Most people think that they can only dream of becoming their own boss, starting a small business, and the prospects of growing and expanding. The reality is that the only way to accumulate wealth and secure a financial future is to become a business owner. Once you decide to leap into business ownership, that is just the first step. Next, you have to consider what types of industries, business model types, and opportunities are available to you.
You can choose a new business startup, or you can opt for buying a franchise. Both come with their advantages and disadvantages. The key is to minimize risk while maximizing the potential for success and profitability. So which one is right for you?
Unlike small "mom-and-pop" startups, a franchise is a business method that helps to expand an existing business by providing goods and services through a licensing relationship.
Franchisors grant a license to a third party to conduct business under their trademark and trade name, and typically, they also offer things like operating systems help, support, branding, and other perks that make it easy to get the business up and to go and to help sustain its success for those who buy-in.
In terms of relationships in franchising, there are two types: business format and traditional or product distribution. A business format franchising method is where the franchisor offers the franchisee their trade name, services, and products and usually has an entire system to help operate a successful business.
The franchisor also offers things like site and real estate selection, operating manuals, brand standards, training, development support, marketing and business support, and quality control measures to help get the business up and running and make it sustainable and profitable for the future.
The franchisor hands over the "keys to the kingdom" of success. Currently, there are over 120 industries that use business format franchising to take their product or service to market, including automotive, education, logging, commercial and residential services, retail food, senior care, medical services, restaurants, and real estate.
A traditional or product distribution format typically has higher sales than a business format. The focus on product distribution is not directly related to doing business but rather on the products supplied or manufactured to the franchisee via the franchisor. The products usually need pre-and post-sale service, as in the automotive industry.
When it comes to wealth accumulation, the only way to truly get ahead of the curve and stop spending your time helping someone else's fortune grow is by becoming a business owner. A new business startup is a risky proposition. When you consider that, on average, 20% of all new businesses don't make it to their second anniversary and that 45% of them won't make it to the five-year mark, opening a startup business can appear very challenging. Also, when you consider that about 65% of companies won't make it to ten years, the decision to be a business owner can be fraught with fear and trepidation.
The most successful franchise owners recognize that they may have to get their hands dirty and get to work until things pay off. If you understand that the fruits of your labor will take time to grow and ripen on the vine before being picked, you are m
Franchises differ, however, primarily because although they are technically a "new business," there is nothing new about them. A franchise is built on a proven business model that also comes with the perks of brand recognition and brand loyalty. Franchises have less risk compared to new business startups, which also means that the average person is more likely to be able to secure financial resources for a franchise as opposed to presenting a new business model to a lender or investor.
There is also no required learning curve. When starting up a new business, you often have to be very well-versed in the industry and have the experience and expertise to guide the company while also working in it. Franchises do not require that you have any experience at all in the given industry you choose. You are handed all the knowledge you need before you even begin the process, which means that you can switch gears from your previous career and hit the ground running with a high likelihood of success.
For a new business startup, you can't wholly switch paths and start a new venture without becoming an expert. With a franchise, however, all the knowledge you need to run it successfully is given to you; all you have to do is follow the guide as outlined. You are almost guaranteed success without having any real hands-on training or education. It is an excellent way to find something you love to do without all the work of getting up to speed or attending extensive educational training.
Often, when you begin a new business venture, you do so on your own, and it becomes an issue of making it or breaking it. A new business model, idea, or concept does not come with the guidance of those who have come before; it is a constant road of trial, error, and hard work. However, when you buy a franchise, you're buying the help and support of those who have already been there and done that. That means that you aren't reinventing the wheel; you are just picking up the playbook and putting it into motion.
Real estate advice, construction plans, employee training, marketing, promotional tools, systems, and operations are already at your fingertips. That increases the probability that you will be successful; it reduces the risk that you won't. Buying a franchise also means that you can start making money from day one because you will be ready to go from when you say you're open. And people will be anticipating your new business because they already know who you are. They can depend on consistency and reliability. They recognize your product or service from the outset.
