If you haven't heard of a franchise or you simply know very little about franchising, just take a look at your local McDonald's. Have you ever wondered why you might get a $1.99 happy meal deal on Tuesdays and Thursdays at one local McDonald's but not at another local McDonald's?
The answer is simple: it's a franchise business.
A franchise is a business whose branded outlets are located in numerous locations but each one has a different owner. Not merely a different management system or manager, but a different owner. Using McDonald's as an example, all McDonald's restaurants are different because they are a franchise restaurant owned by different people.
The people who invest in a franchise tend to become very wealthy. The reason is that the company typically has a nationally recognized name and is well-liked. As the owner of a piece of this franchise, you are eligible to rake in all the profits and make all the decisions. It's a great business solution.
Franchises broaden your horizons
Ines Turu is the owner of Cruises International. After running her business for nearly 30 years, she decided to turn it into part of the Expedia cruise franchise. This gave her the ability to broaden her horizons on her own terms.
Had she not gone the route of franchising her cruise business, she'd likely still be successful. However, her franchise allowed her to increase her employee base from 20 to 120, which enabled her to conduct more marketing and make bigger changes. The best part is that she is raking in the big bucks without having to put in any additional time of her own.
It gives you a jump start
Whereas most people who start their own business are required to do so from the ground up, purchasing a franchise offers you a head start. You are investing in an already established business, which allows you to make money immediately.
You know your capital is going somewhere successful, because franchises are already popular and well-liked. The hardest part of starting your own business is already done: you have a business that already reaches millions, you just have to keep it going.
After graduating from college, Ron Zick decided a franchise was the way to go. His passion for birds and bird-watching prompted him to buy into a bird-feeding franchise that has allowed him to grow his brand and even start his own line of bird seed.
Franchises come in all shapes and sizes
McDonald's restaurants and chain stores aren't the only franchise opportunities available. Greta Fowler began her own franchise when she realized that the education system her children were being subjected to did not work for all children.
Researching different educational models enabled Fowler to find a franchise that caters to children with social, emotional, and behavioral problems that affect their academic performance. They bought into the franchise, made millions, and still found a way to do something meaningful for the world.
Buying a franchise
When it comes to buying a franchise, you should have all the available information. This means researching the kind of business you want to own and considering how to invest your capital. One of the biggest tips the most successful franchise owners have to offer is to invest in a franchise about which you are passionate.
Franchise ownership offers you a unique way to turn a quick profit, become wealthy, and provide a stable financial future for yourself and your family. Buying into a franchise is a great way to start your own business, because the toughest part of the work is already done.