The franchise industry has something to offer almost anyone. Whether you are an independent business owner looking to purchase a company with better support or a CEO wanting a change of scenery, franchising is a booming industry. According to IFA, the overall number of franchise establishments is estimated to increase by almost 15,000 units this year, adding approximately 254,000 jobs. The industry is expected to see an economic increase of about 4.2%, or roughly $860.1 billion this year. This is an increase of $34.7 billion over 2022.
While franchising does have benefits for many entrepreneurs, it isn’t for everyone. Just like in any other industry, it differs from person to person. Many of the indicators of an excellent franchisee lie in the mindset of an individual. Are they hardworking? Are they willing to learn? Do they have long-term goals to aim for? These are all quality questions to ask yourself when considering a change to the franchise industry.
But there are three main indicators that will help you decide whether joining a franchise is right for you.
Control Your Own Destiny
One of the most common reasons people join franchises is to control their destiny and be their own boss. For many, the teenage years include your first job. While this is a responsible thing to do at a young age, many individuals dream of being their own boss one day. Being your own boss creates autonomy, allows you to build your own schedule, determine the direction of your company and much more. The first indicator that you are ready to join a franchise is the drive and determination to be your own boss and control your destiny.
Open to Company Support
One of the biggest advantages of owning a franchise is the support systems they have to offer. When running an independent business, the burden of discovery rests on the shoulders of the owner. It’s up to the owner to discover the best processes, marketing strategies, technology for better efficiency, and many other issues. When an entrepreneur joins a franchise, the franchisor already has solutions for these issues. The franchisor will provide the necessary training needed to help you succeed as an owner while also providing marketing tools to get your business off the ground and running. In addition, many franchisors have innovative technology geared toward providing support for franchisees. If you are open and seeking support from a franchisor, that’s a great indicator that you are ready for franchising.
Build Wealth and a Family Legacy
Entrepreneurs go into business for themselves for a variety of reasons. Two of those reasons are to build wealth and create a family legacy. Franchising provides an opportunity to do both. When it comes to building wealth, franchising lowers the amount of risks needed to build revenue – although there is still plenty of hard work and dedication needed to be successful. Once you’ve developed a successful operation, there are multiple ways to scale your franchise to create even more wealth. For example, being a multi-unit franchise owner gives you multiple operations to develop monetary profit while continuing to build a stronger and larger customer base.
In addition, profitable businesses can be passed down from generation to generation. Whether it’s passing the company down to your child, cousin or even a grandchild, franchises allow you to easily transfer the business to create family legacies. For PostNet, we’ve had several instances where a franchise continues to be passed down from generation to generation, and we welcome it. The desire to build wealth or a family legacy is a terrific indicator that you are ready for franchising.
Are You Ready to Join Franchising
While franchising is all the buzz due to its success rate, it’s important for entrepreneurs to make sure they are ready to enter the industry. Owning a franchise offers multiple benefits, but it’s vital to have the right mindset upon entering the industry. If you are ready to be your own boss, embrace franchisee support and build wealth, there are strong indicators that you have a future in being a franchise owner. But having those desires isn’t enough. You must also have the determination, hard work ethic and business goals to succeed in the franchising world. If you are an entrepreneur that has all of these, consider researching franchising opportunities near you.
Bill McPherson is the vice president of franchise development for PostNet, a global leader in high-quality printing and shipping solutions, and AlphaGraphics, a leading franchisor of printing and marketing solutions. With over 29 years of franchise leadership, he has led franchise development and real estate for B2B, B2C, retail, and in-home senior care concepts.
For more information, visit https://postnetfranchise.com/.