Growth scalability is also a huge advantage of becoming a franchise owner. Multi-unit franchisees are a great way to continue building your wealth without restricting how much you can fit into one brick and mortar location or how many employees your location needs. When you own a franchise with high scalability, your potential for growth, expansion and profit margins are exponential and ever-widening. With a highly scalable franchise, the sky's the limit.
With a scalable franchise, you also have very few expenses, including employee salaries, because most of the payroll is based on performance commission, which lowers your risk as a business owner. Unlike traditional business models where you have to pay people on a salaried or hourly basis, you only have to pay people who have already contributed directly to your profit margin with a scalable franchise. Being a business owner is further enhanced by knowing that you have less skin in the game, and you're increasing your potential for earnings with every new team member you take on.
If you are ready to become a franchise owner and enjoy the benefits, the next step is to explore the available opportunities. If you head to the internet to see what is open, you will quickly be overwhelmed by the hundreds of thousands of choices. Although franchises have a higher likelihood of success than traditional startup businesses, that does not mean that they are all right for everyone or that everyone will be successful with every franchise. The Three Ds is the most crucial step to finding the right franchise for a satisfying and lucrative new venture.
One of the best parts of buying a franchise is knowing what the future will probably look like. Franchises have to file a franchise disclosure document, which the Federal Trade Commission requires. This document is generated annually to explain in detail the terms for owning a specific franchise. It is critical to go through the FDD with a fine-toothed comb - or even better, to hire someone who understands the legalese and what it all means.
You will want to pay close attention to things like startup costs and ongoing expenses and weigh them against the potential revenue that the business can generate. Also, consider how much support the franchisor will supply to you both initially and then as you grow. Things like employee training and operating systems help will be critical in getting things up and running quickly and working efficiently and effectively from the start. Finally, consider talking with both former and current franchise owners to get a feel for the daily operations and the real "boots on the ground" experience.
Next, think about other factors outside of the franchise itself. Consider personal factors like your personality style and what you would like to do versus what you don't want. You also have to take stock of how involved your family will be and how much support they are going to provide.
Make a list of priorities, like what types of industries you think would provide personal satisfaction and improve your work/life balance. Ask the hard questions: do you want to work with customers and be the face of the company, or would you rather be behind the scenes? If you are going to buy a franchise, it will take a lot of your time and energy at the start to get it up and to run. How much time are you willing to sacrifice, and what can you live with and can't you if you have to?
One of the keys to being a successful business owner is learning how to delegate, whether in a traditional startup or a franchise. If you focus your energies on what you do best and let those who are well-versed handle the rest, you won't be spreading yourself too thin, making decisions without having all the information you need, or going outside your range of expertise. The first business decision you will face is finding the right franchise to buy, then taking all the proper steps to minimize risk and maximize wealth accumulation and work/life satisfaction.
There is no need to dive headlong into figuring out the ins and outs of franchising opportunities, the legalities behind them, or sorting through the many steps you have to take and consider when there are franchise experts like Frannexus there to help. We have been through the process hundreds, if not thousands, of times and dealt with people from all walks of life who have different life circumstances, resources, and ideas about what their goals are going forward. The worst thing you can do is try to go it alone, especially when you don't have to!
When it comes to securing your financial future and building wealth, not just for the here and now but for generations to come, business ownership is truly one of the only ways to get ahead. Franchising is one of the least risky and most rewarding ways to find satisfaction in what you do while reaping all the benefits of freedom and security that come with being your boss.
At Frannexus, we have all the tools and resources you need to make the most well-informed decision about which franchise has the highest likelihood for success and which one will be rewarding, scalable, and provide you with the rate of return you seek. The statistics are clear: a franchise has a higher likelihood of success than a traditional business startup. There is also a potential opportunity for anyone looking to secure their financial situation. Contact us today to get the process started, and let's find the perfect fit for your new and lucrative future!
