Pete had been working for the same company for 15 years. Unexpectedly, his company offered him a voluntary payout for years served and a prorated bonus to retire early. Pete felt like this was a pretty good deal and that he should take it. So, now Pete is “retired”. The first few weeks, he enjoyed his freedom. After a bit of travel, a home renovation project, and a few dozen rounds of golf, he was ready to start looking for work again. He was discouraged by the prospect of getting another corporate job and risk the exact same thing happening to him.
Pete was right to be discouraged. He had given a majority of this adulthood to a single company who did not have his best interest in mind. So, he decided to do something completely different. He decided to take his skills, interests, and severance package and invest in a childcare franchise with his wife. Together, they are building a business that they can pass onto their children or sell one day. Either way, they are now in control of what happens.
Sound good? Read on to learn if franchise ownership could be the key to controlling your destiny too!
What is a franchise?
A franchise, in its simplest definition, is a business opportunity that allows the franchisee (possibly you) to start a business by legally using someone else’s (the franchisor’s) expertise, ideas, and processes. You can ask yourself a few questions to assess whether a franchise will be a good fit for you. First, Do you want to start a business? No? No need to read on! Yes? Great, do you know your local market? Knowing the needs of your local area is very important to your success. Next, do you have or can you borrow the money to invest? It will cost money to get up and going. And last, would you like to be in business FOR yourself, but not BY yourself? This is an important question because franchises need to match each other, so you if you are feeling the creative kick to be completely different, a franchise might not be the direction to go. If you are still with me, let’s talk about the reasons buying a franchise makes sense.
Seven Reasons Buying a Franchise Makes Sense
Proven Track Record
A good franchise company has developed a method of doing business that produces results. They will also provide you with required disclosures so you can investigate and verify the results with existing franchisees.
Brand Identity
One of the biggest advantages of franchising is that the company is building a brand that should have value in the eyes of customers you’re trying to attract.
Training
A good franchise company has training programs designed to bring you up to speed on the most successful methods to run the business. They should also have reference materials to assist you in dealing with whatever comes up while you’re running your business.
Operational Support
Franchise companies have staff dedicated to providing ongoing assistance to franchisees. You’re not alone when you’re building and running your business, and you can always call on experienced people when you hit a rough spot or want to share new ideas for growing the business.
Marketing
The franchise company has marketing assistance to provide you with proven tools and strategies for attracting and retaining customers. Usually, the staff helps you develop the actual marketing plans and budgets for your grand opening as well as your ongoing efforts to market your business effectively.
Vendor Network
A good franchise can take advantage of the buying power of the entire system to negotiate prices for everything you need at significantly lower levels than you could achieve as an independent operator. This applies not only to initial furniture and equipment purchases but also to the supplies, inventory, uniforms and everything else you’ll need on an ongoing basis.
Site Location and Buildout
Franchise companies can provide a wonderful benefit in helping you design the layout of the business and select the right contractors to do your build-out, as well as making sure you get the exact mix of furniture and equipment you need to maximize the efficiency of your initial investment.
If you feel like you are at a crossroads, just like Pete was, between whether you should re-enter the job market or venture out on your own, it would be worth your while to at least talk to a franchise consultant, like me! With my help, you will not be alone in your investigations into if a franchise is a direction that you would like to go in and if so, what kind, what industry, and what structure would fit you best. Put simply, I will help you navigate the waters of the franchise world by putting my expertise and professional research to work for you at NO CHARGE! That’s right, there is no charge for my services to you, as the franchisors pay our fees. I am truly a trusted adviser in the process. Think this all sounds worth looking into? Contact me at the phone number or email address below or go to my website: www.BillMcKeeFCC.com for a free, no-obligation, consultation.
Bill McKee
(972) 767-8433
bill@thefranchiseconsultingcompany.com
Adapted from Entrepreneur.com