First, we need to answer another important question: What exactly is a franchise?
Simply put, a franchise is a way to expand a business with partners and their money instead of doing it yourself.
Whether you realize it or not, any business can be franchised. No standards, benchmarks, or rules dictate what business would make a good franchise. The laws that are currently in place dictate how a franchise can be sold. These laws protect against money laundering, pyramid schemes, and terrorist organizations. These legal benchmarks ensure the public is not swindled and the government gets its taxes and fees. The Federal Trade Commission is not concerned with the return on investment or if the company supports its franchise owners.
The founder of a company may be great at delivering their product or service. Still, the product or service is only a fraction of what it takes to have a successful business. If you're investing in a franchise, you are buying support, guidance, and business coaching. Even though a franchise has an excellent service or product, does it know how to support its franchise owners nationally? How do you figure it out?
How do you know what or who you're dealing with? Well, that can be difficult to uncover. But that is where The Franchise Academy comes in. We are submerged in the industry. We evaluate the attributes of well-run franchise operations based on decades of data of all the national and regional brands operating for 30 years or more. Most people do not have the capacity or the resources to do that sort of in-depth analysis. We have it already done for you.
Today, there are more than 4,000 franchise companies that span 90 industries. Where do you start? Many people start with their hobbies and passions. That's a mistake. It's also not about something that’s the hottest trend.
It is said that if you love what you do, you never work a day in your life. That is true if you're talking about a job. However, a franchise is not a job. A franchise is about building wealth and a lifestyle. A franchise buyer needs to think from a different paradigm. We are taught to go to school and get a job. We are not trained to buy a business.
Successful franchise owners are proficient in the role of the owner. I suggest not buying a franchise from the consumer's perspective. Just because you love a particular food, purchasing a franchise that serves that food is not the best idea. Think about business characteristics, such as customer acquisition or sales. Are you an outgoing person who enjoys talking with customers? Do you enjoy managing people? What types of staff would you prefer - skilled, unskilled, licensed? What is a reasonable number of people you would feel comfortable managing? What hours will you be required to work, and how will that impact your life? These are some of the items that matter most. Even if a business makes boatloads of money, but you dislike your role in that franchise, even significant profits will get old fast if you don't have time to enjoy the fruits of your success.
Since 2005, my service has always been free of charge for everyone. The model is similar to a job recruiter. I get paid by the franchise companies for bringing pre-screen, qualified candidates who match the profile of the top performers in their company. Whether you buy a franchise or not, nothing happens between us. There are no contracts or obligations. It's purely an educational experience.
If you are looking to keep your current job but also build a bridge out of corporate America in the future, or if you cringe at the thought of going to work in the morning and have the 'Sunday night scares,' please call me today. Life is too short to live an unfulfilled life. Contact me today. tom@TheFranchiseAcademy.com or 516-322-1435.
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