Can a franchise be your solution? Two Birds – One Stone

That’s how I see it.

Franchising is a perfect opportunity to tackle two of our communities most daunting problems.

Business ownership
Low employment rates

Over the past 10 years the number of black men opening LLC’s has tripled. But, few are lasting and even more are struggling to survive. Noticeably the employment rates have not done any better either.

In fact, the unemployment rates grew going into the final quarter of 2022. With a looming recession I don’t see things getting much better. Especially, if we keep at the same pace as the past few years.

Many of us are having issues gaining capital to sustain our businesses. Others of us struggle to maintain Labor for day to day operations.

It’s not always because we are doing bad business. Plenty of times we just haven’t considered how we are going to sustain long-term or how we can retain a strong Labor force.

From what I see. Franchising has the potential to cut through these woes. If simplified and implemented correctly, we can produce solid ownership opportunities while cracking down on our unemployment problem.

What is franchising?

Have you ever heard someone say…

“If only I could clone myself”.
Every entrepreneur ever

Franchising can be the perfect way to expend an existing business, create new business owners and provide more employment opportunities.

One reason many new businesses fail is because all of these things take time to establish. In the process business owners struggle to find new business, generate profits and retain employees. Causing them to close shop after about 3 to 5 years.

Franchising provides a blueprint along with proper training for entrepreneurs to have almost immediate success. Because they have been through the trials and made it over those hurdles.

A franchise will provide you with all the necessary tools to succeed.

These things are perfect for employee retention and make you a more reliable employer.

Through the years I’ve learned that people will work for you if you provide them with a sense of security. They will be a little more shaky if you’re only offering a pay wage.

Franchising can be a great lane for your business to be in If your goal is to grow and solve community issues. Let’s face it! Most of us are operating in the same space trying to reinvent the wheel through developing a new niche.

If we begin to think outside of the box we can tackle the ownership and employment issues simultaneously.

What do you think?

Is franchising a good path to economic independence? If not, what methods do you think can help us grow from here?

The Resilient Mind