Maybe you love food and always wanted to own a restaurant. Or maybe you want to work from home so you think a franchise would allow you to do that. Or maybe you’re tired of working for someone else and you’re ready to be your own boss. Those are all great reasons to want to own a franchise. But those are just the icing on the cake.
The real reasons to own a franchise are as follows:
A proven system
Write your own paycheck
True retirement planning
Owning a franchise is more than owning a business. Many people own businesses, but they are required to be there every day to make money. They cannot enjoy some of the benefits of business ownership as they are the business.
When you own your own business or you have a J-O-B, you are paid for doing work. When you own a franchise, you earn income following a proven system. Franchises succeed because someone has already done the labor to develop the product or service, the brand identity, and the marketing and distribution plans.
As a franchisee, you are a systems implementer, not an employee of the business. This is the difference between being a hairstylist or owning a salon that operates and generates income whether or not you personally are cutting hair. The true benefits of owning a business come when systems are in place so the business can run with or without you.
When you own a successful business that operates with a proven system, you decide how much money you want to make. If you want to make more money, you can open more units or increase the inputs in your existing system to increase the output. For example, if you own a mobile van business or a retail store, you can choose to add more mobile vans on the road or open more retail units.
For most people, retirement planning means working hard and putting money away in a 401K, an IRA, or some other retirement plan. Then you rely on someone else to manage your money, and you hope for good returns.
When you own a franchise, you build your income as you build your business, and you also grow your personal net worth. The day will come when you want to get out of the business. At that time, you can sell your income generating assets, either for a fixed dollar amount or for monthly payments, so you can retire.
If you want a nest egg, give your money away to someone else to manage. If you want a bigger nest egg, use your own capital and management abilities to create and grow a greater future net worth.
Now it should be clear why you would want to own a franchise: the benefit of systems; unlimited financial opportunity; and the ability to secure your future. Franchise ownership is the number one way non-business owners succeed in business, and why so many successful business people pursue multiple franchises and multiple units to truly control their financial future.
There are more than 1,000 companies that offer franchise business opportunities. To begin searching for the one that is right for you, see the article on “Narrowing Your List of Franchises,” or use the FranchisesForSale.com search tool.