I know what you want.
- You want more control in your life
- You want more freedom
- You really want to be your own boss
- You want help with this venture
- You want to get in business quickly
- You want to follow someone else’s business system
- You want an opportunity to build equity
I want you to consider franchise ownership.
I’m pretty sure if I asked 3 people for their own definition of what a franchise is, I would get 3 different answers. Here’s mine:
“The entrepreneur (the franchisor) has invented a business, and its model, and is looking to replicate it, by partnering with people that would like an opportunity to own their own business, while building equity for themselves and their families. The franchisor’s own money is invested up front, while company growth is leveraged by using other people’s money. (The franchisees)”
So, if you want to be a replicator…the person who replicates the system, franchise ownership is definitely worth a look. Learn more about franchising here.
If you want to do your own thing…if you want to be a creator, someone who creates a new business (with a new product or service) you should stop reading this post immediately. Franchise ownership is not for you. (I just saved you $150,000+) But, check to see if you have these needed traits for entrepreneurship, so you can improve your odds of success with your idea for a start-up business.
Freedom, Control, And Help
If you end up becoming the owner of a franchise, you’ll have way more control and way more freedom than you did when you worked for someone else.
Being an employee means that someone else controls your schedule. If there’s a regional meeting in Omaha, and you live in Portland, Oregon, guess what? You’re traveling to Omaha. Your high schooler will just have to deal with her Dad (or Mom) not being there for her championship basketball tournament. You don’t have any control over the situation. That’s because employees are generally under their employer’s beckon call.
When it comes to freedom, you’ll have way more freedom (as opposed to being an employee) if you become the owner of a franchise business.
- You’ll have the freedom to make hiring (and firing) decisions
- You’ll be free to come and go as you please
- You’ll have the freedom to choose vacation dates that suit you-not your bosses
Do those things sound small? Insignificant? They won’t be when you actually experience them.
You’ll be able to get help (from your franchisor) when needed. In other words, you’re not alone. And, as much as I dislike some of the canned sayings about franchising, this one is true: “You’re in business for yourself, but not by yourself.”
Speed And A System
One of the greatest (and not often mentioned) things about franchising is that becoming the owner of a franchise business enables one to get their business up and running quickly. The franchisor supplies an operating manual, real estate site selection assistance, marketing/advertising templates, training, technology, plus the business system needed to make things happen. A proven business system. One you won’t have to test out.
You have no equity when you work for someone else. Your employer has the equity-and always will.
If you get downsized, you may get a severance package based on your years (or months) of service. That’s great. You deserve it. But, it’s not equity. It’s what is owed to you. Equity is a lot different.
When you own a business, you have a real chance at creating real equity. The more you grow the business, the better. You make more money, short-term, while setting things up to make more money, long-term.
For example, maybe you end up becoming a multi-unit franchise owner. Wouldn’t it be nice to have an opportunity to profit from the sale of all of the units you were able to open over the years when the time is right? That’s equity. You can only have it if you’re an owner.
Being The Boss
These days, there are several different ways to be your own boss. Franchise ownership is just one of them.
And, who knows? Maybe owning a franchise would allow you to get the things you want.
The Franchise King®, Joel Libava, is a franchise ownership advisor, and the author of Become a Franchise Owner! The Start-Up Guide To Lowering Risk, Making Money, And Owning What You Do. His newest project: Franchise Business University.