According to the International Franchise Association, a franchise (or franchising) is a method of…. distributing products or services involving a franchisor, who establishes the brand’s trademark or trade name and a business system, and a franchisee, who pays a royalty and often an initial fee for the right to do business under the franchisor’s name and system.
For many people, becoming a franchise owner is about mitigating risk and not having to “re-invent the wheel”. Franchisees become part of a group of people committed to building a brand and dominating markets using a common, proven operating system. You don’t have to guess about the most effective way to build your business; there is a proven system to use.
Ask yourself if you would rather own a well-established, successful business which doesn’t allow a lot of flexibility in the business model OR would you rather own a business that has no established operating or marketing systems, no buying power and you have to have an answer and a solution for every problem.
The most common reasons that people tell me they are considering franchise ownership are (in no particular order):
• They work for a lousy boss they can’t stand.
• They’ve been downsized/laid off
• They want to continue working but they are experiencing ageism
• They realize that all of their hard work over the years has been creating wealth for others, but not for themselves.
• They have always wanted to own their own business and want to know what is available to them.
If any of these resonate with you, franchise ownership could be the answer for you.