Patience is a virtue, but when it comes to franchising, it can also be a mistake.
That’s the message I have for some franchise candidates when they are missing the opportunity to launch their own franchise empire but are being too cautious by considering only one unit. While in many circumstances beginning a franchising journey with one franchise absolutely is the smartest bet, many franchise systems are better suited for people to take the plunge as a multi-unit franchisee or area developer.
The current economic boom has seen unemployment rates plummet to levels not seen in decades, but that doesn’t mean those currently unemployed should only focus on finding a new job. Unemployment is scary, but when considering a new life as an entrepreneur, it can also be exciting.
Not sure which path you want to take? You may be right for a franchise.
Here’s why. Continue reading
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.