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When you hear the word “Franchise,” most people conjure up images of fast-food restaurants.
You may already be thinking of the biggies, like McDonald’s, Burger King, or Taco Bell. However, you may not know that there are franchises for just about every industry out there.
Chances are if you can think of an industry, there is a franchise connected to it.
Another common thing that people think of when they hear the word “Franchise” is it’s something out of reach for most people. However, this isn’t the case.
While large franchises can cost upwards of a million dollars or more, there are plenty of franchises that you could buy for far less than you think.
If you’ve ever thought about owning a franchise or starting a franchise of your own, you’re going to love the latest episode of the Inner Edison Podcast with Ed Parcaut.
We spoke with Lance Graulich, a franchise consultant who pairs investors with the perfect franchise.
Lance discussed who franchising is good for and the signs your business is ready to franchise.
Is a Franchise Right for You?
While Graulich is the first to say that franchising isn’t for everyone, there are some telltale signs that a franchise could be the perfect business model for you.
Here are a few telltale signs a franchise is right for you:
- You want to start a business but don’t have any idea of where to start
- You don’t want to reinvent the wheel
- You prefer to have plenty of options available to invest in
- You have startup capital but no real business idea
While many entrepreneurs prefer to build a business from scratch, not every business person wants to be Steve Jobs or Bill Gates.
Franchises create an opportunity for many people to start a business who may not have the next genius idea to change the world.
A franchise is a great option for people who want to start a business but don’t want to start from scratch,
Don’t You Have to Be Rich?
While there are certainly some very expensive franchises, Graulich says there are around 4,500 franchises that you could invest in for $150,000 or less!
That’s great news for couples who have saved up a large nest egg but would like to see it grow through a well-executed business plan.
Graulich helps you find the perfect franchise for you and even helps you find funding options.
Finding the right opportunity and securing a loan could be all that stands between you and your first franchise location!
What Are the Advantages?
For those looking to franchise, there are many competitive advantages. For instance, you have the trust in knowing you’re investing in a repeatable, successful brand.
Along with that, you get perks like:
- Specialized training
- Systems and procedures
- Coaching and support
- Marketing and promotional items
- Social media marketing and more
Graulich sees many advantages to helping people find the perfect business for them. He even does complimentary consultations free of charge!
Lance brokers with over 750 franchises, so you’re bound to find one that’s right for you!
Is My Business Ready for Franchise Locations?
Believe it or not, Lance states that about 25% of his business comes from entrepreneurs wondering if their business model is ready for franchising.
Although about half are not ready, he states there are a few ways to know if your business is ready to franchise.
Here are a few ways to know your business is ready:
- Your business model supports franchising
- You’re prepared to coach franchisees and support their growth
- You have a compelling story that is marketable for franchise owners
- You have a secret sauce that separates you from other companies in the industry
If your business is ready to level up, contact Lance today to schedule a Franchise Assessment.
As always, if you’re looking for more great articles about business, entrepreneurism, and more, please listen to the Inner Edison Podcast with Ed Parcaut.