Franchising For Executives: What Do I Need To Do?

FranchisingFranchising 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 opportunities for executives make sense? and if you’re an executive, who is considering starting a franchise, and 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.

Why Franchising?

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 with 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
Automotive 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
Healthcare/Medical Franchise
Senior Care Franchise
Sign & Graphics Franchise
Sports/ Fitness/Health/Nutrition
Popcorn 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.

job description for executive assistant

Getting Started

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 from a different perspective than before. I would recommend this community to anyone before venturing into any business of their choice.

arrow-redJoin this Community and Turn Any Passion Into a Successful Affiliate Franchising University Business.

Get started here. It’s Free!

 

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14 Comments

  1. Hello David,
    This was a really thorough article on the concept of franchising. I have to admit that it is daunting the amount of outlay up front. But when you know the return is so high, that is only a temporary dilemma. So what are you considering as an option?
    in peace and gratitude, Ariel

    • Hi Ariel, thank you for stopping by and leaving a comment. Yes, it is thorough cause I have gone through this process a few times. What I have tested and found the best approach is to attend Franchise events. Here you will be able to meet with people who own franchises as well as people selling them.

      If you find that this is a little high to start out, you can begin with Affiliate Marketing as I mention. Here the startup cost is low and the training can be very useful if you decide to follow up with franchising at a later time. Hope this helps.

  2. DorcasW

    Hi Lazybloggr; I have read through your post on Franchising for executives. I can see that you have explain a lot.

    If you are suggesting that Executives can borrow the start up funds for Franchising, which reads $50K the turnover must be very attractive, is that so?

    Are you certain that there is no chance of loosing the investment?

    DorcasW

    • Bishop

      Hi DorcasW, glad you left a comment and have concerns. Here in New York, fanchising is being done on a regular basis and the failure is little or next to none. A lot of investors look into their track record going through the need and the trend of the market.

      Is a win for the investors as well, so they will know firsthand if to lend the $50k or not. Thank you for stopping by, take care.

  3. Aly

    Great article! My father started a franchise as a second career after he retired from corporate America. You are so right that it’s not something to just jump into, as it requires an intense amount of research to confirm that you have made the right selection. I also think that franchising offers an opportunity to explore fields that you may have otherwise not be exposed to otherwise. Do you think people succeed better in new ventures or in market segments that are familiar to them?

    • Bishop

      Glad that your father made that choice after he retired. Getting it of the ground is always need careful planning and lots of work. But once that is done, the rest is just daily routine to build a successful business. Affiliate Marketing is the same way. Set it/Forget it and maintain it.

      It is always better to choose something where your passion lies, but whatever the business is, if you do the ground work, the results would be the same. Hope that helps and that your father is doing well. Take care.

  4. Silvano

    Thank you for sharing David! I could agree more a franchise is a great way to own some of the biggest brands in America. You dont have to worry about trying to build your business from scratch . The only thing i find difficult is trying to find the right investors to fund it. Every franchise usually wants a large sum of money in cash.

    • Bishop

      Silvano, glad that you see franchising is a big business and continue to prove as a reliable business built for success. You always get shaky with the second or third one, but after that, it becomes a no-brainer.

      Like I said, after the franchise has proved itself after two or three outlets, investors would be kneeling at your feet to be part of it. So to answer you question, you don’t have to go looking for investors, they will come looking for you. Talk to you soon.

      Cheers!

  5. Traci

    I was curious about this article for two reasons. One my boyfriend owned a Rita’s Franchise for seven years and hated every moment.

    Yes it was his business and he could make the rules but he was still under Rita’s Corporate thumb where he had to pay his fees monthly and get inspected by a Rita’s District Manager. Granted not all franchises are like that but it is something to think about when you do not want to answer to anyone.

    The second reason is my boss wants to franchise his business and I was curious on the steps on how to do that. Do you have any information about this?

    • Bishop

      Traci, sorry about your husband ordeal on franchising. When you under a contract, although the business belongs to you, there are still guidelines that you have to follow, just like a job.

      You boss is making a big step to franchising his business and can turn out to be a success for him, my advise is to contact Mc. Grow, they will handle all necessary procedures. just make sure he has a good lawyer on his side. Here is the information: http://www.mcgrow.com/. Hope that helps!

  6. pmbaluka2016

    Hi David,

    I have not heard about Franchising before and from your post am getting to learn that it can be a good business which needs time to mature.

    I wonder how long have you been involved in this business, is there any formal training on how to start Franchising? How long does it take for it to mature and become profitable?

    • Bishop

      Dave, i have been involve with Online and Network marketing for over 20 years with different programs. Wealthy affiliate being my latest.

      All your questions on Franchising can be answered here. http://www.mcgrow.com/. Hope that helps!

  7. Josephine

    I have always thought about franchising every now and again, but some of these big businesses would ask for a lot of collateral just to get started. I also thought about starting a business that I can turn into a franchise eventually, but again it is a lot of work especially for someone working full-time. What would you suggest I do since I still have a full-time job?

    • Bishop

      It is good that you thought about franchising, and that is something that you can get help with, cause the task is a huge one.

      Having to work full-time and carry bout this task is going be very difficult, my suggestion is to take a leave of absent from your job at the beginning stage, or use an affiliate marketing part-time to supplement your full-time job, to keep a steady flow of income. And then later you can go full-time with your franchising endeavors. Hope that helps.

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