Aug 2, 201811:28 AMOpen Mic
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5 surprising facts about franchising
For entrepreneurs who want to start their business without the stress of going at it alone, a franchise will offer a support system and recipe for success. Franchise ownership is quickly becoming America’s preferred way to start a business. When it comes to the industry, here are five facts you might not know.
1. Veterans excel in the franchising industry.
Franchise ownership is a popular post-military career for many of our nation’s veterans. In fact, according to Franchise Help, approximately one in seven franchises in the United States are owned by veterans. Military training carries over seamlessly into franchising, equipping veterans to be mission focused and have the ability to run their business under a tight operation system.
Veterans interested in the industry have access to many resources, including information about discounts on initial franchise fees, through the International Franchise Association’s VetFran program, a long-standing program designed to support veterans in franchising.
2. Seasonal franchise concepts can, in fact, be lucrative with proper planning.
While some seasonal businesses struggle with profit margins during their offseasons, seasonal franchise concepts set up owners for success by providing a strong framework of resources for offseason marketing and planning.
3. Many professional athletes go into franchising.
Many professional athletes choose to go into franchising upon retirement from their sports careers. Not only is franchising a smart investment for their financial assets, but many professional athletes are able to turn their “personal brand” into profit through business ownership by using their athletic background and fame as a branding tool. Pro athlete franchisees are a huge asset to franchisors, too — who wouldn’t want Derrick Rose or Drew Brees to endorse and be the face of their business?
4. Franchise investments are becoming more common among retired baby boomers.
In order to build upon retirement savings after leaving their corporate careers, many baby boomers are starting second careers in business ownership by investing in franchises, effectively trading “traditional” retirement for the opportunity to diversify their investment portfolios.
5. Millennials are revolutionizing the entire franchising industry.
Millennials today are using social media strategy to change the way that franchise concepts are marketing their respective brands and value propositions. As a generation known for communicating differently than all others before them, millennials offer a louder voice and stronger platform in creating relevancy and in connecting investors, owners, and employees to the brand in a new fashion.
Meg Schmitz is a senior franchise consultant at FranChoice.
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