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.
I recently wrote about the booming fitness boutique franchise model that gives franchisees the freedom of operating a semi-absentee business while enjoying high profit margins. These businesses are a win-win for their owners, but recently one in particular has been outstanding.
One of the largest premium networks of boutique fitness studios in the world is boasting some staggering growth numbers this year. Already, in 2017, they are prepared to open more than 400 locations in 30 states. Their executive model is perfectly suited for owners interested in owning multiple units, while their investment return has averaged a whopping 47 percent EBITDA margins.
The International Franchise Association 2017 Convention is opening in just a few weeks, meaning their annual forecast giving franchising businesses their predictions for the year ahead is about to be released. Normally, I’d wait for their report to spread the good news, but, in 2017, there’s no need for delay.
It’s going to be a good year to be in franchising.
The franchising industry is on a hot streak, having seen growth of more than 2.5 percent for five years in a row, 20 percent higher than for all business. 2017 may be the best year yet.