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How to Get Started in Franchise Development — 3 Paths Forward
Daniel Hayes
Consider the advantages of owning your own business: the ability to act as your own boss, set your schedule, and exercise control over both your financial stability and lifestyle.
This goal is attainable. It is not an unrealistic aspiration or reserved for others alone.
Consider Franchise Development
At first, owning and operating your own business enterprise can definitely seem like an insurmountable task. And yet, the number of franchise establishments has been steadily on the rise since 2013.
Every day, ordinary people with big dreams are delving full-throttle into franchise development. Why? Because they understand that financial independence is possible through this relatively simple system.
Why Franchising Works
As many ambitious and thoughtful entrepreneurs know, starting your own business does not have to mean starting from scratch. Franchise development allows you to license a brand in order to run your own branch under the umbrella of that larger, high-profile licensor.
Say you have a passion for foodservice. You don’t need to cook up your own restaurant from nothing. Instead, why not consider franchise development by licensing your own well-known restaurant brand? If you open your own McDonald’s, for example, you immediately reap the rewards of brand recognition. And for a franchise fee of a mere $45,000 investment, you’ll evidently turn around — according to a recent report by Business Insider — an average of $2.7m per year at your store.
While a staggering 60% of all restaurants fail in their first year, you could be bringing in nearly $3m by simply choosing franchise development over scraping together a new startup. You can essentially partner with any major brand that resonates with you and your potential customers — in this example, that partner being one of the most popular restaurants in history.
And this potential for explosive success isn’t limited to foodservice. Across any industry, that’s the kind of success you can find by investing in franchise development instead of striking out on your own.
3 Ways to Get Started in Franchise Development Today
Ready to leverage the established brand awareness and tried-and-true economic strategies built into your favorite franchise? Consider these paths toward franchise development success:
- The semi-absentee owner model. In this case, you, as the franchisee, purchase one or more licenses to establish your territory. Then you open and operate the locations with the assistance of trustworthy managers to keep things running smoothly on-site.
- Selling purchased licenses for a percentage. This strategy permits you to acquire a chosen number of licenses before opening a “pilot unit” as a showplace. You can then sell the remaining licenses to be opened under different management, receiving a pre-arranged percentage of the franchise fee and a portion of the royalty from the deal made with the licensor.
- Selling purchased licenses without opening a physical location. This model is like the second in so far as the franchisee purchases X-number of licenses and sells them for a pre-arranged percentage of the franchise fee and a percentage of the royalty. However, with this model, the franchisee is not required to open a unit. This is considered “old school.”
There are pros and cons to each of these paths. Fortunately, working with a knowledgeable franchise consultant can empower you to evaluate the possibilities and choose the best strategy.
Ready to jumpstart your own franchise development opportunity? Hundred Acre Consulting (HAC) is here to help. With years of experience, we can help you select the perfect franchise to match your goals and skillset. Just contact our team today and we’ll put you on the path to franchise success!
Many aspiring business owners are drawn to franchise ownership for its higher success rates, thanks to specialized support, a recognizable brand, and an established business system. However, running a franchise still presents challenges. Many new franchisees are unaware of additional resources available for support, such as financing options, educational opportunities, or consulting with a franchise expert.
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As a Certified Franchise Consultant (CFT), I assist clients in understanding the franchise industry and reaching their business ownership aspirations. My clients benefit from my advice, education, and coaching services. I introduce them to businesses that align with their backgrounds and ambitions, helping them determine whether becoming a franchisee will help them achieve their goals and is suitable for them personally. The mission of Hundred Acre Consulting is to promote community and economic development by aiding families and individuals in achieving their dreams of business ownership. I do that by starting with a portfolio exceeding 800 franchised brands across 78 industries. Hundred Acre Consulting is a comprehensive, certified franchise consulting and referral firm serving clients in the United States, Canada, and 80 countries around the world. My approach is unique as I focus on my clients’ lifestyle goals and financial objectives. I assist my clients in evaluating whether franchising is a viable option to meet their absolute goals and objectives, and if so, which business models would be most effective. For me, understanding the client's reasons comes first, followed by how they can achieve their goals, and finally, what the business does. I began consulting in the nonprofit, entertainment, and franchising sectors in early 2008. Since 1983, I have been coaching emerging and established enterprises and organizations in both the private and public sectors, focusing on business development and contributing to economic and community growth.
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Y ou’ve finally signed the paperwork, and you’re officially a franchise owner. Or perhaps, you’re still in the process of discussing franchise opportunities with a franchise consultant. Either way, you should know that your first year in business as a franchise owner won’t be easy. Franchisors might try to tell you that it’s smooth sailing in the beginning, but the first year of franchise ownership is generally the most difficult. It will take time for you to grow a consistent customer base, the work hours will be long, and retaining staff will be challenging.
