Trends in Franchising
The Entrepreneur’s Source Franchise Friday: Are you Today’s Franchise Candidate?
“The list of reasons why people today are quitting their jobs to start a business is very lengthy—people are working more hours with fewer resources for less pay. But, when I ask clients the reason they want to start a business, the number one response isn’t money; it’s lifestyle. Being their own boss, controlling their own destiny and earning unlimited income potential is all great, but the priceless possibility of being able to have the life balance they can’t achieve in corporate America is often more important to aspiring entrepreneurs.”
Meet the Expert:
On last week’s Franchise Friday show, a weekly podcast discussing franchising, entrepreneurship and small business ownership, host Paul Segreto was joined by The Entrepreneur’s Source franchise coach Susan Mell. Susan has 30 years of experience as a business owner—her first business in the wireless industry included four retail locations, 42 employees and $3 million dollars in annual sales.
Across the past 12 years, Susan has become a successful multi-unit franchisee, with eight franchise locations and five independent contractors throughout the country. She is passionate about helping people achieve their dreams of self-employment through helping them to discover franchise opportunities that they would not discover on their own.
Susan shared her insight on today’s franchise candidates, and why people are deciding to forgo corporate America in favor of business ownership.
What Does Today’s Franchise Candidate Want:
In the past, many franchise candidates used franchising and small business ownership as a way of achieving their financial dreams and goals. Today, many franchise candidates are more focused on achieving goals and objectives related to lifestyle. The franchising industry has been making a shift in order to understand the mindset of today’s franchise candidates.
Aspiring franchise candidates must establish their ILWE (Income, Lifestyle, Wealth and Equity) goals in order to determine not only what wealth means to them financially, but also in terms of lifestyle. There are many possibilities when it comes to franchise business ownership, whether they aspire to create a business where they can build equity, have an appreciating asset, build a legacy they can leave to their family, get their children involved, or even eventually become a semi-absentee owner and create some residual income.
Breaking Up with Corporate America:
It’s difficult to think that way when you come from corporate America. As a franchise coach, I’ve seen clients whose creativity and ability to dream was taken away from them, and to get it back takes time. What I do as a franchise coach is to help my clients achieve that ability to dream again and to make that shift out of corporate America. When I talk to franchise candidates and ask them if they’ve ever considered self-employment, most of the time they will say yes, but they haven’t done it because they didn’t know how to take the first step.
I call myself a tour guide—I help open up doors of possibilities and provide a step-by-step, organized and educational experience so aspiring entrepreneurs don’t feel so overwhelmed with all the new information. I provide a safe environment where they are not pressured to make any decisions, but instead can just explore what is out there and see what doors open up.
How to Take the First Step:
For more information on taking the first step toward entrepreneurship, visit https://entrepreneurssource.com/
Tune in at 10 AM ET every Friday for more insight on franchising, entrepreneurship, and small business ownership on Franchise Friday at http://www.blogtalkradio.com/franchisefriday