Franchising Beyond Profits

FRANCHISING BEYOND PROFITS

By Sarah McCafferty

If you’re thinking about buying a franchise, you’re probably scrutinizing the financials, considering the purchase price as well as the potential profits you might make. Knowing the financial risks and rewards is obviously a prudent and necessary part of due diligence, and a huge factor in a purchase decision. Yet, other aspects of a business can be just as attractive because they can offer a more impactful and rewarding lifestyle than financial success alone.

“Businesses that directly provide to the community can help fellow neighbors, property values, as well as other businesses.”

Whether it’s providing a service that makes an area more attractive or creates more jobs, a business can offer an owner fulfilling rewards beyond the profits. A franchise consultant who knows your personality and understands your motivation can help you find a business that suits you beyond making money. Thinking of buying a franchise? The biggest rewards might have nothing to do with your paycheck at all.

BUILDING COMMUNITY

Owning a franchise can help enhance a community. Franchise owners often live in the communities in which they buy franchise territories—or at least in a nearby location, so their businesses become part of their extended communities. They are likely already involved in civic organizations, religious affiliations, PTA, and so on. By being part of the social fabric of the community, a business will improve and serve the area and thus has a greater chance at success. Businesses that directly provide to the community can help fellow neighbors, property values, as well as other businesses.

Along with strengthening a local economy, a good concept can make an area a more desirable location for people to live. Buying into concepts in health, wellness, food, tutoring services, and retail, to name a few, can enhance the local experience and provide a strong sense of ownership pride, which is an important trait in achieving overall business success.

CREATING JOBS

Being in the position to create jobs is another fantastic benefit that many franchise owners experience in addition to P & L alone. Offering members of the community a chance to earn a living is rewarding. It takes good management skills, but also the desire to mentor and help employees be successful.

PROVIDING A NECESSARY SERVICE

One way to build community is to keep residents in it. By bringing in businesses that offer daily necessities, like food, home services, dry-cleaning, hair salons, or other retail shops, residents have fewer reasons to leave. These conveniences make a community more desirable and make life for residents less stressful.

Sarah McCafferty is highly-regarded as a trusted franchise match-maker with a keen ability to dive deep, surface key goals that ensure success for her clients. Contact Sarah at 415-529-0040 or Sarah@TheFranchiseConsultingCompany.com