Franchise

Can Multi-Unit Franchising Be Your Security Blanket in a Chilly Economy?

More people are considering new career options as a result of The Great Resignation and a changing economy. While many people start their own businesses, others invest in well-known franchise brands and become franchisees. An increasing number of people start out with just one unit of a franchise before expanding as they become successful.

The next step, becoming increasingly popular, is to transition to a multi-unit franchisee. Many franchisees seek new opportunities for growth after becoming successful in owning and managing their first franchise.

Being a multi-unit franchisee has numerous advantages. Franchisees considering multi-unit expansion can reap the following benefits from their franchisor.

Knowledgeable Support System

Multi-unit franchisors provide franchisees with access to a wide range of expertise. For example, their support team has knowledge of various business models and can impart that knowledge to their franchisees. In addition, existing franchisees can quickly launch their new franchises unit because of their previous experience and familiarity with the franchisor's practices and training procedures.

More Influence in Your Market

When you run a multi-unit franchise operation, you will have more influence with your parent company. This translates to greater cost control and economic leverage in your franchise.

Protection Against Economic Downturns with Diversification

Operating franchise units in various market segments can counterbalance each other in a shaky economy if one sector is hit harder than another. For example, if a multi-unit franchisee notices that one of their locations is underperforming, they can use revenue from their other units to stay on course.

In recent years, multi-unit franchising has grown significantly. This trend is unlikely to slow anytime soon as more people consider new ways to secure their financial future in our changing economy.

Are you interested in multi-unit franchising? Please schedule a brief call here.

You Can Find Growth And Security Through Franchises With Multiple Revenue Streams

If you want to start a new business, franchising is an excellent opportunity. There are franchises in nearly every industry, so you have many options. So, how do you narrow it down and eventually choose the best one for you?

Selecting a brand with a variety of revenue streams may help you as a new franchisee increase your business growth and financial security. Your business earns money in more than one way with multiple revenue streams, such as a shop with a subscription plan or a service franchise that also sells products.

As a prospective business owner, this will be an important consideration when selecting a franchise. Why? It not only allows you to earn more money, but it also allows you to reach more customers.

If one customer does not want one of your products or services, they may want another. Over time, this leads to higher profits, a wider reach, and thus more franchising success, income, and reach.

Having several revenue streams is essential in any franchise. They provide a proven way for an owner to reduce risk and create a more predictable revenue flow from several sources rather than relying on a single, traditional product or service.

With numerous income sources, franchisees can reach the same loyal customer more frequently and through more points of contact.

Keep in mind that additional revenue streams have been tested and proven to be successful by the franchisor. They bring long-term, added value to both the company and its customers and should be easy for franchisees to execute and fit in well with the brand’s niche products or service offerings.

The more revenue-generating opportunities available to franchisees, the more likely your franchise will grow and build financial security for you.

To learn more about franchises that offer multiple income streams, please schedule a brief call here.

Keeping Your Career While Running A Franchise

The ability to maintain your career while running your own business is possible with franchise ownership, while that may not always be possible with a start-up business.

Although many franchisees rely on their business unit to generate revenue, more people are interested in purchasing a franchise to generate a second source of income. This is made possible by a flexible franchise option, which can provide some opportunities that other franchises cannot.

It is becoming more common for franchise owners to work full-time while running their businesses. As a result, they can generate additional income or create more security for themselves while running a franchise part-time. This does not imply that you will not be involved in your business. Instead, you will take on a role that will take up less of your time.

While this is not always possible with franchises, many businesses use a manager-run model that does not necessitate the owner's constant presence. This simplifies franchise ownership by allowing the franchisee to keep their current job while also having the option of opening new franchise locations in the future. These franchises will also typically receive a lot of systems and processes provided by the franchisor.

The ability to run a franchise with fewer hours spent at the business unit is a relatively new concept, and there is a growing demand for this type of franchise. This shift has been aided by technological developments, which also enable franchise owners to monitor their businesses remotely.

Investing in a franchise could be the answer if you want to increase your income, build your financial security, or start a new business with a part-time commitment.

Before you quit your day job, schedule a brief call here.

Is Franchising the Answer to Job Security and Happiness?

It's time to reconsider your career intuitions. So many people in our society are conditioned to believe that getting a job and earning a "regular" income is the best way to become financially secure. The concept of safety, stability and security provided by a regular paycheck certainly makes sense.

