Buying a Franchise a Career Option
Is buying a franchise my next career option? Have you ever wanted to own your own business? Are you worried that your company is downsizing? Do you dread Monday morning and going to work at a job you are less than happy with? Perhaps you think the economy is getting stronger and this is your chance to see if owing a business is right for you? If you answered yes to any of these questions, it may be time to consider starting your own business. Franchising might be the easiest way for you to do that.
Those that choose to own their own business and choose a franchise, cite the top reasons for choosing this business model are because of what it includes. The franchise business model includes training, ongoing support and a proven, successful way to manage your business. With franchising you do not need to have a 10 – 15 year background in whatever category you decide to pursue. In fact, most franchisors prefer that you have no background in their industry because you are easier to train “their” way.
If you look around while driving, you will see nearly every strip mall is filled with new franchises. There are plenty of opportunities to get started, a diverse range of industries to choose from as well as different costs and most have a franchise fee that is below $50,000.
If you are considering franchising, here are some interesting facts for you to consider. It just might be the right time to change your life and work for yourself Monday morning.
- Franchising is responsible for more than $800 Billion in U.S. sales annually
- 1 in 12 business establishments is a franchise
- A new franchise opens every 8 minutes of every business day
- More than 8 Million people are employed by franchise businesses
- According to the U.S. Commerce Department fewer than 5% of franchises were terminated on an annual basis
- In a study conducted by Arthur Anderson & Company of 366 franchised companies, nearly 97% were still in business
- In contrast, a study by the U.S. Small Business Administration revealed that 62.2% of all new businesses failed within their first 6 years of operation
What you will need to buy a franchise?
- Cash available: Depending on the franchise but starting at $20,000 and up to $120,000
- The average income earned: $65,000 to $150,000
- Average Age: 35 – 50 Years Old
- Gender/Couple: Males, Couples, Females in that order
- Owned a Business?: No, most have not
- Work Experience: Corporate America
The general consensus is that most franchises are centered around the food industry (think McDonalds, Burger King or Wendy’s etc. to name a few) or the Auto industry (think MAACO, AAMCO or Meineke etc.) While this is part of the truth, the growth franchise industries at the moment according to the International Franchise Association include personal services, retail products and services and real estate. What is important, however, is that there are many options available to you but what is more important is that you chose an option that works for you. The best way you can decide if a franchise makes sense to you is that you will be given a list of franchisees in that franchise and you are allowed to phone and talk to them and understand their experience including if, how and why they think the franchise is successful.
If you would like more information about buying your franchise, visit my website and order a copy of my book – Successfully Buy Your Franchise. This book includes a step by step process to help you decide if buying a franchise is right for you as well as dozens of worksheets, checklists and charts to help you prepare for and track each step of the transaction.