The side hustle has gained in popularity these days as more people try to augment their main source of income. Lots of people are choosing to walk dogs, use their cars as taxis or sell crafts through the online marketplace for a little extra cash to go with what they earn in their day jobs.
These are certainly great ways to make some extra money, but for those looking to turn a side hustle into a business empire, opening the right franchise business might be the best way to go. Not only because several franchise models can fill the same amount of time that you might spend as a freelance writer or graphic designer, but because it can quickly grow into your main source of income freeing you up to live the life you’ve always wanted.
Want to get in better shape in 2019? There should be some great deals on gym memberships in January. Just want to lose some weight? Definitely wait until you’re past the holiday season to get cracking on that one.
These and most other resolutions are just fine being put on hold until we get closer to the new year. However, if you’re thinking that 2019 is the right time for you to start your new life as a franchise owner, the time to get cracking is right now.
Sometimes, you just need to turn the page.
Writing a second chapter of your professional life is no longer the exception, it’s the norm. In fact, the Bureau of Labor Statistics reports that the average baby boomer will hold 11.7 jobs from age 18 to age 48. For many people, that’s only Chapter One.
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.
Forbes Coaches Council Is an Invitation-Only Community for Leading Business and Career Coaches[Raleigh, NC (February 1)] — Jim Judy, one of the country’s leading experts in franchise businesses, has been accepted into the Forbes Coaches Council, an invitation-only community for leading business and career coaches.
Jim Judy joins other Forbes Coaches Council members, who are hand-selected, to become part of a curated network of successful peers and get access to a variety of exclusive benefits and resources, including the opportunity to submit thought leadership articles and short tips on industry-related topics for publishing on Forbes.com. Continue reading
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.