for you!
A franchise consultant can help make this process manageable, but you can start by looking at these five main qualities that are the hallmarks of top franchising companies and promising investments when you are looking to own your own franchise.
Topics: becoming a franchisee
I’ll let you in on a little secret—and one of the biggest mistakes people make when they first consider franchising: They don’t distinguish between what they’re interested in and what they’re good at. Sounds obvious, but making a simple mental shift from “I like” to “I’m good at” can make a world of difference.
You see, when you invest in a franchise, you don't necessarily need to know the new industry on a professional level, though it helps if it's something of interest to you. On the other hand, just because you like an activity or subject area—like crafting, for example—doesn’t necessarily mean a related franchise (like a pottery painting shop) represents the right business model for you.
A good franchise consultant is like a matchmaker, getting the right people together with the right concepts. It’s someone who works with franchisors and franchisees day in and day out who has a unique perspective on the kinds of investments and partnerships that work well—and on those that don’t.
