Issue link: https://nebusinessmedia.uberflip.com/i/527454
6 • June 2015 Total investment levels can start as low as $20,000 all in, so you don't need to be a million- aire. Franchising has grown to be a $9 billion industry and accounts for more than 5 percent of the U.S. gross domestic product. Why franchising? According to the Department of Commerce, franchises enjoy a much higher success rate than independent businesses. The franchise operating system has been developed and proven, providing significant training and support by industry experts. They provide marketing tools, and some have regional or national advertising. A franchisee is in business for him/herself but not by himself. If you are thinking you want to be a successful busi- ness owner, your odds increase dramatically in a franchise. What is franchising? It's a proven method of distributing products and services utilizing local business owners. Most franchisees experience quicker ramp-up to profit- ability and require less working capital. Franchisees do pay an initial franchise fee and there is a bind- ing contract. Research is the key. If you decide to look into franchising, we'll help you get all the facts up front. Who is a franchisee candidate? It is someone like you … a person escaping from corporate America, a current business owner looking to expand or add an additional revenue stream, someone who wants to keep their job and have a business on the side — and anyone who wants to build financial security. Franchisee can- didates are people thinking about business owner- ship who want to explore all their options. Hire a coach. A franchise coach can be invaluable is deter- mining the right franchise to purchase. They get to know their clients, using testing and assess- ments to understand their strengths, weaknesses, and their business and transferable skills. Coaches also provide free education about business owner- ship and what it takes to be a successful business owner. A professional qualified franchise coach can provide a trusted environment for the research and exploration process, which can dramatically increase the chances of making the right decision in selecting a franchise entity. A franchise coach will dramatically narrow the field from thousands of options to a handful that makes sense, depending for each client's unique situ- ation. A coach also helps explore funding options. Franchises models differ greatly in many ways, and the best approach is to research with a professional franchise coach. Do not go it alone. Get the facts and data to support your final decision. Franchise coach- es offer their services at no charge. If you are thinking about business ownership, it's time to give franchising a closer look. n Suzanne Gray and Ken Picard Franchising: The alternative method of business ownership Ken Picard M ost of us think franchising is just about fast food and coffee — it's not! Franchising is a method of distributing products or services. It's likely you are doing business with franchise com- panies and may not even know it. Why? Because franchises are found in almost any industry imaginable; in fact, they are in more than 75 different industries. They are home based, office based, mobile, retail and light manufacturing. They may specialize in business/residential services, education, senior care, coaching and consulting, staffing, auto, health care, real estate and (let's not forget) fast food!