Multiple Revenue Streams
One of the benefits of being a franchisee is the ability to have a business with multiple revenue streams and recurring revenue. With a fast-food restaurant, for example, you can profit from online and drive-thru orders, branded merchandise sales, third-party delivery partnerships (Uber Eats and DoorDash), and catering services. With an educational franchise, you can offer one-on-one tutoring as well as test preparation services for students who need extra help. A membership-based spa franchise can offer services and sell products, too.
Franchise ownership is about more than just making a profit; you can provide feel-good services that make your business beloved by many communities. For example, it’s a great feeling to offer families senior care services. With a restaurant, you can bring communities together and offer great food simultaneously. Many consumers are also more aware of their carbon footprint and want to go to businesses that value sustainability. With an eco-friendly franchise, you can offer non-toxic beauty, industrial waste management, and cleaning services. The opportunities to provide feel-good services are endless in franchising.
Diversity and Inclusion
Franchising levels the playing field and gives entrepreneurs from all walks of life the opportunity for success. Many franchisors have diversity, equity and inclusion initiatives to ensure all feel welcome. The IFA also champions diversity with initiatives like the Hispanic Latino Franchise Leadership Council and the Black Franchise Leadership Council. Inclusion of the LGBTQIA+ community matters to Gen-Zers and Millennials — two groups that are considered the most entrepreneurial generations ever. To find franchise buyers, franchisors should also be active on social media.
What Are Today's Franchise Buyers Looking for?
As you can see, today’s franchise buyers are looking for flexibility and financial independence. These benefits differentiate franchise business owners from corporate employees. Today's franchise buyers also benefit from lower overhead, flexible models, multiple revenue streams, and diversity and inclusion. With training and support from franchisors, franchise owners just have to follow the system and put in the work to make the business successful as possible. To find new franchise buyers, franchisors should consider being active on social media.