What are you looking for?
On a phone call recently, the person with whom I was speaking opened our conversation with the question, “Why should I buy a franchise?”
This question was certainly thought-provoking and my initial thought was, “I have no idea. I just met you!”
I can share the most common reasons I have heard over the last decade in my role as a franchise consultant. Consistently, others have expressed their desire for freedom and/or control over various aspects of their lives as the main motivators in their decision to go into franchise ownership.
These new franchise owners have told me they are looking for:
- to make decisions
- from the ridiculousness of corporate America
- from politics or negative culture
- from Sunday Afternoon Dread
- over income for their family – no more ceilings
- over their time – how they spend their days
- over not wanting to live in an airport anymore
- over lifestyle; they just wanted to be able to coach their kid’s baseball team
I can tell you why I choose franchising as an investment vehicle. It’s very simple: speed to scale – the hardest part of any business is getting it to function at critical mass. At the point where teams are built, customers recognize you as a solution to what they need or want.
Here’s where it starts to come together. When you reach the point where a manager can handle the majority of tasks and run the day-to-day is when you start to experience the feeling you have truly created an asset and therefore freedom of time and money.
The other reason franchise ownership is such a great asset to spend time creating is the predictability and probability of an exit.
If you are successful in your career, currently manage a team, have P&L responsibility, and have thought that business ownership is an option for you, I encourage you to take a deeper dive into what is new and exciting in franchising. You may be surprised at what the post-COVID world of small business has to offer.
Interested in learning more? Give us a call.