3 Ways To Look At Franchising

By January 22, 2014SBA.Gov

By FranchiseKing

Wherever we go, our baggage comes with us. It’s there, you know. We just don’t always realize it.

Take franchising for instance. All of us look at franchising in a very personal way. That way is based on our past experiences with franchising. Either as a customer of a franchise business, or as a…allow me to explain.

How We Look At Franchising

Another word for baggage is experience. Our experiences dictate our views on things.

For example, if you ate a lot of fast food growing up, you bring that experience with you when you think about franchising. For you, a franchise is a fast food restaurant.

Another example of how you may view franchising…albeit an extreme one could have to do with a disaster, like a flood or a hurricane that you may have been directly impacted by.

You may have had a local franchise owner do the much- needed cleanup and *restoration. So, when you think of franchising, you picture the truck or van that sat in front of your house for a few days.

Are you stating to see where I’m coming from?

One more example.

Let’s say that you had an aunt and uncle open a franchise, and fail. Whatever the name of the franchise was that they had to close, it will always be embedded in your mind, even if your aunt and uncle were the ones that contributed to the franchise’s closing more than the franchisor. Maybe they forgot about this.

Stuff happens. Businesses open and business close.

Try not to let other people’s experiences cloud your judgment. You are not them.

Hopefully, the examples I gave you helped cement what I’m trying to teach you here:

Open your mind. There are a lot of opportunities out there.

3 Ways To Look At Franchising

Here they are. See if they make sense to you.

1. Job Replacer

Lots of people think about buying a franchise if they’ve been downsized.

It’s no fun being unemployed; I was a few times myself, and it can be quite scary. But, it’s also a great time to look at other options. Maybe one of them will involve looking into franchise business ownership. But, there’s something you need to know if you’re going to buy a franchise instead of get a new job. Your salary is going to be lower than you’re used to at first. Read about your salary as a franchise owner.

2. Goal Achievement

This one is for the “I’ve always wanted to own my own business” crowd.

Whether you’ve lost your job, or are just of working for someone else, this is how a lot of people look at franchising, and how it may work for them.

Those looking at franchising in this way need to make sure that they are suited to own a business that doesn’t offer a lot of latitude. Franchising is a rule-based business model, and that’s why it works. Prospective franchise owners need to have the right personality.

3. Legacy Creation

Some of the people I’ve worked with over the years have expressed a real desire to leave a legacy for their children.

They’ve seen jobs come and go over the years, and don’t want their kids to have to go through a lot of ups and downs in their careers. They’d rather have them be employers as opposed to employees.

Franchising is looked up (by these people) as a way of creating a secure future for their kids. A place where they’re children can hang their hats.

It’s a noble thing to do, and some franchise businesses are great family businesses.

As you can say, there are a few ways to look at franchising.

Just make sure you do so from a place that’s uncluttered with baggage from your past.

*Non US Government link

Via: The Industry Word

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