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Becoming an entrepreneur can be an exhilarating experience. There’s nothing more rewarding than owning your own business. However, owning and operating a franchise differs in many ways from running an independent company. The responsibilities franchise owners face are unique because you benefit from working with an established brand instead of being an independent operation. Here, you begin with a proven business model that has gone through the trials and errors of business ownership and emerged victoriously. Success can be as easy as fulfilling the responsibilities of a franchise owner and demonstrating a passion for your new entrepreneurial path. Consider these everyday owner responsibilities to help you be successful on your new career path.
BBecoming a business owner is a dream that many people hold. When it comes time to decide what type of business you want to own, you should consider whether owning a franchise is for you. Buying a franchise gives you a proven and effective business model along with a credible brand, eliminating many of the risks that come with opening a non-franchise business of your own. But how do you decide which franchise to purchase? A franchise purchase is a significant decision that should not be taken likely. This is where a franchise business consultant comes in.
Franchises are a different breed of business investment. They offer an established business plan with proven results and an unparalleled support system. It’s a wise investment for those looking to dive into the business world while mitigating some risks. It is also proving to be a great business venture for millennials. For millennials interested in entrepreneurship, owning a franchise could be the start of a storied career in business ownership. With their creative and can-do spirit, millennials can be the perfect fit as a franchisee. Read on to learn why
Sometimes when entrepreneurs start on the path to franchise ownership, they focus too much on profit-building and not the big picture. The big picture, in this case, is having a franchise exit strategy. Yes! Before you can consider the beginning of your career in franchising, you must consider the end. A franchise exit strategy enables a business owner to minimize or liquidate their interest in their franchise location(s) while still making a significant profit.
Imagine you are an entrepreneur looking for the ideal franchise opportunity to invest in when you come across a low-cost franchise. The appeal of the cost buy attracts you most, but the question that pops up in your head is whether it is a good idea to invest in a low-cost franchise. We say yes.
Every industry has its myths, including franchising. So, as you consider buying a franchise, a question you may have is how do you know what franchise myth to believe and which ones you should ignore? Our team at Hundred Acre Consulting can help. Below, we debunk the top five franchise myths.
Franchising is a business agreement in which one entity licenses another to use its trademark or individual business systems and processes. This enables the party to manufacture and sell a product or service that meets specific criteria. The franchisor is the person who grants these rights, while the franchisee is the person who buys them. However, you must consider the challenges of owning a franchise.
Customers rely on goods and services throughout the year, and sometimes these needs are seasonal. As the owner of a seasonal franchise, this poses a big challenge. It is up to you to navigate a seasonal franchise’s unique struggles and find a way to keep your business thriving when customers aren’t as regular. However, having a seasonal business doesn’t mean you won’t have cash flow during the off-season. In reality, it’s all about strategic preparation and devising a strategy to keep you afloat long after peak season ends.
Deciding to invest in a franchise can be an exciting moment in any entrepreneur’s life. There is the undeniable thrill of building an empire with the help of an established brand. However, like most business owners, there is the question of where to start. The answer is to work with a franchise consultant. A resource to be used often, these knowledgeable individuals are vital to your entrepreneurial success. Together, let’s take a look at what it’s like to work with a franchise consultant.
Buying a franchise is a significant moment in your entrepreneurial career. It can be the launching pad for a successful business that may one day grow into a multi-unit franchise empire. The question is, how do you find the right franchise opportunity for you? There are thousands of franchises to choose from, which can be overwhelming for anyone looking to own a business of their own. If you are wondering where to start your search, check out these five first steps to franchise ownership. And if you still have questions, feel free to reach out to our team at Hundred Acre Consulting.
Few industries have been more affected by the COVID-19 global pandemic than franchising. Unquestionably, its existence has changed the top enterprise trends in the franchising industry as well as the top 8 franchise opportunities that will be available for purchase in 2025. Not convinced by us? Let us examine the most successful franchises and how the pandemic has boosted interest in and recognition for each of them.
If you’re looking for a way to break into franchising and the healthcare industry, senior care franchising is an excellent investment opportunity. As the population grows older and lives longer thanks to medical advancements, the need for senior care increases. If you’re unconvinced of the void owning a franchise can fill, check out these six benefits of senior care franchising. Maybe we can change your mind.
Becoming a franchise owner is an exciting and lucrative business opportunity that tons of entrepreneurs seek. However, many get lost in the hype of potential business ownership and forget to do their research. That’s what we at Hundred Acre Consulting are here for. So, before you express interest in a business and join the nearly 773,000 franchise owners nationwide, here are some important questions to ask before buying a franchise.
After finding business success, many entrepreneurs view franchising their business as the next logical step in business ownership. There are many benefits to growing your business, including access to capital, expanding their market reach, or the most common reason: they believe they have something extraordinary to share with the world. Whatever your reason, before you start dreaming of the perfect location, we recommend looking at our list of ways to grow your business.
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