Joel LibavaIn this franchise business article series, I've explored several popular reasons that people buy franchises.
Most folks that buy franchises want to make a pretty big change in their lives, bring in a nice income, (at least in step with what they're used to making) and build some equity.
In Part 6 of this series, I discussed (via video) a reason that lots of people have, but one that isn't top of mind-at first; building a legacy.
In the final part of this franchise business series on "Popular Reasons For Buying a Franchise," I'm going to share a popular reason that a smaller percentage of folks buy franchises. This reason has to do with the demographic of the folks that are considering franchise ownership.
This popular reason is one that changes things. Not only does it change things for the new franchise owners, but it tends to bring change to the people using the products and services that these franchisees are selling. Big changes. Sometimes, even world-changing stuff.
Being the change
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Over half of the folks that I end up working with as a franchise business advisor, (who are 55-65 years old) want to buy a franchise, (or even a non-franchise business) are investing in a business so that they can make an impact.
These folks are generally set, financially, and want to give back to their communities. They want to go into business for noble reasons.
The franchise industry provides ample ways for folks like this to do so.
Some people want to make the world a better place to live. Some of these Green Franchises can make that happen.
Then there's people who really want to impact children. Franchises that tap into education provide several opportunities for them to get involved with our youth.
Then there's this type of franchise that has the potential to make people all over the world, smile.
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I've found that people who want to make an impact in the world, via their own business, are very stubborn; they only want to talk with franchisors who can help them achieve their altruistic goals.
Is this your reason for wanting to get into a business of your own? If so, good luck! I hope you can find a franchise business that can help you change your own little corner the world….
About the Author
Joel Libava is The Franchise King® — an independent franchise advisor with 25+ years in the industry, two published books on franchising, and his writing has been featured in The New York Times, Forbes, CNBC, Entrepreneur® Magazine and others. In addition, he wrote exclusively for the U.S. Small Business Administration blog for eight years. He doesn't sell franchises. Instead, Joel helps you figure out if franchise ownership is actually right for you — and if it is, teaches you his powerful, proven-to-work franchise research techniques, so you can make a smart, informed decision on a franchise to own and be your own boss.
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