Got Skills?
Franchising is becoming a beacon for experienced workers.
Once thought of as a refuge for the unskilled looking to buy acareer, franchising has become a haven for skilled individuals.Executives are making their way to franchising, especially thosedisillusioned by the rat race or who have been laid off.Entrepreneurship is an enticing option that allows them to controltheir careers and income potential.
Craig Slavin, founder of FranchiseArchitects, who consults businesses on creating franchisesystems, explains the appeal: the ability to "leverage theirresources with the greater resources of a franchisor. Buying power,advertising, how to operate-they understand it." Meanwhile,the multiunit ownership trend has enticed more sophisticatedbusinesspeople who relish the idea of building and managing theirown empires. (See "GoForth and Multiply.")
Franchising has become de rigueur among many white-collarprofessionals as part of their investment portfolio alongsidetraditional stocks and bonds. "They're building wealththrough owning multiple brands," says Slavin.
But franchising isn't just easy money. Next month, we'lltalk about what it really takes to own a franchise.
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