Franchising is becoming a beacon for experienced workers.
Once thought of as a refuge for the unskilled looking to buy a career, franchising has become a haven for skilled individuals. Executives are making their way to franchising, especially those disillusioned by the rat race or who have been laid off. Entrepreneurship is an enticing option that allows them to control their careers and income potential.
Craig Slavin, founder of Franchise Architects, who consults businesses on creating franchise systems, explains the appeal: the ability to "leverage their resources with the greater resources of a franchisor. Buying power, advertising, how to operate-they understand it." Meanwhile, the multiunit ownership trend has enticed more sophisticated businesspeople who relish the idea of building and managing their own empires. (See "Go Forth and Multiply.")
Franchising has become de rigueur among many white-collar professionals as part of their investment portfolio alongside traditional stocks and bonds. "They're building wealth through owning multiple brands," says Slavin.
But franchising isn't just easy money. Next month, we'll talk about what it really takes to own a franchise.