{"id":19275,"date":"2016-04-26T18:58:37","date_gmt":"2016-04-26T18:58:37","guid":{"rendered":"https:\/\/www.thefranchiseking.com\/?p=19275"},"modified":"2022-04-28T14:39:22","modified_gmt":"2022-04-28T18:39:22","slug":"can-choosing-right-franchise-make-you-rich","status":"publish","type":"post","link":"https:\/\/www.thefranchiseking.com\/can-choosing-right-franchise-make-you-rich","title":{"rendered":"Can Choosing The Right Franchise Make You Rich?"},"content":{"rendered":"<p><a href=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/rich-persons-home.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-19277\" src=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/rich-persons-home.jpg\" alt=\"the question can choosing the right franchise make you rich is an important one\" width=\"774\" height=\"518\" srcset=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/rich-persons-home.jpg 597w, https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/rich-persons-home-320x214.jpg 320w\" sizes=\"auto, (max-width: 774px) 100vw, 774px\" \/><\/a><\/p>\n<p>If you&#8217;re focused on &#8220;<em>the money part<\/em>&#8221; of small business ownership, it&#8217;s an important question. So, can choosing the right franchise make you rich? Keep reading.<\/p>\n<p>According to the book, &#8220;<em>Million Dollar Habits: Proven Power Practices to Double and Triple Your Income<\/em>,&#8221; written by Brian Tracy, most American millionaires are manager-owners of businesses. <a title=\"facts about the rich\" href=\"https:\/\/facts.randomhistory.com\/millionaires-facts.html\" target=\"_blank\" rel=\"noopener\"><strong>Here are a few more facts about the rich<\/strong><\/a>.<\/p>\n<p>So, based on that statistic, if <strong>your<\/strong> goal is to become rich&#8230;<em>millionaire<\/em>-rich, you should take a serious look at becoming <a title=\"owner of a franchise business\" href=\"https:\/\/www.thefranchiseking.com\/new-franchise-owner-wishes-done-sooner\"><strong>the owner of a business<\/strong><\/a>. A <em>franchise<\/em> business?<\/p>\n<p>&nbsp;<\/p>\n<h2>Franchise Business Impact<\/h2>\n<p>The U.S. franchise industry pumps a ton of money into the economy. Billions of dollars every year, as you can plainly see below.<\/p>\n<p><a href=\"https:\/\/www.franchisedirect.com\/information\/usfranchiseindustrystatistics\/?r=5003\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-19279\" src=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/U.S.-Franchise-Industry-Statistics-FranchiseDirect.com_.png\" alt=\"owning a franchise U.S. economy\" width=\"516\" height=\"232\" srcset=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/U.S.-Franchise-Industry-Statistics-FranchiseDirect.com_.png 516w, https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/U.S.-Franchise-Industry-Statistics-FranchiseDirect.com_-320x144.png 320w\" sizes=\"auto, (max-width: 516px) 100vw, 516px\" \/><\/a><\/p>\n<p>(<em>Image courtesy of <a title=\"franchise industry economic output\" href=\"https:\/\/www.franchisedirect.com\/information\/usfranchiseindustrystatistics\/?r=5003\" target=\"_blank\" rel=\"noopener\">Franchise Direct.com<\/a><\/em>)<\/p>\n<p>The money taken in by the over 750,000 franchise businesses gets distributed in several different ways. It goes to:<\/p>\n<ul>\n<li>Franchise employees<\/li>\n<li>Franchise owners<\/li>\n<li>Vendors<\/li>\n<li>Local businesses<\/li>\n<li>Local charities<\/li>\n<li>State and local taxes<\/li>\n<li>The IRS<\/li>\n<\/ul>\n<p>Franchising is an important industry, and it has been for a <a title=\"franchise industry history expert article joel libava\" href=\"https:\/\/www.sba.gov\/blogs\/how-franchising-began\" target=\"_blank\" rel=\"noopener\"><strong>long<\/strong><\/a> time. It&#8217;s a serious industry. Would you like to be a part of it? Maybe a better question would be this one:<\/p>\n<p><em>Would you like to use the franchise business model to create wealth?<\/em><\/p>\n<p>If so, I&#8217;d like to try to help you get there.&nbsp;Wherever &#8220;<em>there<\/em>&#8221; is.<\/p>\n<p><a href=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/car-1140429_640.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-19280\" src=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/car-1140429_640-620x465.jpg\" alt=\"a ferrari\" width=\"620\" height=\"465\" srcset=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/car-1140429_640-620x465.jpg 620w, https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/car-1140429_640-320x240.jpg 320w, https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/car-1140429_640.jpg 640w\" sizes=\"auto, (max-width: 620px) 100vw, 620px\" \/><\/a><br \/>\n(<em>This&nbsp;Ferrari, a toy for the truly rich, can get you anywhere fast!