All you have to do is read the growth projections for the franchise sector of the economy to think maybe you ought to start investigating the purchase of a franchise business of your own.
Franchising looks very good, indeed, going into 2016, and while opportunities abound in this healthy economic sector, to be successful, you have to follow the program.
For most entrants into franchising, that’s the whole attraction. A franchise comes with time-tested systems for everything from marketing to employee relations that help you achieve success. The catch: You have to follow the system for it to work!
Still, every year I work with new franchisees who like to flex their creative muscles as entrepreneurs and try to tweak a few things on their own. While I try very hard to discourage this attempt to reinvent the tried-and-true, some persist. Invariably, they soon realize the mistake and, unfortunately, may have to pay the price with a hit to their bottom line.
For those of you who are ready to purchase a new business, where the backroom is full of experts who have been operating this business profitably for years, a franchise can be just the ticket. Just look at the numbers.
The International Franchise Association projects a 3.1% growth in jobs in the franchise sector for 2016, the sixth consecutive year of growth for franchise businesses, exceeding the economic growth for all businesses economy-wide. Total output for franchise businesses are also projected to increase a rosy 5.8%. The franchise business amounts to approximately 3% of U.S. gross domestic product.
The opportunities for a business of your own with a franchise are wide and deep and comprise far more than fast food and retail. In fact, business and residential services can be a great match for many looking to break free of corporate America. The cost of entry tends to be lower and you can earn a good income and take control of your career.
So if you like the idea of following a system perfected over time, stop sitting on the sidelines and start researching a new franchise right away.
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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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