The allure of being your own boss has never been stronger. After 18 months of COVID and the work-from-home model that many employees ended up adopting in response to COVID, the possibility of exploring a venture in which one can have more direct say and influence in the way they work is mighty attractive.
Coupled with that is the realization that we are, for the most part, pretty adaptable and able to professionally thrive in a variety of working conditions. Needless to say, entrepreneurship is on the minds of many. Plus, for those who are typically fairly high-performing, the opportunity to reap the financial benefits of your hard-working rewards is compelling.
While there are many paths to entrepreneurship, if you want to open a business, a franchise is the way to go.
What Is A Franchise?
Franchise ownership means that you own your own business and are your own boss, but you must follow the franchisor’s guidelines. Simply put, a franchise is a business contract that gives the franchisee (you, the entrepreneur) the right to sell a franchisor’s goods and/or services in a particular area or location using their brand, trade name, marketing strategy, and operational strategy. The rules for operating the business are part of the franchise agreement. McDonald’s, KFC, and Burger King are currently the three most popular franchises in the United States.
What Are The Benefits Of Owning A Franchise?
By joining a franchisee network, the new franchisee acquires the knowledge and technology that the franchisor has created and refined. They will be able to avoid the mistakes that are common for new business owners at the outset and will have access to proven suppliers who have developed working methods. Banks and other lenders are more inclined to lend money to someone who wants to buy a franchise because of their knowledge of the franchisor’s products and services. Furthermore, owning and operating a franchise system can also give the franchisee access to increased purchasing power.
What Does The Franchisee/Franchisor Relationship Look Like?
The franchisee will need to make an initial investment, and most franchisors will charge monthly fees such as royalties or contributions to a marketing fund.
Successful franchising is a team effort, and franchisors know that it is important that their franchisees operate according to certain standards so that their company or brand has a solid reputation. The franchisee and their staff rely on proven training and continuous support.
Franchising enables franchisors to operate as a leaner organization. The franchisor assumes many responsibilities that would otherwise be assumed by the franchisee, enabling them to reduce their overall number of staff.
For those with a passion for health and fitness, an NHQ franchise could be just the exciting and lucrative opportunity you are looking for. With a 20+ year history in franchising, low investment costs, and low overhead, an NHQ franchise can deliver that. And given that the top three American franchises are all fast food chains, the need for health and fitness support is more urgent than ever. Learn more today!