I recently placed an NFL player into a fitness franchise. He is in his 20s, but with an NFL player’s average lifespan being about three years, he was already halfway, if not more, through his career. Over his years playing, he made just enough money to do something else with his future. And he chose franchise ownership, not ever anticipating before that a franchise would help with his transition into the next stage of his life. I was fortunate enough to help him move onto the next chapter. My job was to set him on a path to successful business ownership.
When we first met, his main goal was to find something that would accommodate his family. He wanted to take the experience that he learned in the NFL and grow something of his own. I was honored to act as his mentor and to help navigate the process of franchise ownership. We used a very systematic approach to clarify how the next chapter of his life would look. Once we explored a multitude of franchise opportunities, we were able to find the best fit for him to see both satisfaction with his new path and success for his financial future.
Finding the right franchise opportunity is a bit like marriage: you have to have many things in common and similar goals to achieve success. A franchise coach or consultant has to walk a fine line between consulting, coaching, and sometimes even prodding, depending on the day. There are over 3,600 franchise opportunities across twenty different industries, and at times, things can feel a bit overwhelming.
The fast-food industry has encroached on every part of our personal lives, from food courts at malls to fast-food pickup. Although fast food has been a way of life since the 1970s, recent trends have changed over the past several years to introduce more variation and diversity to the industry. Menus are continually updated to cater to underserved demographics and entice a more diverse population. That is leaving many entrepreneurs with options to capture an entirely new and growing demographic.
Mass shutdowns and social distancing significantly impacted many businesses across the nation, and franchises were no exception, although they fared better than the rest. And although the economic impact is still looming as we head into the second quarter of 2021, there are some industries that not only appear to have weathered the storm, they have experienced a surge and appear to be headed into a renaissance for years ahead. The restaurant service industry, specifically the immediate service area, reported a revenue of over $239 billion in 2020, even amidst the pandemic. (more…)
As we move through 2021, many people hope that things will soon return to pre-pandemic normal. Although most of us are patiently looking forward to returning to life as we know it, not all workers are ready to go back to the nine-to-five grind. Things like remote and flexible working, a necessity during COVID, give workers a taste of freedom, which they may not be ready to give up when called back to the office. That has many considering the potential of business ownership.
A business startup’s problem is that it is very risky, especially in the uncertain atmosphere in which we currently live. But a franchise is different. Franchises are not startups; they are take-offs that require a lot less risk and stress. If you are ready to set out on a course to accumulating wealth, franchising can be your golden ticket. But there are three different types of franchise business models - which one is right for you?
Professionals are attracted to franchise ownership because they're tired of trading their time for money. Eventually, there's only so much time and so much money you can charge per hour. Owning a franchise provides the ultimate leverage. If you have a business that can operate without you having to be there all the time, you can leverage your time and leverage your capital.
Frannexus recently placed two NFL players into a franchise that were retiring and franchise ownership was their next chapter. What we realized with professional athletes and professionals anything is that their training had taught them to follow standard operating procedures. They followed a formula for success. That's why franchisors love them. They understand that following a recipe will result in the objective that they're looking for.
As we roll into 2021, hoping that things will return to pre-pandemic normalcy soon, many workers are not ready, nor willing, to go back to the daily grind. That is leaving people looking for other opportunities like small business ownership. But if there is one thing that the past year has taught us, life can be very unpredictable, and with uncertainty comes inherent risk, especially if you are building a company from the ground up. Franchising is an excellent way to reduce your risk while still taking the plunge to work for yourself, but not all by yourself. What do I mean by that? (more…)