One of the best investments you can make in 2020
How investing in a franchise can be an investment in yourself
As 2020 gets going, you might be considering how to take more control of your finances and make your investments work better for you, perhaps by opening your own business. One route to do so is investing in a franchise—a business model in which a local outpost is backed up by the know-how, systems, and procedures of a larger company. This opens up the question: Do franchises make good investments? Simply put: yes.
A franchise provides many of the benefits of small business ownership, such as independence, but with the invaluable support of a larger, established company. Franchisees are able to rely on a pre-set business blueprint, which makes setting up shop much easier. And investing in a franchise comes with several valuable personal benefits. First, you’re giving yourself the opportunity to put your passion, skills, and knowledge to work. This creates room for you to develop and recognize your true talents and value. You’re also creating a workspace where, since you’re the boss, you’re able to manage your own time.
Financially, by investing in a successful franchise, you have the unique opportunity to grow your income, thus building equity in your portfolio. This gives you greater control of your financial future—after all, if your franchise does well, you do well. With the backing of a national brand versus striking out on your own, which can be extremely complicated and risky, you have a greater chance of achieving success. According to Fundera, half of independently-owned small businesses fail within their first five years. Of course, there’s no magic formula, but partnering with a national company mitigates potential loss and maximizes your chances of success. Additionally, you get to be a part of a bigger business community, with opportunities to benefit from training and sharing a sense of comradery with your fellow franchisees from across the country.
Finally, franchising allows you to work for yourself and connect with your community by creating jobs for people in your neighborhood. You can share your skills and knowledge with your employees and inspire them with the sense of being part of something from the beginning, creating a team that will develop as the business expands.
There are so many great franchise brands out there available for investing, so the first step is figuring out what kind makes sense for you, based on what you feel passionate about and what will allow you to progress. With the uncertainty of the traditional retail landscape, the gifting and event space has become wildly popular Woops! franchises offer an opportunity to capitalize on multiple revenue streams. In addition to the retail business, Woops! franchisees are maximizing returns with pop-up locations, events, and gifting opportunities. In just under two years, Woops! has grown to over 50 locations and is expanding rapidly throughout the US. If you’re intrigued and ready to explore, visit woopsfranchise.com to learn more about the exciting opportunities opening up in gifting.