Achieve Financial Freedom by Starting a Franchise

The role of the entrepreneur is pivotal to our local, regional, and national economies, especially in these challenging times when job creation is at a premium. Apart from the natural fondness that communities have for their mom-and-pop establishments, small business owners are extremely important because of their profound impact on the success of a community. Economic studies show that companies with no more than 500 employees are credited for half of the US gross domestic product (GDP), generate more than 60% of the total number of new jobs created since 1993, and employ 50% of the private sector workforce.

Part of the larger small business population is made up of franchised businesses. For the past few years, franchised small businesses have accounted for millions of jobs in both production distribution and business format franchises. To provide a better idea of the importance of starting a franchise, its employment is almost equal to the number of jobs in durable goods manufacturing. It also surpasses the total employment of various industries including wholesale trade, real estate, finance and insurance, information, and non-durable goods manufacturing among others. If we include indirect employment in the picture, the overall output produced by franchises amounts to over a trillion dollars.

Economic challenges of the franchisee

With many countries striving for economic recovery, the proliferation of entrepreneurs remains more important than ever according to businessnewsdaily. While there have been indications of economic growth, the rate of employment leaves much to be desired. Franchise businesses consider access to capital as a primary concern. Many of the recent difficulties faced by franchise owners include anything from recurring sales-related worries to credit struggles, which worsened because of the causes of this particular economic slump.

The global recession officially ended in mid-2009, but economic activity remains plagued by continued weakness and uncertainty, specifically in the labor industry. However, economists have grown more optimistic about economic progress because of the rising demand for goods and services and higher capital spending. That being said, franchise owners still have a number of challenges that they need to overcome. For instance, they have higher expectations about sales projections and hiring, but the reality is that economic activity is beneath the target. This newer optimism must still translate into actual employment and spending activity.

Getting started

The law mandates the need for franchisees to know everything about the Franchising Code of Conduct. This Code contains the contents of the franchise agreement, as well as the obligations and rights of the franchisor – take a look at franchiselaw.net. There are more than 75 industries that utilize the franchise model and determining the most suitable one for you can be daunting if you do not know what questions to ask yourself.

First, a prospective franchisee must have a clear idea of what he or she plans to get out of having a business. The type of industry that one chooses must be in line with his or her interests and abilities, as well as the person’s personal routine. Naturally, the potential income and expenses should also be taken into consideration. If these guide points are not enough to lead you to the right direction, there are professionals like franchise consultants, lawyers, and development companies that can help you reach a decision on franchising.

Hodgson, Thomas DVD & Cold Stone Creamery Winners

I will be working on going through the entries for Positive Girl – The Power of Your Thoughts giveaway that ended, but for now I have three winners to announce. Chosen using Random.org through Rafflecopter.com —

Hodgson Mill $25 worth of Pasta —

Terrim Fas

Thomas Engine Friends 2DVD set —

Hoa Le

Cold Stone Creamery —

Robby Rob

NOTE TO ALL GIVEAWAY ENTRANTS PAST & CURRENT – The winners announced today will be emailed on next business day & have 48 hours to claim prize from date of my email to them!

Congrats and please complete THIS FORM so that I can send the sponsor your information!

Cold Stone Creamery and Chuggington News Plus Giveaway

Do you have a Cold Stone Creamery near you? Well be sure to find out because Cold Stone Creamery is offering a traintastic deal where you can get a $2.00 off any Chuggington DVD coupon with purchase of one of their tasty treats!

I honestly had never heard about Cold Stone Creamery until I received the traintastic news from Chuggington representatives. As usual most awesome stores like this are located a bit away from me, the nearest Cold Stone Creamery location is in Manchester, NH. We head to Manchester every so often so hopefully I can enjoy these yummy treats soon.

For you all I have a giveaway, yes one lucky person who enters using the Rafflecopter form below will be able to win a $10 gift card from Stone Cold Creamery and Chuggington, this way you can get a $2.00 off coupon for one of your most wanted Chuggington DVD’s as well as a tasty cool down treat. This deal for coupon is only valid through August 2012.

a Rafflecopter giveaway

Disclosure: I received a gift card to Cold Stone Creamery as part of this promotion because of being a member of the Chuggington Conductor blogger team since 2011.

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