Franchises: One Of The Fastest Growing Business Models
Franchises are some of the fastest growing businesses in the United States. Franchises are also popular across a wide population, from people who want to own their first business, to experienced entrepreneurs, to retirees who want a steady stream of revenue to supplement their retirement funds. But what draws so many people to franchises?
Franchises Are Easy To Operate
One of the main defining features of the franchise business model is its simplicity. By its very nature, a franchise is designed to be easily replicated regardless of location, and who is in charge. Franchisors, the parent company of a given franchise operation, spend lots of time and energy to research and refine methods so new establishments can start generating revenue on day one. When you look at franchise operations, you will see that any one person is interchangeable, in order to keep things moving.
The Franchise Business Model Is Nothing New
While the modern franchise business has been refined and streamlined over the years, it has existed for centuries. The franchise model has its roots in the medieval guild system, where masters would train apprentices to learn a trade and expand their businesses. When apprentices struck out on their own, they had the “license” to use the master’s name to promote their wares and a percentage of the revenue would go back to the parent company. In the last quarter of the 20th Century, people thought the franchise model might be reaching its apex as a fad, but it has, and will continue, to endure.
So Many Options
Franchises have really diversified over the past decade alone. Pick an interest, hobby, or field of expertise, and the odds are good that there is a franchise that lines up with it. Computers, cars, landscaping, travel, crafts, home audio, airplanes, boats, resorts, and yes, even food have relevant franchise opportunities. When browsing for a franchise, stick with what you know, and it will make your new career much easier and enjoyable.
Financing Your Franchise
Franchise financing has never been easier. Up until recently, most franchise owners had to seek out bank loans, which could be challenging, especially for first-time franchise owners. Today, some franchisors are willing to offer some form of financing up to a certain percentage of the total start up costs. Outside of the franchisor, there is financing available for everything from specialized equipment to purchasing commercial real estate, and construction for the specific build-outs required by the franchisor. Franchise financing is fast, affordable, and tailored to fit your needs.
At BG Capital Funding Group, we provide financing for franchises of all sizes, throughout the country. Contact our offices today to get started.