Currently, economic conditions are ripe for people to change paths and follow new pursuits. Over the past few years, we all learned that the status quo might not be what we all want to maintain. Many who were allowed to work remotely, gain more schedule flexibility, or enjoy more independence are unwilling to give it up and return to the old daily grind.
That has many considering the prospect of becoming a small business owner. According to the latest statistics, small businesses currently dominate 99.9% of all companies operating in the US, and they employ over 47% of employees around the nation. Some major shifts will affect small business owners and their bottom line. When choosing which business will find the most success, there are many things to consider.
Although recent events certainly altered the face of small business survival, the latest figures do not veer very much from what they were in 2019. Currently, 67.6% of all new startup businesses have survived the two-year mark; when stretched out to five years, the percentage dropped to 48.9%, and only 33.5% of small companies celebrated their tenth anniversary. However, studies show that nearly 90% of all new franchises succeed. The statistics differ depending on the type of franchise and its industry.
Launching a new business startup from the ground up is a much riskier proposition because it has never been done before. Unlike a franchise with a playbook for success, new small businesses come with a ton of trial and error - and often, more error than they can handle. The key to being successful as a small business owner is weighing factors such as personal strengths and weaknesses and external factors and economic conditions. For some, franchising is an excellent way to accumulate wealth, but only if they thoroughly investigate the many things that will make a business successful or lead to its downfall.
Most intuitively think that being a franchise owner is only for trailblazers looking to do something dynamic. Franchise ownership is something that people consider appropriate for type-A and classic entrepreneur-type individuals, and they are shocked to find out that it might be the opposite. In franchising, success is typically found in the slow and steady, more even-keeled type of personality that is not looking to buck the system or be super-innovative. Caution is not counterintuitive to franchise ownership success. These eight personality traits tend to go hand-in-hand with successful franchise ownership.
Running a successful franchise is not about working harder; it's more about working smarter. A franchise might be for you if you understand that acting does not necessarily mean meeting goals. Setting attainable and quantitative benchmark goals is the best road to successful franchise ownership. It requires someone who can continually pivot to find out what is working and what is not and then make the necessary alterations to get back on track.
The most successful franchise owners recognize that they may have to get their hands dirty and get to work until things pay off. If you understand that the fruits of your labor will take time to grow and ripen on the vine before being picked, you are more likely to find success.
You not only have a high sense of energy and enthusiasm; you recognize that it is your job to breathe that energy into those around you. You have a strong work ethic and expect it from those who work alongside you. People who can rally the troops are more likely to make big things happen.
There is no half-empty in franchise ownership success. It takes a person who can find solutions and see opportunities where others see roadblocks. If you love a challenge, then franchise ownership might be for you. There is no room for wasting time rehashing what went wrong; you have to be able to put it behind you and move on!
It is essential to know that you have fantastic communication skills as a business owner. Still, you have to take it one step further to see that customers and employees and their satisfaction are the keys to success. Business owners who seek to build relationships with those who work for them and those they work for will always enjoy more success.
Becoming a business owner will always come with inherent risk, whether it is a startup or a franchise. Franchise owners who score lower on the scale of "risk-taker" and are more the "cautious" type tend to enjoy more success. Mitigating risk is critical to achieving the greatest amount of success. Taking chances is different than assuming risk, and knowing the difference has a huge impact.
For a successful franchise owner, failure is never an option. As an optimist, you don't just push through those things that keep others down; you take it to a whole new level of seeing opportunities and seizing them. No matter what gets thrown at you, the franchise owner who throws it right back and forges ahead with excitement will find the greatest amount of success.
Successful business owners don't lose their cool. One of the most critical personality traits for success is looking at a situation that might be incredibly anxiety-provoking and breaking it down calmly into something manageable. You can't operate in a state of panic, and in a crisis, the leader who will survive is the one who knows how to find the path out and force everyone into a single-file line.
Going it alone versus opening a franchise both come with advantages and disadvantages. But franchises tend to enjoy three significant pros, whereas new startups have cons.
