In my spare time, away from teaching at the university, I counsel clients about venture capital opportunities. When someone has a backer, or has raised sufficient funds, he or she can start a business. Investors are always waiting in the wings for chances to make a profit with the help of entrepreneurs. There are so many ways to do it. It is an endless parade of good fortune. It is a vital part of a vibrant American economy. We must keep the wheels of capitalism turning. So, look at what is out there if you are set on being self-employed by buying a franchise.
You can own a fast food restaurant, either an existing brand or a new one. It is a matter of preference if you want traditional fare, vegan offerings, health food specialties, or foreign cuisine. Many people opt alternatively for a fast-food truck so they don’t own a franchise and are totally independent. I know of people who do opt for a franchise since all the planning has been done for you including the décor, inventory, and marketing. It depends upon what you envision in your typical day. Do you want the headaches of sole ownership or the advantages of a franchise? Someone close to me wanted the latter as she had heard good things about going this route. She bought into a bounce-house company as they are growing in popularity. Kids love them and thus they are always in demand. She had thought about a fitness center but when she put the idea to paper and did the numbers, the bounce house idea looked to be the best.
When you own a franchise, you are buying built-in brand recognition and it makes positioning yourself easier against competitors. You will pay more for a successful brand, but it is well worth it as you will have a faster startup for your business. If you need help with the initial set up, the parent company is there to help. In the case of a bounce-house business, they have an assortment of choices of bounce houses for kids from castles to space ships to spooky houses. Any holiday can be accommodated. If a family has a front or backyard, they are a candidate for your service. This makes most of the country a potential client. I can see why my friend went in this direction. She has a birthday party special that competes favorably with other local companies. She gets plenty of takers and is heading in the upward direction. She didn’t have a long period of downtime which happens with some franchises.
You can negotiate the price of your franchise although there is usually not a lot of room to maneuver. You then sign a contract that limits you to following company policy so you do nothing to tarnish their good name. As a franchise owner, you can now take advantage of their quality inventory and national advertising campaigns. These can cost a fortune so you are getting your investment money’s worth.