Have you been longing to make a career change, but haven’t taken the necessary steps because you don’t know the possibilities that stand before you? Well, there are plenty of vehicles to success that may be the right fit for your Income, Lifestyle, Wealth and Equity (I.L.W.E.) Goals and the future you envision for yourself and your families. Do you want to spend more time with your family? Do you want to be your own boss? Do you wish to live a more comfortable lifestyle? If these are some of your I.L.W.E. Goals, then self-sufficiency through franchising may be a great way for you to attain the success you desire.
Franchising is one of the largest and most profitable industries in the U.S. In 2019, the franchise sector is predicted to grow at a faster pace than the rest of the economy. Why wouldn’t you want to capitalize on the franchise sector’s great development potential as a route to self-sufficiency?
Because franchising is so vast, it’s important to have an understanding of the basics of the franchise industry before transitioning to Your Career 2.0. Today, The Entrepreneur’s Source® reviews the basics of the franchising industry that all aspiring franchisees should have a grasp of before investing in a franchise opportunity.
Q1: What is franchising?
A: According to the U.S. Small Business Association (SBA), franchising is a way of doing business. A franchise brand and an aspiring franchisee sign an agreement in which licenses, trademarks or systems are provided for use by the aspiring entrepreneur. The key to franchised businesses is that they have proven business models in place with established systems and processes which makes them replicable and duplicable. There are thousands of different franchise concepts in the marketplace today in over 70 different industry sectors (restaurants, personal care, automotive etc.).
Q2: Who is a franchisee?
A: The franchisee is the individual in the franchise agreement who is awarded the right to operate the business under the franchisors name by using their licenses, trademarks, methods, procedures and/or systems.
Q3: What is a franchisor?
A: The franchisor is the parent company that awards a franchisee the right to use the licenses, trademarks, methods, procedures and/or systems.
Q4: How much do franchises cost?
A: Depending on the specific type of franchise that an aspiring franchisee is looking to invest in, costs vary greatly. All franchise systems have a franchise disclosure document (FDD) that can be made available to those interested in an available franchise opportunity. This document outlines the franchise agreement and terms of the agreement in a list of items, including all of the associated costs.
Q5: Do franchisees receive support?
A: Franchisors provide ongoing guidance and support to their franchisees. Franchisees pay their franchisor a royalty fee in their agreement to use their properties, so franchisors succeed when their franchisees succeed. Franchising is a great alternative for individuals aspiring to become self-sufficient but don’t completely want to be in their business alone. So you are going into business for yourself, but not by yourself.
Q6: Do I have to work in my franchise full-time?
A: Most franchisees do work in their franchise as a full-time position – trading in their previous 9-5 job for complete franchise ownership. However, some franchise brands offer a semi-absentee franchise ownership option in which the franchisees typically works 10-15 hours a week in their franchise once it’s up and running. For more information about semi-absentee franchise ownership, learn more by clicking here.
Q7: Is Franchising the Right Fit For You?
A: To learn more about the franchise industry and whether it may be the right fit for you, contact an alternative career coach at The Entrepreneur’s Source®. E-Source coaches follow proven coaching methods and are trained professionals in helping people identify their goals, needs, and expectations. To start your coaching process, visit FranchiseMatch.com today!