In many cases, for a new business startup, the pathway to success rests in expertise and industry knowledge. For franchises, that isn't the case. Franchise owners rarely need to know much about the industry they're buying into. That means that there isn't a learning curve that you have to go through for success. You can start down an entirely new path by buying a franchise with no experience necessary.
That is appealing to people who want to hit the ground running with a new business proposition outside of their wheelhouse, and it's a massive plus for those who are not enjoying satisfaction in their current careers. Often we get stuck in careers that we aren't thrilled with purely because switching gears would take too much time and energy. Those hurdles are eliminated when you buy into a franchise.
All business startups come with an inherent amount of risk, but a franchise's risks of failure are significantly lower than going it alone. Most lenders are reluctant to extend credit to new business owners precisely because of the risk involved. Franchises, however, do not have the same risks. When you buy into a franchise, you aren't starting from scratch, building a business model that may or may not work, and crossing your fingers.
Franchises come with a playbook for success, and if you stick to the plan and execute it exactly as outlined, there is minimal risk involved. Your risk is even further reduced when you consider that branding, advertising, and marketing, which are the crux of a new business startup and what occupies the first several years to decades, are already done. You already have a customer base anticipating your goods or services when you open your doors!
When you become a franchise owner, you are the master of your own fate. By choosing the right franchise, you enjoy more freedom and get to decide when and where you want to work. And you can enjoy a much more outstanding work/life balance; since support and training are generally supplied, all you have to do is follow the steps. Unlike a new business venture, you are in business for yourself, but that doesn't mean that you are going it alone. There are a ton of safety nets to take advantage of, which means that while you are the boss, it is challenging to fail if you follow the guide!
Now that you see all the advantages of franchise owners, here comes the hard part: figuring out which one to invest in. In 2020 alone, there were over 750,000 franchise opportunities to choose from - and counting! That is a staggering number to consider. While most people think the first best step is to hit the internet, looking within is the best place to begin.
Different franchises are going to speak differently to various personality styles. It is essential to take a good hard look inside and see what motivates you and makes you tick. Most people want to become business owners to enjoy increased work satisfaction, and that can't happen until you understand what you want and what makes you feel fulfilled and happy. Ask yourself questions such as:
The more things you can challenge yourself about, the better outline you will have to find the opportunity that will be successful and suit your needs and help you find the work/life balance and satisfaction that you are currently missing.
The best way to get a realistic picture of the 'boots on the ground' operation is to do two things: go to a franchise and observe the daily operations and speak to both current and former owners to get a gauge about what they liked and what they did not. Most owners will be happy to meet with you and share their experiences. By talking with them, you can quickly see whether the franchise is something that tends to excite them and what their overall take on it is.
When it comes to deciding to become a franchise owner, why go it alone when you don't have to? Sifting through the vast sea of opportunities can be overwhelming and take time. At Frannexus, we have the industry knowledge to help you narrow your search efficiently to focus on the most challenging part: the fine details.
We help with every part of franchise ownership, from deciding which will best suit your needs to finding financing. There is no denying that the process can be complex, but we take the guesswork out of it and help you make the best-informed decision with the most optimal chances for success!
As we head into a recovery period, some things might begin to return to normal while others never will. One issue that many workers around the nation are struggling with is returning to the daily grind. Now that we have gotten a taste of freedom from the workplace, we're not rushing back to the status quo.
If you want to be your boss, switch paths, do something different, and start accumulating wealth for yourself instead of someone else, then a franchise is an excellent solution! At Frannexus, our mission is to find the right franchise opportunity to suit your personality and goals and start you down the road to a more lucrative and financially secure future. Contact us today to get the process started!
Things are seemingly returning to some sense of normalcy. Although the future and impending economy continue to be uncertain, it does appear that things are normalizing as people return to the business at hand. One movement that is hard to ignore exists in the labor force.
