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Own a Franchise Business: 8 Reasons Why Now Is The Right Time
Posted on Thursday, September 15th 2022


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Own a Franchise Business: 8 Reasons Why Now Is The Right Time

Franchising has been increasingly gaining ground in the business sector with the U.S. Census Bureau reporting that more than 300 different industries are included in the franchise sector. The International Franchise Association's 2022 economic forecast for franchising predicts more than 790,000 establishments by the end of 2022, a 2.2% increase from record-setting 2021 levels. If you are looking to own a franchise business, your timing couldn't be better, and here's why:

1. Enjoy a financially secure career

A core element of a franchise opportunity is its financial security; a model of business that has proven to be successful. This is outlined in the legally required franchise disclosure document (FDD), an accounting of business details that is unique to the franchise industry, and that is not required for the purchase of an independent business.

In addition to the model for business ownership, established franchisors have a history of economic experiences that benefit future franchisees. The franchisor has been through certain economic situations and has dealt with changing industry regulations and other issues that can be tumultuous for independent businesses to handle on their own. Franchises are well-positioned to endure challenging times, which provides further security for those who own a franchise business.

2. Have more control (and flexibility) in your life

Owning a franchise is not just about running your own business, it is also about making an investment in the future. You can own a single franchise or become a multi-unit franchisee depending on where you want to go as a business owner. Your franchise can become a family business that supports your children and grandchildren, or you can sell to another franchisee when you're ready to retire.

There is considerable flexibility in how you manage work-life balance, grow personal wealth, and provide for your family; considerations that are much more difficult when you are not in control of your career.

3. Benefit from claimable expenses

When you own a business, you will have expenses. However, these expenses can be claimed against your revenues which can be another avenue for increasing your income. If you use your vehicle for company business, you can expense some (or maybe all) of your vehicle costs. If you have a dedicated home office (which may be in addition to a separate business location), there are household expenses that you can be reimbursed for if they are used for business purposes. Another claimable expense is your franchisee fee and royalties, so you are benefiting from the costs paid out to own a franchise business.

Claimable expenses can be significant when evaluating a franchise business opportunity. Your accountant can help you understand how these expenses can contribute to your income and position the business opportunity in a recoupable way.

4. Make a contribution in your work

Building wealth is certainly a consideration in owning a franchise, but so is knowing you are making a real contribution to the people you serve. Making life easier for a customer by providing a needed service makes you feel good about how you spend your working time.

When you own a franchise business that solves problems for people, it feels good to spend your time in a worthwhile way. Often when people transition from employee to business owner, having a more impactful work life is something they are missing in their current career, and which presents in an opportunity for franchise ownership.

5. Invest in yourself

It is not uncommon for people to feel undervalued in their current line of work. It may be due to the hierarchy of the organization or because someone just hasn't found the right fit to exercise their skills. Either way, there is a feeling that you have more to give than what is currently being asked of you in your career. One way to reach your value in an educated way is through franchise ownership.

Franchising provides plenty of information to make a confident decision about business ownership. The FDD mentioned earlier is a key source of information, but the franchisor also hosts discovery days, one-on-one calls, and plenty of online information about franchise opportunities. There is ample information to help you match to a franchise that meets your potential.

6. Buy the experience for success

Whether you are an established entrepreneur who is looking at franchise ownership, or you are completely new to business ownership, you can appreciate the value of experience. Franchises bring that to the table in spades.

They have been down the road of what works best for franchisees, what risk levels are acceptable, securing vendors, and expanding services for customers. The franchise team knows about financing, site selection, hiring and recruiting, and how to advertise. This all comes with your franchise business package and it guides you in your time as a franchise owner. The most successful franchisees use every ounce of that experience to their advantage.

7. The collective power of a network

There is a tried and true saying that when you own a franchise business, you are in business for yourself, not by yourself. It is often meant to illustrate the value of the business model and franchisor support, but it also means you are part of a franchisee network — people just like you who are in this business as well.

Having a network of people who can relate exactly to your circumstance is a valuable resource that is only available with franchise ownership. No matter what you are experiencing, it is likely that another franchisee has been there before and can help. This network also contributes to the overall franchise success to the benefit of everyone without fear of competitive reprisal. The culture of peer support is unique to franchising and one of its most valuable assets.

8. Choose the investment that works for you

Franchise opportunities are diverse in terms of territories, revenue streams, and overall costs. A low-cost franchise can be a high-value investment if overhead and expenses are managed in a certain way. A high-volume franchise can run with less staff than you might think due to how people are paid and if you have to carry accounts receivables or not. Franchises are also flexible in their scalability.

There is no single type of franchise. Today, you can match a franchise to your long-term goals with opportunities to change those goals as you enjoy the franchise ownership journey.

Consider a Fish Window Cleaning franchise

The International Franchise Association report referenced earlier also noted that the commercial and residential services sector will remain the second-fastest growing sector in 2022. Fish Window Cleaning is part of this sector, with 20% of the window washing business focused on residential customers and 80% of their business in the commercial sector.

FISH is the world's largest window cleaning company, and employees work Monday to Friday. It is a low-cost investment opportunity with a fully supportive head office and a network of some of the best people you can meet as franchise business owners.

If you want to be part of a respected market-leading franchise with unmatched support and partnership for franchisees, a window washing franchise with Fish Window Cleaning is something you should consider.

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