There are currently over 3000 unique franchise brands in the US today. Each has a different business model, and approximately 300 new brands are added annually. (US Department of Commerce)
Roughly 70% of franchises require an initial investment of $75,000-$150,000. Twenty percent need an investment of $250,000 and above, and the remaining 10% need an investment of $50,000 or less.
Helping clients identify their vision and purpose for starting their business in franchising is the first step to finding the right brand. Most clients cite one of the 5 motivations listed below.
Entrepreneurial aspirations –
My grandfathers owned small businesses; one owned a ServisSoft (now Ecowater ) license, and the other owned M&K Frey plumbing. Having the opportunity to work together, I knew from a young age that owning a business was in my blood. My career after college started as an industrial engineer working in multiple manufacturing facilities for Red Kap, a brand of Workwear Outfitters, LLC , for which I am grateful for the experiences and training. I knew there was more and jumped at the chance to be the first ImageFIRST franchisee in 1998.
Passion for your community –
You love your community and want to provide employment opportunities for others, a path to financial security and growth under your leadership. Four employees of the 7 positions in ImageFIRST worked with me for 15 or more years. We went through many ups and downs during our time together.
The ImageFIRST franchise allowed me to give back to the community with the time to become a firefighter, regional USAR member, and eventually the fire department’s chief. What is your passion that a 9-5 job does not allow you the time to pursue?
Needed in your community –
There is a glaring need for the franchise’s services and products. Maybe your favorite gym is a 30-minute drive, or the local home handyman isn’t as reliable as they could be. Talk with your neighbors or local chamber of commerce to discover what services they want.
Stability –
Control of your future. Break free from the ups and downs of corporate life. In 6 years with a Fortune 300 company, I saw multiple layoffs and restructures, usually resulting in middle managers making a substantial salary and being terminated. In my 20 years of owning the ImageFIRST franchise, we never downsized.
Two of my current clients were recently caught up in their long-term employers’ downsizing efforts. Their skills are focused on their employers’ needs, and they are not prepared for the job market.
Begin your exploration now, and avoid needing to own a franchise as compared to starting your business on your terms.
Investment in yourself to grow generational wealth –
You have skills, maybe built teams, and the confidence in your abilities and work ethic to improve daily. Use these skills to develop your societal impact and wealth instead of building your employer’s.
The first step is to figure out how your past experiences add value to your business ownership and find your purpose for starting your business in franchising.
What is your motivation owning your business? I’m eager to learn more. Contact me today and let’s talk about your business ownership aspirations through franchising
Take the entrepreneurial quiz and contact me today using the link in the comments; there’s no additional cost to work with me. The initial investment to start your franchise is the same. The process usually takes 3-6 months, depending on your time frame, to discover your “why,” sort through the many brands, obtain financing, and answer your questions through due diligence with the franchisor.
