5 Restoration Franchise Facts You Need to Know
Franchising, specifically in the $60 billion restoration industry, is a great opportunity for established brands & entrepreneurs to work together in an effort to achieve common goals. Franchisees who purchase a franchise never look back but before doing so, some question whether they’re the right candidate for a franchise. The good news is that if you’re reading this, then you are the right candidate for franchising! So whether you’re a small business owner, contractor, or industry professional looking to buy a franchise, here are 5 restoration franchise facts you need to know:
1.) “Franchise” Derives from the Word Franc, Meaning Free
While many small business owners understand the concept of franchising, most have no idea that the word “franchise” is derived from the Anglo-French word franc, meaning free. It refers to “free” in the sense that franchisees are free to use both the business model and the branding of the franchisor they’ve partnered with, usually for a defined period of time outlined in a Franchise Disclosure Document (FDD). That’s where the free ride ends however, as there are startup costs associated with purchasing a franchise, such as an initial franchise fee. Have no fear though, because contrary to popular belief buying a franchise is actually much more affordable than you think.
2.) Buying a Franchise is More Affordable Than You Think
The idea of joining a successful franchise is quite appealing to most small businesses and contractors, but some are afraid to take the leap because they think that the costs associated with franchising will be too high. Nothing could be further from the truth. In actuality, purchasing a franchise is quite affordable, especially in the restoration industry. After an initial investment in the form of a franchise fee, a monthly royalty fee, and additional start-up costs, there aren’t many more expenses other than local marketing & advertising to worry about when buying a restoration franchise. Additionally, many carpet cleaners and restoration contractors are able to safe thousands of dollars by using their existing cleaning equipment, vehicles, and technicians. Even if you don’t have an existing business or employees, franchising is still a great opportunity worth exploring!
3.) Franchising Isn’t Just for Small Business Owners
A common falsehood about franchising is that it’s only for small business owners and wealthy entrepreneurs looking to invest. In reality, franchising is a business opportunity that is open to everyone, even individuals not currently in the restoration industry. This misconception can unfortunately deter blue-collar workers like carpet cleaners, cleaning contractors, and restoration technicians from inquiring about restoration franchise opportunities because they often think they don’t have enough experience or starting capital. We want you to know that you don’t have to be a small business owner in order to financially qualify for a franchise. Truth be told, countless contractors & carpet cleaners with good credit and great business acumen have bought franchises and been successful, making more money in restoration. Through their success, these contractors have bridged the gap between employee and entrepreneurship.
4.) You Don’t Have to Be an Expert to Buy a Franchise
Depending on the industry of the franchise you’re buying, experience and expertise may not be must-have requirements for being a franchise owner. This is often the case with franchises in the food service industry like fast food restaurants. Take McDonald’s, the largest franchise in the world with over 35,000 restaurants across the globe. To buy a McDonald’s franchise in the United States for instance, a potential buyer needs to have strong business & management skills, good credit, and great customer service. However, note that having experience specific to the food service industry is not a requirement for franchising. In a case like this, a new franchisee would get to learn as they grow, which is part of the fun of owning a franchise in the first place.
5.) Owning a Franchise Can Be A Lot of Fun
In addition to franchising being both financially and personally rewarding, owning a successful franchise can also be a lot of fun. This is especially true in the field of restoration because in this industry, every day is a new challenge. New franchisees are constantly learning in the restoration industry, from both the franchisor like 911 Restoration Inc. and via everyday experience while on the job. Also, given the large network of franchisees, you gain friends for life and often get to participate in fun extracurricular activities like fundraisers, charity events, and other exciting events in your local community. Best of all, you get to do what you love while helping others in the best way possible: by fixing their property and giving a Fresh Start to that sacred place they call home.
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