The annual International Franchise Association (IFA) Convention recently concluded in Phoenix, Arizona. The city, the venue and the attendees were different than they were in years past, but the outlook for the franchising world remains the same.
It’s going to be another very good year.
As a franchise consultant, I get this question regularly from candidates trying to decide if they should explore entrepreneurship through franchising or try opening an independent business. Traditionally, franchises have been considered safer bets than startups because franchise businesses offer unmatched levels of support along with proven business models of success.
However, do a search of success rates for franchise business vs. independent startups and you’ll get a wide range of answers, none of which can be considered conclusive. However, a recent study posted on entrepreneur.com revealing why small businesses generally fail confirms what I’ve believed all along:
Take a good look at your life right now. Odds are, it’s going to look very different in a decade. Change will come for everyone, but preparing for change is what separates those who create the life they want and those who exist in whatever life creates for them.
Which person will you be?
Beauty is booming and more than ever, the franchise industry is catching on with terrific new concepts. The Health & Wellness category annually generates $60 billion in revenue, offers many concepts in the low-cost service industry and generates lots of repeat business.
Visit enough franchise consultant websites and you’ll see plenty of language explaining that our services are free. No risk, no obligation…just pick up the phone!
That’s true, but that doesn’t mean that candidates don’t make an investment when working with a franchise consultant. It just means that investment isn’t a financial one.
How do you know you’re ready to be your own boss?
The message isn’t going to come from your friends. It’s not going to come from a spouse, a parent or a sibling. It’s not going to come from a co-worker, a motivational speaker, or a business consultant.
The only person that will know is you. You just need to listen to your own thoughts.
Jim was excited to join “Money Matters with Matt” again last week to breakdown the ever-popular semi-absentee franchising model and how people can win working on their business without spending too much time in their business. Running time is under 11 minutes.
Think fast: If you called a franchise company you were interested in pursuing, would you know what questions to ask a franchisor?
If you’re like most people, you came up with two answers.
You know who you are.
You’ve been in your current job for long enough and no longer see a future you want. You spend your evenings thinking about how you need a change. You’ve become way too comfortable hitting the snooze button over and over in the mornings rather than getting up to face another day of work. You’ve dreamed of being your own boss, of breaking free from the chains of traditional employment and having a go as a small business owner, but…
You’ve done nothing about it.
A regular line franchise consultants like myself throw out when discussing franchising is that “it’s not just flipping burgers.” Obviously, that’s a reference to the reigning king of the franchise, McDonald’s, because it’s most often what comes to candidates’ minds when talking about a franchise. Major brands like that have certainly played a significant role in turning the franchise industry into the powerhouse that it is today, but they aren’t doing it alone.