As a professional franchise consultant and franchise owner celebrating 16 years in family business, I can confidently say that being part of a franchise system is not only rewarding personally and professionally, it's a lot of fun! I recently sat down with Kate Taylor of Entrepreneur Magazine to talk about my franchising journey. In my interview, I'm Not a Risk Seeker – But I Am an Entrepreneur, we discuss the ups and downs and, yes, the fun in franchising.
Certainly the focus for would-be entrepreneurs exploring franchising is profitability, however we thought it would be fascinating to uncover some fun facts about franchising.
Forbes Magazine and the Franchise Business Review recently rated the Top Franchises according to the franchisees. Scrolling down the list, only one food related franchise made it in the top 40! Service and B2B are creating inroads toward that pursuit of happiness. Letting go of the old stereotypes is one of the most surprisingly refreshing concepts for potential business owners.
Finding the right fit for a franchise business can be overwhelming with the wealth of information (and misinformation) gleaned from our friends at Google, but it doesn’t have to be. Most are surprised to learn that the product or service that they love may not be the business they would love to own. Taking the time to carefully assess your skills and matching them with the skills required by the franchise owner will greatly increase the chances for success. No calorie counting required.
Franchise models are based on a foundation of collaboration. When one franchise succeeds, the entire brand is bolstered. Teamwork and collective intelligence become a way of life. My fellow franchisees are not only my most trusted colleagues and incredible sources of information; they are some of my best friends. We often say that in franchising, you are in business FOR yourself, not BY yourself.
Uncovering sources of capital can seem daunting, but there is more assistance available than ever before. Associations such as the SBA and IFA welcome the opportunity to share their resources. Funding experts in the field of franchising are more well versed than ever before and can sit down with prospective buyers to review all the options available, typically at little or no cost to the buyer.
FranNet consultants conduct open seminars and webinars across the globe and we all agree that the one common theme among professionals looking to own their own business is the desire for one thing— freedom. For some, that means the freedom to control their own schedule, for others it means the freedom to make the decisions that drive strategic growth. Whatever comes to mind when we think of freedom, it probably feels pretty darn good.
Whether the vision for your professional growth includes more flexibility, financial rewards or time with family, a close look into the freedom offered through franchise business ownership is a worthwhile, satisfying and fun adventure. It certainly has been for my family and me.
Have a question about finding a franchise that is not only profitable but fun for you to own? Feel free to email me at firstname.lastname@example.org.
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