Unlocking Business Success: A Comprehensive Guide to Franchising and Entrepreneurship
Are you looking to break free from the corporate grind and take control of your financial future? Franchising offers a unique path to business ownership, combining the benefits of an established brand with the independence of entrepreneurship. In this post, we dive into key insights shared by Liz Leonard, franchise advisor and author of Your Franchise Fast Pass, who has successfully guided individuals in finding the perfect franchise fit. Whether you’re new to the concept or exploring a career pivot, here’s everything you need to know about leveraging franchising for business success.
The Appeal of Franchising: Why It’s Worth Considering
Franchising offers a proven framework for building a business. Unlike starting from scratch, it provides access to:
- Established systems and processes: Franchises come with playbooks, vendor discounts, and marketing platforms that are already tested and optimized.
- Ongoing support: Franchisees gain access to training programs, technology tools, and a network of fellow business owners who share best practices.
- Lower risk: With a track record of success, many franchises reduce the uncertainty associated with new business ventures.
Franchising isn’t for everyone, but for those who value structure and support, it’s an opportunity to become a business owner with less risk and more guidance.
How to Determine If Franchising Is Right for You
The decision to invest in a franchise should align with your skills, finances, and life goals. According to Liz, evaluating your readiness involves:
- Skills assessment: Understanding your strengths and areas for growth is critical in matching you with the right franchise.
- Financial capability: Franchises require upfront investments, so it’s essential to assess your financial readiness and explore funding options, such as SBA loans or the Rollover for Business Startups (ROBS) program.
- Lifestyle alignment: Consider whether you prefer an owner-operator model (hands-on involvement) or a semi-absentee approach (managing a team while maintaining another job).
Timing is key. If you’re not quite ready to invest, Liz recommends using this time to save, reduce debt, and build a financial cushion.
Exploring Industries Beyond Food Franchises
When people think of franchising, fast food often comes to mind. However, the franchise world spans numerous industries, including:
- Home services: Brands offering essential services like kitchen renovations, pest control, and property management.
- Professional services: Coaching, consulting, and tax preparation franchises.
- Fitness and wellness: Yoga studios, gym franchises, and mental health services.
These options often come with lower overhead costs, making them accessible to first-time franchisees.
Building a Family Legacy Through Franchising
Franchising can be more than just a business investment—it’s an opportunity to create generational wealth and involve your family. Liz shared examples of families using franchises to:
- Train and mentor younger generations.
- Diversify investments while maintaining a primary income source.
- Build businesses that complement existing ventures, such as real estate.
A family-focused approach can strengthen your financial foundation while fostering entrepreneurial skills in the next generation.
Mitigating Risk Through Support Systems
Starting a business is never without challenges, but franchising provides resources to help you overcome obstacles, such as:
- Comprehensive training: Ensuring you and your team are equipped to succeed.
- Peer networks: Learning from experienced franchisees within the system.
- Technology platforms: Streamlining operations with robust tools for marketing, billing, and customer management.
As Liz noted, franchising replaces the isolation of going solo with the security of a support system.
Take the First Step Toward Ownership
Franchising offers a balance between independence and support, making it an attractive option for aspiring entrepreneurs. But success starts with the right information. Whether you’re considering a career change, adding a second income stream, or building a family legacy, the journey begins with understanding your options.
Ready to learn more? Liz Leonard’s Your Franchise Fast Pass is a step-by-step guide designed to help you navigate the process. Visit their website to explore how franchising can fit into your entrepreneurial vision.
Listen to the full podcast episode with Liz Leonard, available now:
🎧 Spotify
Franchising might not be for everyone, but for those seeking a structured path to business ownership, it’s a powerful option. Take control of your future by exploring this dynamic opportunity—your next great adventure awaits.
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Join our newsletter for the latest VA strategies and insights straight to your inbox every week!Transcript
Harley Green: Welcome to the Workergenix Mastermind podcast! Today, we have a very special guest, Liz Leonard. Liz is an esteemed franchise business expert, entrepreneur, and the bestselling author of Your Franchise Fastpass: Your Guide to Finding Your Ideal Business. Liz brings a wealth of knowledge to help entrepreneurs who are exploring franchising as their next big adventure. Liz, welcome to the show! How are you today?
