The Business Case For A Restoration Franchise
Here’s some good news for the greater workforce at-large. The America Dream is alive and well. And guess what’s even better? You don’t have to do it all by yourself.
Specifically, I’m talking about franchising as the opportunity that many people are utilizing to help secure their own piece of the American Dream. One of the best ways to set yourself up for the greatest chance of success is by following a proven business model – following a franchise. The idea is to be in business for yourself but not by yourself.
The growing franchise industry today accounts for 7.6 million jobs, creating an economic output of $674 billion. And the restoration industry across popular brand names is playing a growing role.
Before moving forward with any franchise opportunity I look at 4 key points, all which have proven to be a guide to identifying the right businesses for me in my career. They include a business that is: recession resistant, has a low overhead cost, a low investment level and requires no brick and mortar location to get started. Restoration franchises hit all of these points. And with a constantly changing economy, having a franchise business that can literally weather the storm is essential. Some 14,000 people in the U.S. experience a water damage emergency at home or at work each day. You can be assured that services will always be needed.
BE THE BOSS
Demand for business is good. But being the boss is even better! When you take the step to open a franchise you are not occupying a job, you are growing a business. And you don’t have to figure it all out on your own. You have the training and support of a national franchise to get you started, keep you focused, and include you in a rapidly-growing network with respected peers – bosses just like you who are championing the same brand.
That’s why, even if you are transitioning from employee to boss and from a different career into restoration, you have others bosses to call upon, best practices to follow, and even a newfound freedom to call your own shots.
Ken Sellers chose the franchising path when he opened up his Restoration 1 location last year in Ohio. Previously the Vice President of National Accounts at a manufacturer of professional cleaning equipment, Ken utilized his experience and passions to make the leap and become his own boss.
“The best part to being your own boss is having the ability to do what you want with your time. My work-life balance has significantly improved,” said Sellers, who was recently named Restoration 1’s Rookie of the Year.
THE POWER OF THE BRAND
Even when you’re large and in charge at your own location, you have the buying power, marketing muscle and brand influence of a national network when you’re part of a restoration franchise.
Franchisees reap the rewards of national vendor relationships, access to the best suppliers and services, a professional online presence, a guide and design for branded trucks, uniforms and more. It’s all been figured out for you.
“As a new franchisee with 27 years in the corporate world, many of these as an executive, I was extremely impressed with the strength of vendor partners that Restoration 1 has established as part of the initiation,” said franchise owner Beth Hendriks, of Raleigh, N.C. “It simplified the start-up process and truly created a business-in-a-box experience. There is no way I could have started a business from scratch in this timeline on my own.”
In addition, franchisors will host annual conventions, advanced training, support programs and plenty of networking opportunities with fellow peers. That’s where the brain trust makes a big impact. Because nowhere else will you find the access to “been-there-done-that” expertise than with a franchise network where you can talk to other operators, share intelligence, and never fear giving away the secrets of success to a competitor.
YOUR EXIT STRATEGY
But then comes the day when you don’t want to be in the business anymore. And that’s perfectly okay with a franchise!
One of the most rewarding perks of a franchise is the value of your business when the time comes and you’re ready to execute an exit strategy. Being part of an established brand with a national footprint provides you with something far more lucrative than a mom-and-pop enterprise. That’s attractive when you find retirement on the horizon and are interested in selling the business.
From start to finish, the right franchise opportunity has eliminated the guesswork to offer a proven business model. The only real disaster can be turning prospects away when they want to open a franchise in a territory that is sold out.