For the vast majority of franchisees, entering franchising either comes after some time intensely focusing on a previous career or starts as a joint venture while simultaneously managing other obligations.
In kind, sports industry players who find themselves looking for alternative investment opportunities, either while still active or after completing their sports career, find franchising offers numerous opportunities to expand their portfolio. What makes franchising compatible for individuals in the middle of career transitions and what should they be aware of when scoping out franchise opportunities?
PAFI, or the Professional Athlete Franchise Initiative, founded by the International Franchise Association, works to connect potential franchisees coming from the sports industry with valuable due diligence research support unique to their situation. As a particular group of potential franchisees, professional athletes benefit from partnerships and portals focused on guiding investors toward wise investment decisions within franchising. Thus one of the key reasons athletes (as well as others coming from previous careers) often choose to invest with franchise systems is the ready access to ongoing support. The support open to franchisees across the industry makes franchising an obvious choice for many coming out of former short or long term careers with an interest in opening and operating businesses with guidance.
Many investors accustomed to a furnished game plan see the value of franchising, which features a developed business plan implemented across a system, not to mention access to current or former franchisees to get a clearer picture of how the franchise operates.
In the case of longstanding and well developed franchise concepts this is particularly advantageous, so investors can perform in depth research with pre-existing investors and choose a concept that offers a truly reputable system. Nonetheless, franchisees from all backgrounds do well to remember that profits often don’t develop overnight and that intense efforts to market a new location to local customers are vital despite all the support offered by the franchise system at the national or statewide level.
Creating and updating ongoing promotion ideas, staying up to day with training and franchisor requirements, building a successful team on-site and investing in a sales force are all aspects of smart franchising.
Each franchisee is ultimately responsible for the success of their investment, be it a solitary or multi-unit investment, and remains accountable to their franchisor with each passing year. Franchising offers professional athletes and those from all types of career backgrounds access to streamlined systems that support the diversification of interests, investments, and future profit prospects.
Versatility and training, be it within food and beverage sectors, sport and fitness franchises, or home care services for seniors, make franchising accessible to a wide range of individuals who are seriously interested in developing new career channels or reinforcing current aims with additional projects.