Rich shares that he and his company helps their clients buy franchises or create their own franchise. Entrepreneurship is up, he explains, and many people want to be their own bosses and own their own businesses. The franchise model works extremely well for those who want to change their career path and become business owners, Rich shares. LeBrun Advisory Group helps experienced and new entrepreneurs build their franchise businesses from start to finish, no matter where they are in that process.
Josh and Rich discuss what’s new and hot today in the world of franchising. Rich explains that he and his team watch these trends carefully, especially when new industries break into the franchising model. According to Rich, the food, sports, and fitness industries took the biggest hit when it came to franchising during the pandemic. You had to be very strong in your space to be able to adapt and survive, but now those franchises that went the distance are flourishing.
Rich explains that there are some misconceptions about the franchising space overall. There’s no ‘magic’ or secret sauce – franchising is just another business model. It should be treated like an investment, Rich says. Where people get in trouble is when they don’t see franchising as the complex business model that it is. When deciding if you want to franchise, you have to approach things with methodical strategy, not just passion and an idea. You need to start off on the right foot with a strategy that shows your franchising investment the respect and due diligence it deserves.
Josh and Rich also discuss what you should do if you’re considering franchising. Rich explains it will require a few hours from you weekly and about four months of development before you’ll start to see ROI. He stresses that you should explore every option and avenue before committing to the time franchising requires.
Franchising is a way for many executives, especially those looking to leave the corporate sector, to take their careers to the next level. If you have or want business experience and think franchising might be the fit for you, check out LeBrun Advisory Group’s confidential business assessment here.