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Franchise Business: Right Time For Career Change?

Guest post by: Cory Barber

Article Overview: Given the current economic status, you may be wondering about whether your plan to buy a franchise is a good decision. Maybe you're in a corporate job and are fearing the axe. Or perhaps you are simply no longer challenged in your present position and are ready to venture out on your own and follow a proven system, but are hesitant to give up "job security". Well really, is there such a thing as job security?

Franchise Business: Right Time For Career Change?

Given the current economic status, you may be wondering about whether your plan to buy a franchise is a good decision. Maybe you're in a corporate job and are fearing the axe. Or perhaps you are simply no longer challenged in your present position and are ready to venture out on your own and follow a proven system, but are hesitant to give up "job security". Well really, is there such a thing as job security? Whatever your reason, the decision to buy a franchise is a very calculated risk. Regardless of any economic challenges, the growth of franchising continues to be strong, and a great option for those who want to operate their own business. Franchising provides motivated, new business owners the best possible chance of succeeding with the least amount of risk. Industry experience is not required to operate a franchise. I've consulted with numerous clients who are simply tired and bored with their white collar, techie jobs and want something completely different and challenging. One was an electrical engineer who ultimately decided he was completely passionate about pet grooming and chose a franchise in that category. The point is, because of its nature, franchising allows for a complete career overhaul for an individual wishing to change paths.

Although certain risks do exist in franchising, as in any business, there are many franchise concepts that are recession proof and some actually thrive in a weaker economy. Any franchise with a solid track record will easily survive, and some even flourish, during down times. Keep in mind that the bad economic condition is temporary and when it turns around, your business will grow even stronger.

Franchising remains one of the fastest growing segments of the American business economy and will continue into the future for many reasons. People are unhappy with the corporate world because of massive layoffs and office politics. Business ownership is increasingly appealing to women and minorities, and many are looking at franchising.

Franchising continues to evolve and improve as a concept and in reality. There are more opportunities for the creation of wealth for the franchisee, as well as the franchisor, than ever before. The future of franchising is as bright as ever, even in a dim economy, and remains an excellent vehicle for allowing you to achieve your financial and personal goals.

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Article Tags: buy a franchise, cory barber, franchise business, franchise concepts, franchise consultant, franchise owner, franchisee, franchising



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My entry - 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read - this is a fascinating book about the history of Business theory, and I'd recommend it to anybody. 2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto. 3. PADI: The Business of Diving Book Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
Re: Enticing Franchises - Top 9 List - All Franchise listed above are in millions of dollars. Do you have the list of Franchise in thousands
Re: Info for would be franchisers... - [quote="Sebastien":1d29sdv1]Like Franchise Times, Franchise Update is a very practical magazine. There is no blah blah, just straight facts that anyone in the franchise community can relate to. I just want to mention that all these magazines are NOT franchisee oriented. I mean these magazines are for franchise professionals. If you're looking to buy a franchise, you won't find much information in there. To answer your question, getting published in Franchise Times was fairly easy. I don't want to brag too much but I think I am known in the franchise industry. I was the marketing guy at Franchise.com for a few years before joining my new company, the World Franchising Network. So people know me and I have a very good relationship with Nancy Weingartner, the Managing Editor at Franchise Times. I was talking with her at the last Franchise Expo South in Miami and she mentioned she'd like me to be profiled. I was like "ok, sure!". I like this franchise executive profile thing in Franchise Times as it is rarely BS. People are usually really natural in there.[/quote:1d29sdv1] Thanks for the follow up Sebastien! And I can't say that I'm surprised that networking with the right people and managing your relationships with them properly are the keys to being published. I guess the old adage holds true of "it's not who you know, but who knows you" that's important.
how much for a franchise fee? - Dear Colleague There is no easy answer to this question. Things to consider: [list=] The sizeof the Franchise Clent base Expected Turnover Intellectual Property costs (recoup) Number of Franchises Number of employees Original Set up costs Franchise admin costs An example: A franchise that I was involved in setting was to a simple "lawn mowing/home repair" franchise. The Franchise included national/local advertising - preparation of client lists - general admin - central accounting etc The Franchise involved 300-500 clients - and an annual turnover of about $300,000 . The annual franchise fee was $30,000. Hope that this gives you some idea Take care Ian[/list]
Fed rate cuts . . . - So just what do the newest Fed rate cuts mean to Franchise and Business Opportunity investing? Is it immediately felt? What timeframe do you think, or rather, where are we in terms of new vs. existing business investment? A similar question can be composed for the economic stimulus checks - will they a have any effect if consumers spend a little $$


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