By Pete Gilfillan, best-selling author of HIRE YOURSELF: Control Your Own Destiny through Franchise Ownership
A Case for Franchise Ownership
Still waiting for a sign from the universe that it’s time to make the leap from the world of corporate employment to entrepreneurship? Timing is important—there’s no doubt about it—but so is the ability to recognize a great set of circumstances when you see them and make a choice. Nearly every aspiring entrepreneur agonizes over the right moment to go it alone, but at some point we all have to get something started or risk missing our window of opportunity.
As a franchise consultant, I work every day with candidates who are making big decisions about their futures—about whether they’re ready to bet on themselves and try their hands at self-employment. Every individual case is different, but there are some incredibly compelling conditions in 2016 that make a strong argument for this being a great year to launch a business:
Interest rates are low, but time is running out.
Economists across the board agree that the extended period of extremely low interest rates we’ve all been enjoying is coming to a close. There’s still time to borrow at historically low rates—rates that could make a measurable difference in your costs and profit projections—but they aren’t likely to last much longer.
The economy is up and it’s growing.
After a long recession and some hard years for workers and business owners alike, nearly every major indicator in America is reflecting positive economic news. The jobless rate is down, salaries are up, and there are more millionaires in the world right now than ever before. It’s as good a time to take a chance and bet on yourself as you may ever find.
Investment capital abounds
Sam Walton once said, “Capital isn’t scarce. Vision is.” That’s never been more true than now, when investment capital is readily available for qualified candidates interested in franchise investment. During and after the recession, some franchisors began offering their own in-house financing for franchisees. Franchise financing companies secured hundreds of millions of pre-approved dollars for franchise investors. Now, with the economy on the upswing, many of these programs are competing with traditional lending sources, giving well-qualified potential investors a wealth of good options for securing capital.
Sam Walton once said, “Capital isn’t scarce. Vision is.” That’s never been more true than now, when investment capital is readily available for qualified candidates interested in franchise investment.
Technology is opening new doors every day.
There was a time when the keys to business success were tightly held by the major players in corporate America, but in recent years, technological changes have turned that tradition on its ear. Would-be investors are turning to crowd-funding to raise capital. No-name marketers are reaching thousands—even millions—of potential consumers with nothing more than a little ingenuity and their laptops. New businesses and ideas are taking root through social media long before they’re discovered through traditional media channels. We’re living in a very special window of technological opportunity, one that has only upside for the aspiring entrepreneur.
There are more proven franchise opportunities available now than ever.
Even as an industry insider, I am constantly amazed at the new and original ideas, bullet-proof and replicable systems, technology-enhanced training, and new and growing market niches available to today’s aspiring entrepreneur.
If you’ve been waiting for the right moment to make the decision to hire yourself, 2016 might just be your year.
If you’d like to know more about franchising investment opportunities and why this is a great year to get started, please feel free to contact me directly at pgilfillan@hireyourself.com. I’d love to hear about your unique circumstances and help you assess the timing for your personal goals and objectives.
