When is the right time to franchise? Creative Colors International can help you find out if you're ready to invest in a franchise, and what to look for in a sound franchise investment.
Be Your Own Boss
If you’ve dreamed of being your own boss, you’re not alone. At least 64% of small business owners pursued entrepreneurship to control their own destinies, according to the U.S. Small Business Administration. Owning a business can help you generate greater income and take a step closer to achieving work-life balance.
Despite the rewards, starting a business is challenging, and it’s risky in any economic climate. If economic uncertainty, labor shortages, and high inflation are making you rethink business ownership, franchising offers a viable alternative.
The franchise industry has fulfilling opportunities catering to any budget. Franchising enables you to pursue entrepreneurship with a recognized brand and the support of a parent company to help you succeed. A business model with established procedures, technology solutions, and marketing guidance can be advantageous. Franchising allows you to diversify your portfolio and provide a legacy for your family.
There’s never been a better time to open a franchise. The franchise industry is booming, and the outlook for small businesses is bright. A record 5.4 million new business applications were filed in 2021, up 20% from any previous year.
Is It the Time Right to Invest?
Let’s explore the tips we compiled to determine when is the right time to franchise.
- Determine your financial and career goals. It is important to lay out your long-term goals before investing in a franchise. Understanding your goals will help you determine the best franchise for your lifestyle and career aspirations. It can help you learn if you want to be an owner-operator or manage employees. If you want to create your own schedule and have flexibility, a home-based franchise will meet your needs.
- Review your skill set. Franchise owners are dedicated and ambitious. Being your own boss requires you to have good time management skills and succeed in high-pressure environments. Stellar communication skills and vision are crucial.
- Get finances in order. Before investing in a franchise, you need to determine your financial goals and how you plan to finance your new venture. There are many ways to fund a franchise, and determining how you will meet your financial goals will ensure you are ready for business ownership.
- Find a recession-resistant opportunity. Every franchisor is required to file a Franchise Disclosure Document, or FDD, which outlines the franchise agreement and financial performance of its franchise owners. Having access to a brand’s financial history offers security and provides evidence the company’s goods and services are in high demand despite the ups and downs of the economy.
- Be prepared to face challenges. Investing in a franchise is less risky than starting a business from scratch, but it requires training, dedication, and a growth mindset to reap financial rewards. If you are tired of helping someone else grow their wealth and are ready to chart a new course, investing in a franchise can be advantageous. There will be challenges on your journey as a small-business owner. Having a partner to guide you can make all the difference.
Build a Business with CCI
Investing in a franchise at the right time may not guarantee your success. You need to find a partner with a solid reputation and experience to help you meet your goals.
CCI is a leader in leather and vinyl restoration. We have more than 30 years of experience repairing leather and vinyl products for residential customers and commercial businesses. Our service technicians are trained to revitalize the interior of automobiles, boats, planes, and RVs, as well as furniture. We strive to restore and enhance its natural beauty and strength.
News of corporate layoffs, high inflation, and looming recession prompt businesses to cut budgets and customers to limit spending, but CCI’s services are in high demand. By focusing on refurbishing, we help save our customers money and offer an environmentally friendly solution. Every CCI owner attends three weeks of training, and we focus on providing quality franchisee support.
With CCI as your partner, the right time to invest in a franchise is today. To learn more about CCI, request franchise information and speak to one of our franchise business consultants about territories available in your area