At every seminar I teach on franchising and whenever a colleague or friend discovers I am in the world of franchising, their first question is always . . .. “So what’s hot?”
The question behind this question is really, what is making money. People launch businesses for multiple reasons, but I can assure you 99% do so because they want to earn money. Sometimes, lots of money.
Hey, I get it. Why leave a perfectly good job that pays you a decent salary to risk it all on doing your own thing if there isn’t a handsome ROI at the end of that rainbow. Or for that matter, why invest in a semi-absentee business if it’s not going to kick you back solid revenue.
Pure entrepreneurs are in it for the money plain and simple. Find them a concept that churns out cash and they’ll find a way to like it. Well at least until they execute their exit strategy. And these my friends are two huge things that distinguish the average professional turned new business owner from the professional entrepreneur.
For those of you who are interested in exploring a start up but aren’t entrepreneurs in the true sense, then I have two very important points that I implore you to embrace.
First, unless you have the latest greatest product or an entirely unique skill found nowhere else, look at the franchise model as way to get your feet (and knees) wet in business ownership.
Second, and this is REALLY important, find a business that you will ENJOY. Too many people call SUBWAY looking to own a franchise because they see customers at the counter and believe this easily equates to success they’d like to experience. Even very experienced business executives fall into this trap only to discover they not only hate the business they bought, but they haven’t a clue how to find the escape hatch.
What is hot is often what gets you excited about being in business. It is not always just what makes money. The best scenario is to find a space (i.e. subscription massage businesses) that is performing well and is the type of business model you enjoy running.