But, in reality, it is more a case of giving up freedom, empowerment, and control in exchange for following orders. When you consider that any time a superior can say a few words and cut off all of your income, you realize that being an employee puts you voluntarily in a position of subservience that isn't all that secure.

So, how can you have true job security if you don't have control? This is why many people choose to leave their jobs to become franchisees.

Consider the advantages when deciding between a job and opening a franchise. A well-established franchisor can answer all of your startup questions while also providing full ongoing support once you are in business.

Purchasing a franchise is an investment in your own ability to increase your income without the need to negotiate with a boss. When you're the boss, no one can outrank you, and you get to decide how much you get paid based on your grit, determination, and drive.

The opportunity to receive ongoing support for the life of your franchise is one of the best assets of franchising. You can also expect to join a family of fellow franchisees with whom you will look for networking.

Remember, when running your own business, all of your hard work will come back to you in the form of a bigger piece of the pie. This is why many franchisees seek to find a perfect balance between independence and income.

Please contact me to determine if franchising is the best career path for you. You can schedule a brief call here.

Today’s Potential Franchise Buyers Are Overwhelmed

You only need to choose one franchise to invest in, but there are over 4,000 different franchises to choose from. That makes searching and investing in the best franchise quite challenging, especially if you don’t know how to do it or even where to begin.

You can attempt to go it alone and search for the right franchise with a few online tools you can find with a Google search, like these:

Option 1: Personality Tests
There are several online quizzes that may help you decide whether franchising is suited for you. However, they are not vetted, scientifically sound tests. Therefore, there is no certainty that you will make an excellent franchisee if one of these tests predicts that you will.

Option 2: Online Listing Platforms
There is a multitude of websites that list franchises for sale. These can be useful for learning the varieties of available franchises but should not be used to make a final decision on your investment.

Solution: Work with a Franchise Consultant
If you've never purchased a business before, you'll need a guide to make sure nothing is missed or overlooked when you're going through the process.

A Franchise Consultant is an expert that specializes in assisting you in locating the best franchise for you. They will assist you in defining your objectives, determining what you truly want to achieve through business ownership, and narrowing down the list of franchises that meet those goals.

In the area of franchise consulting, here are a few things to consider while looking for a consultant to help you on your road to franchise ownership:

No list: Someone that gets to know you, has a process to get you where you need to go and doesn’t just hand you a list and send you on your way alone.
Consulting experience: Select a consultant who has successfully matched franchisees with franchisors previously.
Franchise ownership experience: Having a consultant who has owned and operated a business will bring invaluable experience to the table.
A variety of franchise options: Look for a Franchise Consultant who can show you a broad range of brands that's a great fit for you not only in terms of price but also passion and goals.

Franchise Consultants, like me, act as unbiased resources to guide prospective franchisees through the path of achieving their dream of business ownership.

If you would like to talk about how I can help you, please schedule a brief call here.

Can You Open a Franchise While Keeping Your Current Job?

Did you know that franchise ownership can provide extra income without requiring full-time devotion to the business?

Many of the people I work with as a Franchise Consultant are afraid to leave a seemingly solid and secure career to establish their own business.

I often hear these quotes:

"No, I'm not interested in the financial risk."
“I can't afford to quit my work while I'm starting my own business.”
“I also can't work two full-time jobs."

Aside from the fallacy that a job is always steady and secure, consider this, franchise ownership does not have to consume all your energy because you could operate it part-time.

Yes, some franchises need financial investment as well as full-time involvement in the business. However, numerous franchises have established profitable business models geared for part-time or semi-absentee ownership.

Perhaps you choose to keep a full-time career while supplementing your income as a franchise owner with part-time participation.

Two types of people are suitable for franchise ownership with part-time involvement.

One who wants to continue working for a corporation while simultaneously owning a franchise that generates additional revenue. They were proactive and now have a backup plan if they’re laid off.
One who wants to own a franchise that will give extra income but wishes to work just part-time throughout the start-up period until resigning or retiring from one's existing job. Then, they can work part-time or full-time in the franchise and have more free time for other hobbies.

What Does Part-Time Work in Your Franchise Look Like?

Once your franchise is up and running, your role then shifts to that of an advisor, consultant, or CEO. You concentrate on planning, profit and loss, and collaborating with your managers on staffing, sales, cost-cutting, marketing, and other business-related tasks.

So, whether you want to supplement your income or start your franchise career with a part-time commitment, investing in a franchise might be the ideal solution for you.

Start your search today for a franchise that offers you the option of part-time involvement as an owner. Please schedule a brief call here.