Join me and the “What’s Your Plan B?” Executive Development networking group for this informative, interactive online discussion.
Am I Cut Out for Self-Employment?
Thursday, June 24th
8:00 am ET (45 min + Q&A)
FREE event (join at 7:45 am for networking) RSVP – click here
While the autonomy and flexibility of self-employment are appealing, how can you know if it’s for you? Can you achieve your desired success as your own boss? What are the risks and rewards? What are your available options? If you are considering self-employment, or find yourself at a career crossroads, this session will answer:
Common traits of successful, happy self-employed professionals.
Pros and Cons of Acquisition, Consulting, Franchising, and Start-ups.
Affordable funding options.
Free resources for new business owners.
The COVID-19 impact for considering starting a small business (benefits and challenges) will be discussed.
Want to chat with me now? Please use my scheduling link to choose a time to take my call: https://calendly.com/leslie_kuban
To your success,
Leslie
When you hear the word “franchise,” what image pops up? Most likely, it’s a fast-food chain; and, even more likely, it’s your favorite fast food. Is it time for lunch yet?
If you’ve dismissed franchise ownership because you don’t want to flip burgers or make sandwiches, you’re missing out on a vast world of opportunities.
Yes, the number of franchises in quick-service restaurants continues to grow, but these are by far not the only successful option. According to FRANdata, an independent research company for the franchising sector, there are more than 230 different industries represented in franchising; and, additionally, 200 new brands enter the market each year.
You may think most of these businesses are run by small independent owners or large corporations. Not true. Let’s take a closer look at 10 out-of-the-box categories crushing it in franchising.
1. Coworking Spaces
Responding to the increasing trends toward shared services, remote working, and short-term fractional work, more small businesses, and larger companies are opting for co-working environments over traditional brick and mortar leases. Can you say, “recurring revenue?”
2. Yoga and Dance
The boutique fitness industry is exploding and now yoga and fitness dance concepts are making their mark. Drivers include the demand for fun fitness activities in a community setting coupled with the high costs of healthcare.
3. IT Services
From cyber-security to strategic growth initiatives, managing your company’s IT services can be a huge headache. Outsourcing overseas often provides lackluster service. Businesses want trusted, local expertise they can count on for the long-term.
4. Drug Testing
It’s hard to imagine a private or public-sector employer without a substance abuse policy. The demand for reliable, fast, accessible testing options is intensifying.
5. Swim Lessons
When I was a kid, my parents taught me how to swim by tossing me in the neighborhood pool. Times have changed and parents are demanding more effective and healthier methods. Not just about learning to swim, the franchises in this category are addressing a safety need in underserved communities.
6. Nail Salons
Perhaps the best example of an industry once dominated by small, independent shops is nail care. The demand for more sophisticated, experienced-based nail care is driving growth. Franchising has nailed this industry with clinically clean, semi-absentee, multi-unit opportunities.
7. Retail Resale
We’re not talking consignment shops. Franchising is transforming the resale market by offering gently used specialty items at affordable prices. The sweet spot of this niche lies between expensive retail stores and low-quality, second-hand thrift.
8. Music Instruction/Enrichment
Music is more accessible than ever; yet, traditional schools are still reducing fine arts programs, thus, driving the demand for quality music instruction and enrichment. Gone are the days of the old-lady, piano teacher. Franchising has turned up the volume on music instruction, making it fun and cool to learn.
9. Tree Removal and Care
In my neck of the woods, trees are everywhere. Care and removal of trees is no longer a business for “Chuck in a Truck” (with a chainsaw) in this $17-billion industry. This is a classic example of franchising bringing professionalism and systematization to a fragmented, high-demand service…and reaping the rewards.
10. Digital Marketing Consulting
The majority of businesses in America are small businesses with a small marketing staff and even smaller marketing budgets. It’s no wonder B2B franchise models exist across the globe to assist businesses with their online marketing strategy and execution.
Because there is such an abundance of profitable franchise ownership opportunities that exist outside of fast food, me and 14 of my friends got together to dispel that myth in the Amazon bestselling book, More Than Just French Fries.