The shutdowns and social distancing protocols changed many people's perspectives and outlooks on life, including attitudes about working to accumulate wealth for companies and employers. Many reject the notion that they should trade most of their time to earn a paycheck and consider other options, such as becoming a business owner through franchising.
For those ready to take a leap of faith and start on a new venture, the question is whether they want to take one additional risk and try their hand with an emerging franchise or if going down the path of buying an established brand is better. If you are ready to begin accumulating wealth for yourself and branch out on your own, which one is for you?
When most people think about being a franchise owner, they think of a well-established brand, a mega-brand like McDonald's or Dunkin' Donuts, but thinking of only the most prominent brands can price them out of the market. Although it might be a common thought that buying into a well-established franchise reduces the risk of failure, that is not the case.
It is foreseeable that the old status quo of businesses might not adjust to people's new trends, thoughts, and desires as life pivots in the post-pandemic atmosphere. Many new and exciting franchise opportunities are finding their market share as we head deep into 2022 and beyond. They may offer just as much - if not more - in the potential for growth, satisfaction, and sustainability than established brands.
Both established and emerging franchises have pros and cons; the key is to find the less risky options while balancing sustainability and satisfaction. One significant advantage to buying an established franchise is consumer awareness. Although all franchises offer a proven business model, established ones have a history, leading to higher performance predictability.
On the other hand, established brands also have the potential for outdated business models that have lost their luster and come with market saturation and consumer fatigue. Also, they often command a higher buy-in investment, which can outprice most investors.
The pros and cons of an emerging franchise are also varied. On the one hand, they typically come with an upward trend and the opportunity for rapid growth due to their excitement and "newness," which sometimes leads to a high degree of adaptability that you can't get with an established brand. Emerging franchises tend to have more "wiggle room" to adjust for consumer trend changes, which does not necessarily mean that the business model isn't strong or set in stone.
It simply means that there is less tendency by consumers to hold fast to what they already know. The major drawback with an emerging franchise is often there are more responsibilities placed on the individual franchise units to extend the ever-growing brand awareness.
So which is for you - an emerging franchise or a traditional one? Before you decide, here are some of our emerging brands to look into.
In a post-pandemic era, people have become increasingly aware of their health status and how important it is. The DRIPBar is a franchise targeting cellular health and overall quality of life and well-being. The type of cocktail offered at the DRIPBar combines cellular scientific nuances targeted to help people live healthier and more vibrant lives.
Their niche market is not restricted to people dealing with chronic illness; it is for anyone who wants to increase their overall health. The DRIPBar offers vitamins and supplements via IV therapy, administered by professionals. Also, it is a semi-absentee franchise model, which allows business owners to pursue multiple streams of income and continue working in their current field or capacity.
The franchise fees are within range for the average investor. $55,000, with royalty fees of 7% and a startup cost of anywhere from $131 - $278k. To become an investor, you need liquid capital of $125k, a net worth of $300k, and a credit score over 700.
In the aftermath of the isolation and lack of social support that many individuals felt during the pandemic, many are still dealing with residual feelings of depression, anxiety, and other mental health issues. Telehealth was one industry that took on a life of its own during COVID, offering many convenience and accessibility that they did not have before.
Ellie Mental Health Services is one such telehealth forum. It is one of the fastest-growing mental health companies around the nation. It also offers in-person services, community service outreach, and psychiatric medication management to corner all mental health needs.
The cash requirement to buy in is about $100k, with a minimum franchise fee of $60k. It is an absentee to semi-absentee franchise business model, allowing owners to have a hands-off approach and pursue other career paths. It also offers high support, including real estate procurement, financial aid, site build, marketing, recruitment, and training. Once established, they have brand development guidelines and shared service intake teams, so there is a lot of hand-holding to provide all the assistance you need for startup and success.
According to statistics, by the year 2050, more than 27 million seniors will require health and living assistance, putting a heavy burden on many families who are left to care for them. CarePatrol is a franchise dedicated to providing better options than what's currently available in the market, using technology and software for better placement and more informed choices.
