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- The Best Time To Buy A Franchise
There is a lot of uncertainty in the economy right now.
Between layoffs, high-interest rates, the real estate market tightening, Russia/Ukraine war, is now the best time, or should I wait?
5 reasons why now is the best time to buy a franchise:
1. Control Your Destiny
As an entrepreneur, you control your destiny.
You won't get laid off after a decade of solid performance. You won't be forced to fly around the country to visit customers and miss your kid's baseball game
You'll work your ass off in the early days of launching a franchise. It'll be stressful, fun, daunting & exciting all at the same time.
Don't believe the bullshit of "buy a franchise and only work 5 to 10 hours per month".
Building a solid foundation for your family's future makes it all worth it.
2. No Experience Necessary
The best part of franchising is the ability to get into almost any industry.
The franchisee's job isn't to do the technical work -- your job is to hire & lead. You'll hire people experienced in fixing cars, painting houses, grooming dogs, making sandwiches, etc.
The franchisor will package up decades of learning, failures, systems & process and teach you everything within days.
3. Recession Resilient
There are many recession-resilient franchises out there.
Home Services - people who locked in a 3% mortgage aren't moving anytime soon. They will be investing & upgrading their current home. Painting, power washing, insulation, blinds, handyman, etc.
Trades - plumbing, HVAC, roofing, electrical, auto, etc. These may seem daunting, but remember you'll hire the tradesman to do the work. (I have zero experience fixing cars yet own 32 auto repair shops)
Home Health Care - people want to "age in place", staying in the comfort of their own homes. Demand is only going to skyrocket in the next 5 years
Boutique Fitness - strong record in good times or bad since they target high-income customers who aren't as affected by economic slowdowns.
4. Baby Boomers Retiring
Millions of baby boomers will be retiring over the next few years.
Many of their businesses will be shut down or sold. As a franchisee, you can benefit from both.
A) Franchisees want to sell to other franchisees. Get your foot in the door by opening the first location, then buy existing locations from boomers.
B) Buy out an independent business and roll it into your franchise. The phone number, equipment, customer list, lease, etc.
5. Leveraging Technology
Many franchisors are investing millions to leverage technology.
They build custom software to improve customer experience, marketing & sales process
Ex: roofing company using a drone w/ AI technology to identify problem areas on the roof
Ready For The Next Chapter of Your Life?
My team helps people get into franchises based on their goals, budget, skills & location. We work with you 1-1 to provide options and guidance through the process
Cheers!
Brian Beers