We talk a lot about investing as the best way for most people to build wealth here…we talk a lot about this topic. The vast majority of our investment discussions center around financial investments – stocks, real estate,
bonds, ETFs, crypto, etc. We also touch on entrepreneurship as one of the best ways to build massive wealth – with the caveat that starting your own business is probably the riskiest path to wealth.
In that vein, we don’t usually spend a lot of time discussing franchising as an alternative path into entrepreneurship. It can bring similar rewards as starting your own business from scratch, and it has a proven system and support structure in place to help you, the franchisee, reach success. Let’s explore this system in today’s piece.
Let’s assume you’ve done your due diligence and are thinking about buying a franchise. You’re making an investment in your future that can bring you long-term financial stability, with the chance to build wealth and acquire expertise that few other types of business ownership offer. Here are five reasons to invest in franchises for sale right now.
What types of franchises are available?
There are many different franchises available from home-based franchises to fitness franchises. A franchise for sale gives you instant recognition, market validation and established brand presence. The best part is, there’s no upfront cash outlay to get started – all you have to do is buy a franchise and work it! It’s not just about having your own business either; purchasing a franchise allows you to become part of an existing business model, benefiting from years of experience while also enjoying long-term stability.
1) Franchises are already proven
One of your biggest fears as an entrepreneur is to open up shop and realize that there are already dozens of businesses like yours just down the road. Wouldn’t it be nice if you didn’t have to worry about that? Well, if you choose a franchise business model, it won’t be an issue. Franchises are proven businesses that do well because they follow proven systems. Opening a franchise from scratch would be incredibly risky but buying one with more established brand awareness means you can focus on building out your marketing plan instead of trying to figure out how people will find your store or restaurant when they walk down Main Street.
2) You get lots of support
Buying into a franchise is like starting your own business, but with all of the hard work already done. Franchises provide training and ongoing support and every business has an experienced team behind it, ready to help you succeed. You also have access to customers: With a franchise you don’t have to build up your customer base from scratch—you can plug right into an existing network of customers already familiar with your brand and eager for more. Plus, if you are just starting out, an established brand name will lend credibility and reliability—both good things for attracting new customers. It’s less risky: Buying into a franchise instead of starting from scratch is pretty much always less risky because there is less risk involved.
3) Franchises are a friendly option for new entrepreneurs
If you have never owned your own business before, one of your biggest concerns might be how much time and money you will have to put into something as complicated as starting up a franchise. This can be incredibly daunting, especially if you are trying to make sure that your new business is profitable from day one. However, franchising can make it much easier to get started. A successful franchise will already have everything set up—from physical space requirements and marketing strategies all the way down to legal structures and policies—and since so many aspects of business are already taken care of by someone else, it is possible that you could launch with less risk than usual.
4) You get to become your own boss
As a franchise owner, you’re not an employee anymore—you’re your own boss. This can be one of the most liberating feelings out there. Many people go into business for themselves because they want more control over their lives and their careers; with a franchise, you get that in spades. As an entrepreneur running your own business, it may feel like all of your time is spent making sure your employees are doing what they need to do and dealing with unexpected problems that arise on any given day. But when you own an established franchise—like Starbucks or Dunkin’ Donuts—your focus shifts from managing employees to managing yourself: taking care of finances, advertising efforts, and other everyday administrative duties that keep a business running smoothly and effectively.
5) You are working for yourself not for someone else
If you choose to buy a franchise, you will be your own boss. When you start and run your own business, it’s like being married to an amazing partner that brings out all of your good qualities (and possibly some of your not-so-good ones). However, if you choose to purchase and run a franchise, it’s like entering into a marriage with someone else who has already been trained by someone else how to do things. As long as you maintain what worked for them and change what didn’t work, there’s no reason why things shouldn’t go swimmingly from day one on. This is one of the best reasons why people should invest in buying a franchise as opposed to starting their own business from scratch.
Putting it all together – What are you waiting for?
If this sounds like it’s up your alley, and you’re ready to commit and take action, great! Because if you’re not committed and fully on board, you should wait. It’s important that you do your research and understand what owning a franchise entails before you make an offer. Make sure that a franchising opportunity is right for your needs by browsing an online list of franchises today!