A growing trend in America, and across the globe, are professionals – young and old – seeking other options to being employed by someone else, grow wealth, and ultimately be happier controlling their future. Let’s be honest – it is difficult to find career that will offer the lifestyle self you deserve. Oftentimes, people find themselves overqualified, underpaid, unhappy and just wanting more out of life.
Consequently, the best way to overcome a financially stressful and unsatisfying life is to own your own business.
You are probably thinking something along the lines of:
“I have no idea where to start.”
“I don’t have any business ideas nor the money to get started.”
These are common issues among first-time business owners, but there is a solution:
Start by purchasing your first franchise, then build wealth by purchasing more.
What is a Franchise? A franchise, by definition, is a business that is licensed to allow another party to sell a product or service under their name; in exchange, the franchisee (the party who purchases the franchise) typically pays an initial startup fee and annual licensing fees.
You are probably familiar with quite a few franchises such as major fast-food restaurant chains like Burger King that might cost a lot to get started. However, there are many affordable franchise opportunities that can fit anyone’s budget.
The concept of franchising dates all the way back to the mid-19th century when Isaac Singer, who invented the sewing machine, created franchises to assist him in successfully distributing his new, trademarked sewing machine to different parts of the world.
Today, a sizeable percentage of businesses in the U.S. are thanks to the franchise industry.
So, why should you purchase a franchise?
It Gives you a Business Idea and a Plan to Follow. When you purchase the franchise, you get direct access to the franchiser’s name, trademarks, products, services, etc. Therefore, you are not left trying to determine what you are going to offer or sell or how you will do it.
The business plan has already been comprised and you are simply provided with the tools you need to continue their mission.
It Gives You a Competitive Edge. Franchise ownership gives you the opportunity to jump right into major industries (such as the fast-food industry) without having to worry about the competition.
As a franchise owner, the franchiser’s brand has already been established, so the hardest part has already been done for you.
It Gives You Continued Support. Franchises offer continued training, support lines, and other materials that aid you in being as successful as you can be. Keep in mind, your success is also their success, so they do want to help you succeed.
Most franchises offer an extensive training program, typically at their headquarters, during the beginning stages and continued support and training throughout your time as owner.
How Do You Make Money?
Building wealth with franchise ownership is basically the same as building wealth with your own established business.
From here on out, you are now a franchise owner. In addition, you can start saving funds to invest in another franchise.
It is as simple as growing your own business – from one location to two, to three, to four.
Most franchises are designed to provide an exponential income to the franchisee – meaning you should have the funds to set aside for your next business.
Start by determining how much money you need to live and how much you will need to save for your next franchise venture. This will help you determine which franchise opportunity is best for you in the first place and will offer you the fastest route to owning multiple franchise locations.
The time it takes and the strategies you use will be dependent on the model of the franchise you purchase – whether it is the “owner-operated” model or the “executive” model.
The owner-operated model assumes you, the owner, will work full-time in the business. Whereas, the executive model assumes you, the owner, will hire a manager to work full-time.
The bottom line is it takes time and strategy. You should start by doing your research and determining which franchise opportunity is going to be the best and most beneficial for you and your situation. Let our team at Triton Franchise provide you with the seasoned experience you will need to properly find and finance the right franchise for you.
From there, you can construct a plan to determine how to further invest in other franchises.
Before you know it, you will be on your way to building wealth by owning multiple franchises! Take this short quiz and learn how financially ready you are to own a franchise: http://tritonfranchise.com/franchise-quiz/.
La Mancha Sims is Managing Director and Founding Partner of Triton Business Group, Inc., a business funding consulting firm located in Decatur, Georgia. La Mancha is a former Naval Officer who has over fifteen years of experience in franchise and commercial finance, specializing in assisting entrepreneurs who want to enter the franchise industry as owners or consultants/advisors. You can reach La Mancha at 770-249-2357.