Time to lose weight, find a hobby, work out, spend more time with friends and family, get a new job... and the list goes on. It must be the New Year -- a time when most of us feel the urge to tweak our lives and revisit our goals. Too bad that next year's list will look nearly the same for most. But it doesn't have to be that way, especially for those who dream of owning a business.
Get started by researching your resolution. Understanding yourself is an important first step in exploring business ownership. For people who want to be their own boss, but don't have a business model or product in mind and who don't mind following someone else's path as long as it's one that leads to prosperity, franchising can be an excellent option.
When it comes to franchises, part of that exploration process is to debunk myths associated with them. As a franchise specialist, the top ones that I hear frequently are:
1. Franchises Are Mostly Restaurants
Not so. More than 3,100 different franchise concepts exist in 90 different industries, including home repair and improvement services, pet care, education and child care, commercial cleaning, marketing, advertising, health and fitness, staffing services and IT.
2. Low Cost Means Low Return
Many of the higher priced franchise concepts (over 100K) require a higher degree of investment because of real estate, build out costs, staffing and additional overhead costs. With a lower cost franchise, you will probably be looking at fewer cost factors, but still be providing services that people or businesses will pay a premium for.
3. Need Lots of Start-Up Cash
Franchises are more affordable than you think. In some cases, only $50,000 liquid capital is needed. According to a 2010 study conducted by FranData, a full third of all franchise opportunities actually cost less than $100,000. Also, a variety of financing options exist including SBA loans and even specific 401k and IRA rollover plans that allow funding a new business tax-free and penalty-free.
4. Require Industry Expertise
Many franchisors are not looking for franchisees who have worked in their field. Instead, they want people who are open to learning and following their franchise model and who have acquired skills and experience through their former jobs that will propel the franchise forward.
5. Franchises Are 24/7 Operations
With so many franchise options to choose from, there are concepts that fit different lifestyles. Some can be done from home, some on a semi-absentee basis (for example, 5-10 hours per week), and some from 9-5 p.m. In fact, more and more people are leaving corporate jobs for franchising, so they can make a living and achieve life balance as their own boss.
Myths aside, researching your resolution will also help demystify the process. There are many good books and resources to help you ask the right questions. A few must reads include E-Myth by Michael Gerber and Street Smart Franchising by Joe Mathews. Entrepreneur Magazine and Franchise Business Review are also good resources.
But don't go it alone. Consider finding a franchise advisor. These consultants have valuable insights and experiences that are normally free for potential franchisees. They will walk you through the steps and ensure you end up with a business that most closely fits your needs, goals, skills and means, and also provides the best return on your investment.
If you start now, it's possible that you can be running your own business by next quarter. Best of all, you'll be able to cross at least one big resolution off your list.
Our 2024 Coverage Needs You
It's Another Trump-Biden Showdown — And We Need Your Help
The Future Of Democracy Is At Stake
Our 2024 Coverage Needs You
Your Loyalty Means The World To Us
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
The 2024 election is heating up, and women's rights, health care, voting rights, and the very future of democracy are all at stake. Donald Trump will face Joe Biden in the most consequential vote of our time. And HuffPost will be there, covering every twist and turn. America's future hangs in the balance. Would you consider contributing to support our journalism and keep it free for all during this critical season?
HuffPost believes news should be accessible to everyone, regardless of their ability to pay for it. We rely on readers like you to help fund our work. Any contribution you can make — even as little as $2 — goes directly toward supporting the impactful journalism that we will continue to produce this year. Thank you for being part of our story.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
It's official: Donald Trump will face Joe Biden this fall in the presidential election. As we face the most consequential presidential election of our time, HuffPost is committed to bringing you up-to-date, accurate news about the 2024 race. While other outlets have retreated behind paywalls, you can trust our news will stay free.
But we can't do it without your help. Reader funding is one of the key ways we support our newsroom. Would you consider making a donation to help fund our news during this critical time? Your contributions are vital to supporting a free press.
Contribute as little as $2 to keep our journalism free and accessible to all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. Would you consider becoming a regular HuffPost contributor?
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. If circumstances have changed since you last contributed, we hope you'll consider contributing to HuffPost once more.
Support HuffPostAlready contributed? Log in to hide these messages.