Are you dreaming of owning your own business, but don’t know where to start or what business to consider? “Every accomplishment starts with the decision to try.”
Together we’ll explore business ownership in franchising as your next investment in YOURSELF – both financially and as a career choice. Buying a franchise is attractive because it carries a level of autonomy but also involves tested, proven operational systems that reduce entrepreneurial risk.
Sunday, November 9, 2014
The First Franchise
Franchises have become a staple of the American economy. Just think of how many franchises you come across on a daily basis. Even if you don’t leave your house for a day, you will see advertisements for dozens of franchises on your television.
So, where did the first franchise begin? What was it?
Have you heard of the Singer Sewing Machine?
Isaac Singer didn’t invent the sewing machine. But he developed a simplistic sewing machine that could be adapted to home use – getting a patent for his invention in 1851. He even sold his machines using an installment payment basis that allowed more people to purchase his machines.
The Singer Sewing Machine sales skyrocketed over 500% during a four-year period. Isaac was able to start mass-producing his product with interchangeable parts. But, how could Singer’s company repair these machines across the United States?
The solution to this problem gave rise to the first franchise system. Singer started by licensing out servicing and repairs to local merchants around the country. Later, those merchants were allowed to become regional salespeople for the machines as well. These rights were all conveyed via contracts.
Franchises are Proven Business Systems
Singer’s franchising system was a success because his sewing machine was a quality, differentiated product AND he developed an efficient, effective system for selling and servicing it. This is the biggest benefit of franchising; you are using a business system that has a track record of producing successful results. There are no guarantees in business ownership and entrepreneurship, but with research, due diligence, and working a proven system, you can give yourself a distinct advantage.
Another way to give yourself an advantage? FranNet. Our exclusive franchise matchmaking system and research plan helps to pair you with a business concept that best fits your transferable skills, personality, budget and lifestyle requirements. We offer choices in many different categories, to help you discover options you may not even be aware of, yet may provide a great fit for your unique profile!
Franchising as a Career, an Investment, or Both
Join me for my upcoming FREE seminar, "Business Ownership Options." This event takes place on Wednesday, November 19 in Grand Rapids, MI. Learn franchising basics, including the array of categories and investment levels available (starting at around $50k), and how to go about defining your own personal vision, matching that up with viable choices, and conducting proper due diligence to make sure you are selecting the RIGHT fit for YOU!