CarePatrol attempts to be the answer to assisted living placement concerns, independent living needs, nursing home choice confusion, and memory care for a growing number of seniors who are increasingly in need of help to overcome the hurdles of dementia and other memory issues.
It touts itself as a business with a purpose that requires a very low investment buy-in at $100k, a culture of compassion and empathy, a high degree of training and support, the benefit of quickly becoming the industry leader, and far greater earning potential than competitors. It is also an option for a flexibility-seeking audience as a home-based business model.
As we return to similar conditions as a pre-pandemic world, the past three years have left their mark in many ways. One such perspective that has globally changed is attitudes about work/life balance. Those looking to stop the daily grind, enjoy more freedom and family time, and stop working to line the pockets of companies and business owners and instead start lining their own are looking for franchise opportunities.
But is an emerging or well-established franchise right for you? With many pros and cons to consider, having a trusted professional like Frannexus in your corner can get you on the road to a successful and lucrative future filled with satisfaction and personal growth. Contact us today to get started!
I would highly recommend Seth to anyone looking to explore the universe of franchise options. - Jay Weitzman, Franchise Owner
Let Frannexus Be Your Guide!
If you are considering investing in a franchise, don’t take the chance of choosing the wrong one and not achieving your goals. Learn from the experience of others in the franchise field, like a franchise coach, to have the greatest likelihood not just of succeeding but exceeding what you think is possible. At Frannexus, we have the expertise, knowledge, and experience to help you achieve your financial and personal goals. The right match is waiting for you, and Frannexus is the matchmaker to find your franchise soulmate.
When Tracy Toomer-Couvson was laid off from her position as VP of Operations for the largest fitness franchisee in the United States in 2020, she decided enough was enough. Tracy previously made four successful corporate moves, but her career success came at a cost. With elderly parents at home, Tracy could choose to make another corporate move and disrupt the family again or do something different. She chose the latter and has felt blessed every day since.
Tracy’s priorities include being present as a daughter, girlfriend, sister, friend, and most of all being present for herself. She began thinking about business ownership as a way to feel valued and appreciated while controlling her own time. In November of 2020, Tracy became the owner of CarePatrol Collin County Central. CarePatrol is the nation's largest and most trusted senior living placement organization, with over 150 Certified Senior Advisors throughout the country. It was founded to take the stress out of finding the best and safest senior care choices for families and their loved ones.
Tracy admits that owning a business is not all sunshine and roses, especially when you have a pandemic to contend with but feels so much appreciation for the life she's creating for herself and her loved ones through the meaningful work she's doing as a CarePatrol owner. "It's about finding ways to do what I love in service to others. I love supporting families while they are going through an emotional crisis and helping them make some of the biggest decisions in their lives. Being able to answer questions like, where will their loved one be cared for and treated with the utmost respect and dignity they deserve? That's what I am blessed to do every day".
Tracy worked with Seth Lederman, Franchise Advisor and Frannexus CEO, to determine the right business opportunity.
"The greatest value Seth and the Frannexus team offered throughout the process was in providing answers and insights around the important considerations like which financial business model is right for me. Should I look at a brick-and-mortar or an at-home business? How much and when will I break even? All of the answers to these great questions helped determine that franchising was right for me at this time in my life."
- Tracy Toomer-Couvson, Owner of CarePatrol Collin County Central
At the end of the day, Tracy feels good about her decision to invest in a franchise. "I absolutely love this business, and I know I am in the right place, at the right time to be of service to a population that truly needs it! Here's to 2022!!"
#1 Do your research! "The first piece of advice I would offer is that you can never do enough research."
#2 Talk to Franchisees. "Make sure you speak with Franchisees that have left recently. Why did they leave? How much were they earning by the end of their contract with the franchisor?"
#3 Dive into the Franchisor/Franchisee relationship. "It is like a marriage. Ask if they're happy with the franchisor and how their experience is different from what they expected?"
#4 Find out what positions are essential to hire. "If it is a business where you can work from home, ask other franchisees what positions were critical at the opening to the success of the business? Should you budget for an assistant?"
