Quick! Name ten franchise operations.
McDonald’s, Midas Muffler, Wendy’s, UPS Store, Taco Bell, Holiday Inn, Dairy Quee—okay, you get the idea. There are a lot of them, but they’re mostly in restaurants and hospitality. In addition, some retail stores, automotive service centers, carpet cleaning, and a handful of other industries come immediately to mind.
But the concept of franchising goes far beyond that. It’s taken hold in almost every business-to-business and business-to-consumer sector in America. It’s no wonder. There are many advantages to buying a franchise of a successful operation, including the following.
Instant Name Recognition for Franchises
No introduction is necessary. Unlike when you start a business from the ground up, your market for a franchise operation is already aware of your business. People recognize your logo and know what you do.
Franchises Offer a Tried-and-True Business Model
Every new business makes mistakes. Lots of them. Savvy entrepreneurs are the ones who learn from those early mistakes and don’t repeat them. That’s what franchisees get from a successful franchisor: the benefit of experience.
The new business owners receive training in proven ways of marketing these particular products or services, engaging vendors and customers or clients, and conducting this business the way it should be done—all from day one.
Customers Know What to Expect in a Franchise
If you have a delicious burger at a franchise operation in Boise, Idaho and you find the same brand in Newark, New Jersey, you can be fairly confident you will receive the same high standards of burger quality. This despite the fact that it’s a completely different owner or a different city or even a different part of the country.
Both owners have received the same training and have the same high expectations set by their franchisor. Consistency is expected. It’s the same if you’re looking for a business printer, a funeral home, or an agent selling life insurance.
Franchises Offer Opportunity at Multiple Investment Levels
You can spend a few thousand dollars or a few million on your franchise of choice. Your franchisor will be able to tell you exactly how much you should invest and when you should expect to turn a profit if all goes well. That’s because the franchisor’s representatives have seen dozens or hundreds or thousands of franchisees like you get involved with their business model, and they know what to expect.
Now let’s look at 4 franchise operations beyond food, hospitality, retail stores, and other typical operations you might see on Main Street.
1. Education and Tutoring Franchises
If someone puts up a business card on a coffeehouse bulletin board with a name and the message “Guitar player, drummer, and rock and roll tutor for your grade school student,” you’re not likely to place a call. But if the business card also includes the words and logo for School of Rock, that’s a different story. There’s instant credibility. You’ve seen the movie, and you trust the brand as a qualified music education provider.
That’s critical because you aren’t about to put your kids in the hands of anybody who isn’t fully vetted, whether tutors, schools, after-school programs, or any entity that wants to teach your kids anything.
2. Franchising Business Services
Did you know there’s a franchise operation called FranServe Consultants? It’s a franchise operation where franchisees help people buy franchise operations. This is just one of the less common examples in a category of franchise operations that can include accountants, tax preparers, financial service consultants, and others who help small businesses and individuals find capital, make investment decisions, improve cash flow, and stabilize and grow operations.
3. Senior Home Healthcare Franchise
There comes a time in the life of many seniors when their grown children can no longer provide the day-to-day care they need. They want to stay home for as long as possible, so you decide to get some help. However, you aren’t going to trust your beloved mom or dad with just anyone.
Such franchise home care providers as Griswold Home Care, Avendelle Home Care, and Nurse Next Door Healthcare Services were founded upon business models with consistent standards of service to put the minds of family members at ease. That’s crucial.
4. Franchises for Personal Line Insurance
As an adult, you’ve realized the importance of insurance. Your relationship with insurers might have started as a teenager in need of car insurance. Later, you added renters and maybe homeowners insurance. Life insurance and health insurance became indispensable. In addition, depending on the toys you accumulated over the years, you might have explored policies for motorcycles, ATVs, watercraft, snowmobiles, or classic automobiles.
Are you going to discuss all of this with a random person? Will you literally trust your life to the first anonymous insurance agent who happens to call you at the moment you’re thinking about life insurance or health insurance needs?
It’s no wonder that insurance companies like our own Freeway Insurance are highly viable franchise opportunities for savvy investors and those who want to get into insurance sales as their own bosses. You can become a company owner backed by a thriving corporate parent with hundreds of successful franchisees under the same winning banner.
Ask Us About Owning an Established Insurance Franchise
Call us at (714) 252-2500 for more information. We’re eager to make you part of our growing team of self-starting and highly entrepreneurial personal lines insurance professionals.