The following article is courtesy of Andrew Rogerson and details step to Buying a Franchise
Buying a franchise
Did you know that according to the International Franchise Association, a new franchise opens every 8 minutes of every business day and drives over 40% of all retail sales?
Is it that easy? Just open a franchise and make money?
You must have read my mind or as they say “If it was that simple everyone would do it.”
What are my options?
Like most things in life, if you are thinking about owning your own business you have choices.
The first choice is to start your own business, your second choice is to buy an existing business and your third choice is to buy a franchise and become a franchisee.
To learn more about your options and how to decide what’s best for you, click this link – Business ownership – what are my options.
What is a franchise?
The International Franchise Association (IFA), says franchising can be traced back to the 1850s; so the idea has been around for a long time.
A franchise almost always offers a successful and proven business model. The owner of the concept or Franchisor has started the business or concept, built it up, made mistakes, corrected the mistakes, made the business stronger and put together a repeatable system that is now available for franchisee’s to buy and get a return on their time and investment.
What are the advantages of a franchise?
As a franchisee, this helps you manage your risk of as an aspiring business owner.
Annually, franchising accounts for over $800 billion in sales, and employs over 8 million people.
Franchises are the most successful businesses on the planet with an over 95% success rate and at the same time creating over 170,000 new jobs per year.
Do you know that franchising accounts for over 2.3 trillion in the U.S. economy and provides 1 out of every 7 private sector jobs in the United States?
One of the most intriguing aspects of buying a franchise is the large range of opportunities. These opportunities include:
- Part time, part-time growing into full-time or full-time.
- Home-based, professional office, commercial location or retail brick-and-mortar
- Retail, service, business-to-business, sales, consulting and more
- Owner-operator or investor
Who buys a franchise?
The majority of franchise buyers are success-oriented, educated, family minded, corporate people.
As corporations switched their focus from employees to investors, they realized how expensive their senior level employees had become and they began down-sizing their mid and upper-level managers to save money and improve investor returns in their companies.
These managers are now the driving force behind franchising and come from all walks of life, educational and economic backgrounds.
Some typical qualifications and experiences of successful franchisees include:
- Between 35 and 55 years old
- Corporate management background
- Income average $80,000 to $150,000 with a Net Worth of $300,000 to $800,000
- Majority have IRA/401K retirement plans
- Men, couples, women, in that order
- Most have not owned a business and want to build a business that will allow them to retire
- Looking for on-going marketing, training and support
- There are many questions to ask if you are considering buying a franchise. I am here as a resource for you as I’ve now personally owned and operated 5 different businesses with my current venture being a franchise.
What type of franchises can I buy?
If you would like to see the different types of franchises available, the following will connect you with our database of available franchises.
What are the steps to buy a franchise?
If you would like to know the steps to buy a franchise, the following may be of interest to you. The many steps to buy a franchise.
How I can help you?
There are many reasons I can help you buy the right franchise instead of going direct to the franchisor.
For more immediate help with buying a franchise, send an email to Andrew Rogerson or give me a call on 916 570-2674.