Be Your Own Boss By Owning a Franchise

by smallbizbee · 2 comments

I recently detailed the pro’s and con’s to owning a franchise, and Sebastien Page followed that post up to give us some tips on how to become a successful franchisee . In the final installment of the franchise discussion Larry Powell of Franchise Quest offers up some questions would be franchisees should ask themselves when deciding if a franchise is right path to business ownership for them, as well as gives us some statistics to consider on the world of franchising.

============================================================================

By: Larry Powell

Self-Employment…Quality of Life…Control Your Destiny…By Owning a Franchise.

Studies have shown that 82% of Americans say they would like to own their own business? But, only 5% of Americans ever realize this dream. Perhaps your goal is to retire at an early age. Maybe you are ready for a change-ready to live life to its fullest-ready to take control of your future by CONTROLLING YOUR DESTINY, RATHER THAN HAVING IT DICTATED BY SOMEONE ELSE!

Do you have a JOB…but, would prefer to have a LIFE? Can you continue to do what you are doing now, at the same intensity that you are doing it, for the next 10, 20, or 30 years? Do you really want to?

Have you always wanted to own your business…do you have a strong desire for greater flexibility, better control of your future, financial success and more independence?

Are you tired of working for someone else…are you ready to be your own boss?

Do you feel “burned-out” from working in corporate America and having to deal with the bureaucracy, mergers, downsizing, right sizing, merged, acquired, transfers, outplacement, and organizational politics, etc.?

Have you ever felt the urge to tell them all what they can do with that latest company policy? Then, your mind begins to race back and forth between the known reality of the uncertain life in corporate America, and the unknown aspects of how you can get independence through business ownership?

Are you ready to leave the: “What have you done for me today” mantra of corporate America behind?

Would you like to take “real” control of the future for you and your family?

Would you like to infuse some excitement back into your work-life?

Perhaps you have the perfect job, perfect life and everything you want. But, do you have a back-up plan if the unthinkable happens? What would you do if you unexpectedly lost your job? Is your job really that secure or safe? With companies downsizing, rightsizing and even capsizing, there is no security, except that which you create for yourself.

If you answered YES, to some or all of the above questions, owning a business may provide the opportunity for you to reach your goals. And, buying a franchise provides you the opportunity to be in a business for yourself, but not by yourself. Franchise businesses have an exceptionally high success rate of over 90% compared to only 18% for independent new businesses. A franchise already has a concept and an effective business model with a stable track record. You can acquire a successful business concept without having to “reinvent the wheel”.

============
Franchises offer a number of advantages over non-franchised businesses. The Number 1 advantage is increased odds for success, because while you are in business for yourself, you are not by yourself. A franchise provides a complete system for operating the business, as well as access to the franchisor’s expertise, experience, training, name recognition, tested sales and marketing systems, simplicity of operation, on-going support and method of running the business. In addition to having access to the franchisor’s expertise, a franchisee has the opportunity to interact with other franchisees within the company. Many franchisees will tell you that having this avenue to network with and get feedback from other successful franchisees is invaluable and one of the most widely acclaimed benefits of franchising.

===============

A 1999 study by The United States Chamber of Commerce found that 86% of franchises opened within the last five years were still under the same ownership and 97% of them were still open for business. A study conducted from 1971 to 1997 by the U.S. Department of Commerce showed that during that time less than 5% of franchise businesses were closed each year. Additionally, landlords love franchises because of their stable track record, a proven system, and an effective business model. Even with the tight credit markets we are experiencing today, financial institutions for the same reasons as landlords, will be more favorably inclined to make a loan to an individual buying a franchise than to a person starting a non-franchised business.

========
Franchises are everywhere today. In spite of our tough economic conditions, consumers must still buy goods and services. As the economy improves, and it will, businesses in operation today, will have a golden opportunity to increase their market share. In fact, financial experts believe that franchising is the “wave of the future”. During the next 10 years, franchises could comprise over 50% of the retail and service sectors. This tremendous growth should be expected based on the underlying concept-Franchises offer aspiring business owners the greatest potential for success, with the least amount of risk. Franchises will provide thousands of individuals the opportunity to realize their dream of successful business ownership and financial independence. Within both the U.S. and world economies, franchising is continuing to evolve. This evolution will create even greater avenues for wealth accumulation among both franchisees and franchisors. The existing franchise systems will become more successful and continue to grow, while new franchises will be developed and introduced to the market.

=========
Franchises exist in over 75 industries. While most people think of a “franchise” as a fast food restaurant, those are only a small segment of available franchises. Today, franchising is being applied successfully to more and more industries and types of businesses. There are thousands of franchise opportunities available today and cover just about everything from advertising to laundry / dry cleaning, maid services to printing / copy services, real estate to weight control. And, since the franchisor knows the business, they aren’t looking for prospective franchisees with industry experience. They want franchisees who possess customer service, business and management skills, not technical expertise. Thus, buying a franchise has proven to be a great vehicle for thousands of people to effectively transition into a new industry and self-employment with an improved quality of life, while becoming the master of their destiny.

============================================================================

Larry S. Powell is President of Franchise Quest, a franchise search consulting firm that recruits candidates for a wide variety of franchise opportunities from small to large and startups to nationally recognized. Mr. Powell has over 30 years experience encompassing both the corporate and franchise worlds. Prior to Franchise Quest, Mr. Powell was the original owner and operator of a home improvement franchise in San Antonio, TX from 2001 to 2008. Formerly, Mr. Powell was the Vice President, Human Resources for The Psychological Corporation / Harcourt Educational Assessment head-quartered in San Antonio, TX. Mr. Powell is a graduate of The University of Texas at Austin with a BBA degree in Management.