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If you're here, I strongly suspect you want to be your own boss.
Good thing. I’m going to talk about a proven way to do so. A way that works!
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The Franchise Way
One of the most popular ways to be your own boss is through franchising. But why is franchise business ownership so popular? And why should you consider owning a franchise business?
Here are five popular reasons.
1. Consistent Branding
The brand name of the franchise, along with recognizable names of the products/services, logo, and brand colors, can go a long way.
Today’s consumers like familiarity.
For example, when you’re traveling to other areas of the country, especially by car, when it’s time to take a lunch break, I’d wager you’re more apt to spend your money at a restaurant you’re familiar with.
The reason? You know the menu and you know what you’re going to get. All thanks to the business model of franchising. It works. Want in?
2. An Established Network
When you buy a franchise, you instantly become part of a network.
I’m talking about a network of franchisees, who like you, want to succeed as their own bosses. But how can this network help you and your business?
You can leverage the experience of the group.
Nine times out of 10, someone in the franchisee network has experienced an issue you may be having and can offer specific solutions you can use to fix whatever problems you’re experiencing.
Another thing a network of franchisees is good for is best practices.
If you get involved in the network, you’re sure to find out what the top-performing franchisees are doing to grow their revenue, recruit employees, save on expenses and more.
And it’s this network of fellow franchisees that can help you take advantage of what’s been called the greatest business model ever invented.
3. Income Potential
When you’re a franchisee, your pay is based on revenue. The higher your revenue, the more you make. There’s a lot of income potential.
Of course you first need to subtract your business expenses along with the royalties and marketing fees you pay the franchisor before you can determine your profits. But your revenue is only limited by the amount of business you can do in the space you lease and/or territory you own.
Good news!
You, as a franchisee, do have several ways to increase your income. These include:
- Investing in more franchise units
- Increasing the size of your commercial space
- Adding more revenue-producing employees
- Buying more territory
- Increasing marketing spend
How does that sound?
4. A System To Follow
When you own a franchise, everything you need to start and grow your business is provided. Just add effort. You get:
- Formal training
- Up-to-date technology
- A complete operating manual
- Marketing/advertising plans and templates
- Support
And more.
Expressed simply, franchisees receive a tested business system to follow, along with business support from headquarters to help you keep your operation up and running at maximum efficiency. But it’s up to you to follow the system and ask for help when needed.
5. You Can Be In Business Relatively Fast
When you buy a franchise, you can get up-and-running pretty quick in business terms, usually within months of signing your franchise agreement.
The ball really starts rolling a day or two after you sign your agreement and pay the initial franchise fee.
For instance, you’ll start scouting potential locations for your new business. In most cases, you get help with that from headquarters, especially if they have an in-house real estate department.
In addition, specific dates for your formal training will be discussed and scheduled.
In the meantime, you’ll get a list of things you’ll need to do before you can officially open your doors. Think business registration, licensing, insurance and more.
And before you know it, you’re in business. You’re a franchise owner.
Finally, if you’d like to become your own boss through franchising, check out the franchise opportunities listed right on this website. But don’t stop there.
If you find a few franchises you like, make sure you request information from those companies, so you can find out if the opportunity is right for you.
The Franchise King®, Joel Libava, is a top franchise expert. He’s written over 2,000 different articles on franchise ownership and personally consults with people who are looking to buy a profitable franchise. Go here to find out how The Franchise King® can help you become your own boss.