With the economy showing renewed strength, 2015 may be as good a time as any to go into business for yourself.
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For career changers, a franchise might be just the ticket into entrepreneurship. The trajectory for franchises continues upward, particularly for the business services category, which leads the pack for projected growth in 2015.
Employment in the franchise sector is expected to continue strong with a projected growth rate of 2.7% in 2015, according to the International Franchise Association’s fall forecast update.
The growth of the number of establishments of business services — which includes signs & banners, direct mail, and employment services — continues to outpace any other franchise sector at 2.6%, as does its growth of employment at 4%.
5 Easy Steps For Learning More About Franchising
So, as you come to that time of year where you’re thinking about New Year’s resolutions, you might want to acquaint yourself with the world of franchising.
1. Understand There’s Far More Than Fast Food
From temp staffing to real estate, tutoring to senior care, and haircuts to weight-loss centers — to list just the tip of the iceberg — franchising offers a career to suit nearly everyone’s interests and expertise.
2. Delve Into The Possibilities
Start looking around to notice the array of business types and services that have popped up to serve the evolving needs of our economy. What do you wish you were doing with your days? There’s probably a franchise for you. Check out the International Franchise Association at www.franchise.org, where you can connect to lists of franchise types, as well as a bounty of other resources.
3. Read A Few Franchise Disclosure Documents
To learn more about the finances of a franchise, everything from the background of the executives, franchise fees and other costs of buying the franchise, the franchisee’s obligations, as well as a full list of franchisees, read the Franchise Disclosure Document. Franchisors are required by law to provide to prospective franchisees these details — a virtual roadmap to the business unavailable for folks starting up their own independent businesses. About a third of franchisors even provide information about financial performance — see Item 19.
4. Visit A Few Franchises
You want to see how well the operations hum. Do the employees appear to be working, well-trained, and focused on contributing to the bottom line? Or does the staff appear lackluster, not well-trained, or lacking an interest in the business? You know a well-oiled machine when you see it.
5. Talk To Franchisees
Your best resource bar none, franchisees can tell you from experience how well the franchisor’s services match the hype. Many will even share some of their financial information, such as how long it took to start operating in the black, how much you might realistically be able to earn, and so on.
About the author
Ready to make your dream of becoming an entrepreneur come true? Get your free evaluation today! Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a business coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at [email protected] or at (484) 278-5489.
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