COVID hit just two short years ago, turning lives upside down. It forced us to reevaluate what we took for granted and what we thought we wanted out of life. Things like work/life balance and happiness were not at the forefront of many individuals' minds two years ago. Today, however, attitudes have changed, and many are looking at their lives and realizing that there are more important things than working a nine-to-five job.
According to Microsoft, at the beginning of 2020, 40% of workers were considering switching gears in their career to do something else, and since then, 4.4 million people have quit their jobs. Employees are looking to have it all. They want a career that provides them more freedom and a lifestyle that favors life more than work. Franchising is very attractive for those who desire freedom, flexibility, and wealth accumulation. Forecasters predict that the new post-pandemic mentality toward employment might lead to the biggest franchising boom in history.
Like most cliches in life, the midlife crisis, and its accompanying career crisis, have a basis in reality. Research has shown that the midpoint of most people’s lives is a period of dissatisfaction and re-evaluation, particularly in terms of their careers. In fact, satisfaction with life often resembles a U—with the first third of life starting high, dipping to a low point during midlife, and then rising again as people approach retirement. But why?
Remote and flexible working options during the pandemic have made many employees around the country think about the potential of starting down a new path. Franchise ownership is just one opportunity that has many excited about the prospect of accumulating wealth and enjoying more work/life balance. But how do you know what type of franchise matches your goals, strengths, and weaknesses?
If there is one big takeaway from the pandemic, it is this: life is too short. As people around the globe are returning to some semblance of normalcy and enjoying their freedom again, many are not excited about returning to the same daily grind. With our post-pandemic perspective, many are realizing that life is what you make it.
Millions of workers are considering the prospect of making their employment more lucrative and finding a more fulfilling work/life balance. According to the Labor Department, a record four million-plus workers left their current position in April of this year to pursue another path.
Typically, throughout history, a large number of people ditching their 9-to-5 occupations signals a robust economy. But thanks to the pandemic, that is not the case. The pandemic has resulted in the worst recession in US history and millions of people out of jobs - but employers around the nation are complaining about labor shortage and how they can't fill many positions.
As 2021 rages on, many who found themselves having to get creative with working restrictions due to the pandemic are anxious to return to life as we knew it. But not all are excited about going back to the daily grind. That has workers around the nation considering the potential of becoming a business owner. Business ownership is a risky proposition. Luckily, opportunities like franchise ownership can help reduce the risk of going at it alone. However, with every new opportunity comes inherent risk. If you are ready to start down the path to franchise ownership, these are the best ways to mitigate your risk.(more…)
When you work to earn a wage, what you are doing is putting hard work in for someone else to succeed. Although you get paid for what you do, the one who is benefiting from your hard labor is the people who you work for. The average person works more than 8.5 hours a day, which is more time than they spend sleeping, spending time with family, and enjoying hobbies.
According to statistics, 54 percent of workers in the United States find satisfaction with their work, which means that nearly 50 percent are unsatisfied. And the reason that most people feel unfulfilled is that they don’t feel as if they have much potential for growth in their position or to advance in their current field. When you earn a wage, you have very little control over what you are paid or how quickly you move up in an organization.
One positive came from COVID: the new perspective we have about work/home life and trying to achieve a better balance. If you want to stop trading your time to build someone else’s wealth and want to be your own boss, franchising might be your best option.
As with any new venture, there are inherent risks. If you wonder whether buying a franchise is worth it, these are some of the benefits and downsides of franchise ownership. Only you know if it is right for you.(more…)
Starting any business comes with inherent risks, but buying a franchise is less of a risky proposition than starting from scratch with a new concept or idea. When you buy a franchise, you buy into a proven business model where the marketing and branding are done, making it possible to start realizing profits earlier on than starting a business from scratch. The type of franchise you buy dramatically impacts your success and profitability. If you are ready to invest in a franchise, pay heed to these top four mistakes and avoid disaster.