Franchising is a business opportunity that anybody can get involved in if they choose to. Here I would discuss Franchising for Executives.
However, I’ve always felt that a business model such as franchising is better suited for people with an entrepreneurial spirit as opposed to somebody who is better suited to be an employee and work a job.
One type of person that franchising can be extremely profitable for is executives. That’s what I want to talk about in this article. Why franchise for executives makes sense, and if you’re an executive who is considering starting a franchise, why? and how can you go about doing that!
This Is Not A Job
I want to point out that having your own franchise is not a job, and although I think most executives know this, it’s important to really go into starting your own franchise with the right mindset. Franchise owners have an entrepreneurial spirit that they use to work for themselves and reap the benefits of being self-employed.
You are your own boss. You control your own success. Most executives already know this, and already have many of the qualities needed to break away and start their own franchise.
Thanks to the Internet there are many ways to make money and there are many ways to start your own business. Franchising offers some benefits that executives find attractive.
1. You are in business for yourself but not by yourself. One of the great things about franchising is working with a company that provides you everything you need to be successful.
This means that they already have established a blueprint for success. They have the products and marketing tools in place. You just have to take the ball and run with it so to speak.
2. Funding. Do you have the needed funds to buy a franchise? Do you have the needed funds to live on while your franchise is becoming profitable?
Executives are better equipped to live off of their saving while their new franchises are becoming profitable. They also are better equipped to borrow the money needed because they often have a portfolio that includes existing assets needed for collateral if they are borrowing the start-up funds.
Some franchises will loan executives the money needed to get started. Others will offer counsel on how to find the money you need.
At Executives Franchising, they require a minimum of $50K to get started. They offer training on how to access your 401K for the money you need if you have one.
3. Categories. Franchising is not, unlike blogging, in that you can find one to start a niche you are an expert at or have an interest in.
Examples of categories there are franchises available to buy include….
Advertising/Direct Mail Franchise
B2B Products/Services Franchise
Children’s Education, Services & Activities
Financial/Tax Services Franchise
Home Based Business
Home Services and Home Improvement
Mobile Coffee & Smoothie
Print, Design & Promotional Products
Professional Business Coaching
Repair & Restoration Franchise
Retail/Mall Based/Specialty Retail Franchise
Senior Care Franchise
Sign & Graphics Franchise
Commercial Cleaning Franchise
Pest Control Franchise
These are just a few ideas. If you have something in mind, chances are you can find a franchise to buy.
4. Fast return. Your return on investment, or ROI, can be very quick in a franchise. This is another reason why executives turn to this business model as a way to start their own business.
One of the reasons for this is the larger margins that come from running a well-known brand franchise, which most are. People expect to pay more for a brand product they are familiar with because the perception is they are getting a better product than an unknown brand.
Having a fast return on your money allows you to pay off your startup loan costs quicker as well. This puts more money in your pocket to do with as you please.
At this point, you may be wondering what are the steps to getting started in franchising. Let me lay out what you should do next.
1. Research. Of course, the Internet is great for this. I have come across some very good websites on researching franchising.
Forbes did a good article on this titled “Looking to Buy a Franchise? Here’s How to Start“. It lists the best and worst franchises to buy.
2. Attend franchise events. I really like this idea because you can meet with people who own franchises as well as people selling them. The International Franchise Expo in New York is a good one to attend. Of course, you can and should look for local events as well.
3. Franchises for sale. Biz Buy Sell has a great website and blog on buying and selling franchises. You may be able to buy an existing franchise or find info on starting your own from scratch.
4. Flippa.com. I just want to make you aware of another possible source of starting a business.
Flippa is not a franchise website, but it does sell websites of all sizes, shapes, and prices. In fact, they make over $5 Million Dollars a month in website sales.
This is a way for executives and anyone interested in starting an Internet business to get started with a website that is already up and running. There are benefits to this over franchising if you are interested.
Is franchising too big to start? Some people like myself started off small. I need the time freedom to get my franchising business up and running so I started Affiliate Marketing which I can earn an income from home helping me to quit my full-time job so that I can investigate my Franchising business.
I join this community of like-minded people who help me on what approach to take, and I glad I did. I understand more about approaching my business in a different perspective than before. I would recommend this community to anyone before venturing in any business of their choice.
Join this Community and Turn Any Passion Into a Successful Affiliate Franchising University Business.