Liz Leonard: Thanks for having me, Harley. I’m doing great.
Harley Green: We’re thrilled to have you here. Let’s dive in. Could you share a bit about your background and how you got involved with franchising?
Liz Leonard: Absolutely. I started my career in senior healthcare, working in the corporate world for about two decades. Like many people, I eventually transitioned out of that career. My first entrepreneurial venture was a childcare startup— a $1.2 million project—launched in 2007, right when the recession hit. It was a risky time, but the business thrived. We had a waitlist two-and-a-half years long. Four years later, we were approached by a buyer, and we made the tough decision to sell.
After that, my entrepreneurial journey continued. We invested in a self-storage business with 134 units, which we sold a couple of years ago. We also own a franchise business that we’ve had for over a decade. Today, I’m a franchise advisor, helping people explore investments and decide if franchising is the right fit for them. It’s a very personalized process that takes into account their skills, finances, and long-term goals.
Harley Green: I love that. One thing we talked about before recording is how you match people with businesses that align with their passions, skills, and financial goals. What does that process look like when someone comes to you?
Liz Leonard: The first step is a 20-minute introductory call to understand why they’re considering franchising and how it fits into their life. Many people come to me because they want control, freedom, or a way to build wealth. Some are transitioning out of jobs, and others are simply looking for their next investment opportunity.
After that, we do a skills assessment to identify their strengths, weaknesses, and compatibility with different franchise models. If I’m working with a couple or a family, everyone participates in the assessment. From there, we dive deeper with a 60-minute consultation where we discuss their vision, goals, and readiness to own a business. It’s a step-by-step process, and my services are completely free.
Harley Green: That’s amazing. For someone unhappy in their current job and considering starting their own business, what makes franchising a good option?
Liz Leonard: Franchising can provide a proven roadmap, which removes much of the guesswork that comes with starting a business from scratch. You gain access to established systems, vendor discounts, and ongoing support. In franchising, you’re part of a network of like-minded entrepreneurs who’ve already walked the path you’re considering. Unlike starting on your own, you’re never alone—you have guidance and resources at every step. That’s a huge advantage.
Harley Green: That sounds invaluable. But many people automatically think of food franchises like McDonald’s. What are some other industries where franchising is thriving?
Liz Leonard: Great question! Food is what most people think of, but there’s so much more. Home services are a growing sector—things like kitchen remodeling, pest control, and landscaping. These brands are often mobile, so you don’t need a brick-and-mortar location, which reduces overhead. There are also opportunities in coaching, mental health, and even property management. Franchising extends far beyond food.
Harley Green: What kind of time and financial commitment does someone need to get started with a franchise?
Liz Leonard: The initial process to evaluate franchising options takes about six to eight weeks. During that time, we assess goals, financial readiness, and skills, and then narrow down franchise options. Once you decide, there’s training, which can take four to six months depending on the brand. Financially, the investment varies. Some franchises require a net worth of $350,000, while others may be higher, especially if they’re brick-and-mortar. We also explore funding options like SBA loans or retirement rollovers, so everyone’s situation is unique.
Harley Green: You mentioned family involvement earlier. Can franchising help build a legacy for future generations?
Liz Leonard: Absolutely. Franchising can be a powerful tool for creating generational wealth. I’ve worked with families where parents invest in franchises and involve their children in the operations. This gives the next generation entrepreneurial experience while building a stable income stream. It’s a great way to create long-term value for your family.
Harley Green: That’s incredible. What advice do you have for someone considering franchising but unsure if it’s the right fit?
Liz Leonard: My advice is to explore your options and gather as much information as possible. Franchising isn’t for everyone, but it’s worth investigating if you want a business model with support and structure. Start by asking yourself: What are my goals? Am I financially ready? What role do I want to play in the business? If you’re curious, let’s talk. My services are free, and I’d be happy to guide you through the process.
Harley Green: Liz, thank you so much for sharing your expertise and insights. For those interested in learning more, we’ll include a link in the show notes to get a free copy of Your Franchise Fast Pass. Liz, it’s been a pleasure having you on the show.
Liz Leonard: Thank you, Harley. It’s been great talking with you.
Harley Green: Likewise. Take care!