Why Are People Drawn to Franchising?
Why Are People Drawn to Franchising?
Individuals are attracted to franchising for a number of reasons. Though these reasons vary from person to person, we’ve learned over the past twenty years that most people are attracted for one or more of the following general observations:
Control Issues. Many prospective franchisees are driven by the frustration they’ve felt in past employment situations where they didn’t have enough control of their work environment to influence results in the manner they desired. Perhaps they had a micro-managing boss, a parent corporation that wouldn’t listen, or something comparable. In any case, they are drawn to the idea of being their own boss, having the final say in relation to business decisions, and being able to accept either the credit or the responsibility for whatever outcome their business produces.
Economic Need. In the past 15 years, we’ve seen an increasing trend in large corporations to displace experienced managers in favor of less experienced (and therefore less expensive) workers. This dynamic has created a pool of experienced managers in the 45-60 year old age bracket who have found it quite difficult to gain employment comparable to what they had before. In many cases, they cannot afford to retire and need to create a replacement income for a period of time. More and more, these experienced managers are being attracted to franchising as a vehicle to accomplish this goal without the fear of having to go through another “down-sizing” again in the future.
Lifestyle Issues. Another major attraction for many prospective franchisees is related to lifestyle issues. We see a steady stream of potential investors who talk about their desire to reduce business travel, job related stress and the number of hours they work per week. They often also want to find businesses with down times at certain points in the year so they can take more time off with their families or for other leisure activities. The advantage of franchising for these people is that there are so many options to choose from they are undoubtedly able to find an opportunity that matches their desires.
Wealth Creation Goals. Many of our prospective franchisees have figured out that though their work efforts may be creating a significant amount of wealth, in most cases they are not sharing directly in the wealth they are creating. They will put in their forty plus years and then retire on whatever they’ve managed to save plus Social Security. Many investors are attracted to franchising because they understand that their efforts have the potential to create significant amounts of wealth and they will be the ones who own the wealth that is realized when it comes time to sell the business they’ve built.
Though there are other reasons that an individual might be attracted to any given franchise opportunity, one or more of these four reasons will almost always be present.
To further the self-examination necessary to make a decision, interested individuals needs to spend some time exploring their motivation for wanting to become a franchisee. If it is not possible to achieve whatever your goal is through a specific franchise it is best to determine that early in the process so you don’t waste time. A better, more informed decision will be the result.
Why Are People Drawn to Franchising - To learn more about this author, visit Lori Kiser-Block's Website.
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One of the universal questions asked by anyone looking to join a franchise is, “Why are prospective franchisees attracted to a franchise?” The answer lies in the understanding of what motivates personal decisions, particularly a decision that involves a significant investment.
Individuals are attracted to franchising for a number of reasons. Though these reasons vary from person to person, we’ve learned over the past twenty years that most people are attracted for one or more of the following general observations:
Control Issues. Many prospective franchisees are driven by the frustration they’ve felt in past employment situations where they didn’t have enough control of their work environment to influence results in the manner they desired. Perhaps they had a micro-managing boss, a parent corporation that wouldn’t listen, or something comparable. In any case, they are drawn to the idea of being their own boss, having the final say in relation to business decisions, and being able to accept either the credit or the responsibility for whatever outcome their business produces.
Economic Need. In the past 15 years, we’ve seen an increasing trend in large corporations to displace experienced managers in favor of less experienced (and therefore less expensive) workers. This dynamic has created a pool of experienced managers in the 45-60 year old age bracket who have found it quite difficult to gain employment comparable to what they had before. In many cases, they cannot afford to retire and need to create a replacement income for a period of time. More and more, these experienced managers are being attracted to franchising as a vehicle to accomplish this goal without the fear of having to go through another “down-sizing” again in the future.
Lifestyle Issues. Another major attraction for many prospective franchisees is related to lifestyle issues. We see a steady stream of potential investors who talk about their desire to reduce business travel, job related stress and the number of hours they work per week. They often also want to find businesses with down times at certain points in the year so they can take more time off with their families or for other leisure activities. The advantage of franchising for these people is that there are so many options to choose from they are undoubtedly able to find an opportunity that matches their desires.
Wealth Creation Goals. Many of our prospective franchisees have figured out that though their work efforts may be creating a significant amount of wealth, in most cases they are not sharing directly in the wealth they are creating. They will put in their forty plus years and then retire on whatever they’ve managed to save plus Social Security. Many investors are attracted to franchising because they understand that their efforts have the potential to create significant amounts of wealth and they will be the ones who own the wealth that is realized when it comes time to sell the business they’ve built.
Though there are other reasons that an individual might be attracted to any given franchise opportunity, one or more of these four reasons will almost always be present.
To further the self-examination necessary to make a decision, interested individuals needs to spend some time exploring their motivation for wanting to become a franchisee. If it is not possible to achieve whatever your goal is through a specific franchise it is best to determine that early in the process so you don’t waste time. A better, more informed decision will be the result.
Why Are People Drawn to Franchising - To learn more about this author, visit Lori Kiser-Block's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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