You too can grow a profitable business through the franchise model and it doesn’t have to cost a fortune or take up all your time. Semi-passive business ownership is accelerating as families look to side-gig options for a more secure future. I recommend that anyone exploring franchise ownership keep an open mind and consider a variety of different businesses in different industries, even the ones that surprise you.
If you’ve dismissed franchise ownership because you don’t want to flip burgers or make sandwiches, you’re missing out on a vast world of opportunities.
Leslie Kuban is a nationally recognized franchise industry expert, CFE (Certified Franchise Executive) and Market President of FranNet in Atlanta; a locally owned and operated franchise consulting firm. Leslie and her team have helped close to 500 individuals and families achieve their dreams of business ownership through a no-cost, extensive educational and coaching process.
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Contributed by Leslie Kuban, President of FranNet in Atlanta
Michelle and Ryan Kinsley are a dynamic young couple who always envisioned themselves as business owners. They were focused on finding a business that would be right for their newly growing family but overwhelmed with so many options. With Ryan’s background as a government analyst, he knew how to do the research, but decided he needed someone with the right franchising experience to help.
In just four months’ time, Ryan moved to a new city, bought a new house, welcomed his first child and invested in his family’s future through franchise ownership. How DID he do it?
What drove you to make the leap from a seemingly secure career position to the entrepreneurial unknown?
Ryan: My wife, Michelle, and I had been married for about a year. We were still living in a 1-bedroom apartment in downtown Atlanta when we found out that we were expecting a child. We realized that we needed to make some life decisions quickly so that we would be ready when our child arrived. At the time, I was extremely burned out in my position with the government. I had been reading books for over a year on franchising and small business. After talking with my wife, I decided to reach out to FranNet to explore franchise opportunities.
What were the most important factors in deciding on the business you ultimately chose?
Ryan: With a child on the way, Michelle and I knew we wanted to get out of the hustle and bustle of city life. We both grew up in medium-small cities in Georgia, so we wanted to raise our child in a similar environment. Finding a business that would work in one of our desired areas was a major factor. I also wanted to find a business that would allow me to attend my child’s activities and life events. Finally, finding something with somewhat traditional work hours so that I was not always working when my wife and child were at home.
You and Michelle just welcomed your first child…how did you think about the timing of starting your family and the timing of going into business for yourself?
Ryan: We bought our first house, started a business, and had a child all within four months. We joke that if our marriage survived that, we can make it through anything. As I mentioned, the baby was a driving factor in getting this business started so I wanted to get everything up and running as far in advance of the baby coming as possible.
How are you managing so much change at once – a new business and a new family member?
Ryan: As the owner of Monster Tree Service of Athens, I tell everyone that all my time is now spent with either the big monster or my little monster. I put a lot of time into running my business and raising my child, but I don’t do it alone. I made sure to hire experienced, driven employees who are self-sufficient and can troubleshoot many of their own problems. Because of this, I am able to focus on the most important issues in growing a company. It goes without saying that I couldn’t do any of this without Michelle and the support of our friends and family.
What advice would you give to young families like yourself wanting to start their own business?
Ryan: Be sure to do your research! I can’t stress that enough. Read books, talk to business owners, contact a franchise consultant, and find the end of the internet before you commit to starting your own business. The right franchise consultant will help you find the right fit for you and your situation. I reached out to Leslie Kuban at FranNet of Atlanta because she has many years of experience in the industry, knows my local market and is a franchisee herself. She took my wants and needs and generated a short list of opportunities that she felt would fit my goals. She never pressured me in any direction, and she was always available to help with any concerns I had.
“You will be scared,
but you will also know when you have found the right opportunity for you.”
Do you think he was talking about franchising, new home ownership or the joys of his new family? Perhaps all of the above. Happy Father’s Day from FranNet!
If you’d like to explore whether business ownership is right for your family, give us a call today at 770-579-3726 or take our free Readiness Assessment at frannet.com.
Leslie Kuban is a nationally recognized franchise industry expert, CFE (Certified Franchise Executive) and Market President of FranNet in Atlanta; a locally owned and operated franchise consulting firm.
Leslie and her team have helped close to 500 individuals and families achieve their dreams of business ownership through a no-cost, extensive educational and coaching process. Her personal experience as a franchise owner provides a unique perspective to help her clients assess their real opportunities, risks, and timing to make sound decisions.