<\/em>)<\/p>\n<p>&nbsp;<\/p>\n<h2>Can Choosing The Right Franchise Make You Rich?<\/h2>\n<p><strong>Of course it can!<\/strong> &nbsp;But, you <em>do<\/em> have to choose wisely. Because if you choose the wrong franchise, you&#8217;ll never make a dime. As a matter of fact, if you make the wrong choice in a franchise opportunity, you could end up losing your shirt. Like <a title=\"joe the quiznos franchisee\" href=\"https:\/\/www.thefranchiseking.com\/quiznos-happened-joe-franchisee\"><strong>Joe<\/strong><\/a> did.<\/p>\n<p><strong>Fact:<\/strong>&nbsp;Franchise owners can and do fail.<\/p>\n<p>There are even people who did their homework&#8230;people who felt they had enough money to see them through the startup phase of the business, who unfortunately <a title=\"open a franchise and not get customers\" href=\"https:\/\/www.thefranchiseking.com\/you-open-your-franchise-and-this-happens\"><strong>never seem to get enough customers or clients<\/strong><\/a>. Some of them have to close up shop and force themselves to go out and find a J.O.B. (<em>Yikes!<\/em>)<\/p>\n<p>So, would you like to learn how to make a <del>good<\/del> great choice in a franchise business opportunity? A choice that may lead to riches?<\/p>\n<p>&nbsp;<\/p>\n<h2>How To Make A Great Choice In A Franchise<\/h2>\n<p>Let&#8217;s begin.<\/p>\n<h4>The Definition Of A Great Franchise Choice<\/h4>\n<p>A great franchise choice would be a franchise opportunity that:<\/p>\n<ul>\n<li>Aligns with you<\/li>\n<li>Is affordable<\/li>\n<li>You can (<em>potentially<\/em>) see yourself owning and operating<\/li>\n<li>You can validate is a great one<\/li>\n<li>Has territory availability in your local area<\/li>\n<li>Feels right<\/li>\n<li>Can help you <del>create wealth<\/del> <strong>become rich<\/strong><\/li>\n<\/ul>\n<p>Make sense? Is there anything else you&#8217;d like to add to the list that would make a franchise opportunity a great choice for you? If so, go ahead and add it. That way it can be <em>your<\/em> list. A list on choosing the right franchise for you.<\/p>\n<p>Now, let&#8217;s go through each item, step-by-step.<\/p>\n<p>&nbsp;<\/p>\n<figure id=\"attachment_19282\" aria-describedby=\"caption-attachment-19282\" style=\"width: 642px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/in-alignment-020109-N-0000X-001_Blue_Angels_Formation.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-19282\" src=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/in-alignment-020109-N-0000X-001_Blue_Angels_Formation-620x469.jpg\" alt=\"blue angels jets in alignment\" width=\"642\" height=\"486\" srcset=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/in-alignment-020109-N-0000X-001_Blue_Angels_Formation-620x469.jpg 620w, https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/in-alignment-020109-N-0000X-001_Blue_Angels_Formation-320x242.jpg 320w, https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/in-alignment-020109-N-0000X-001_Blue_Angels_Formation-768x581.jpg 768w, https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/in-alignment-020109-N-0000X-001_Blue_Angels_Formation-1536x1162.jpg 1536w, https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/in-alignment-020109-N-0000X-001_Blue_Angels_Formation.jpg 1702w\" sizes=\"auto, (max-width: 642px) 100vw, 642px\" \/><\/a><figcaption id=\"caption-attachment-19282\" class=\"wp-caption-text\">The U.S. Navy&#8217;s premiere Flight Demonstration Team, the Blue Angels, are stationed at Naval Air Station Pensacola, Florida, and fly the MacDonald Douglas F\/A-18 Hornet&#8217;s strike fighter. Scheduled in over 36 locations with hundreds of shows per annual season, the proud tradition of courage and excellence has lasted since they were established in 1946. U.S. Navy Photo (Released)<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n<h3>Alignment<\/h3>\n<p>The U.S. Navy picks the very best pilots to travel around the country demonstrating our air superiority. The Blue Angels travel from air show to air show, pleasing crowds from coast to coast. They take their jobs very, very seriously. Have you ever attended an air show? I have to tell you, it&#8217;s one thing to watch <em>a video<\/em> of The Blue Angels flying in formation-aligned perfectly, for a few minutes. It&#8217;s quite another to see them perform <em>live<\/em>. In color. With real, live sound. Every time I see them live, I think to myself that I would <strong>not<\/strong> want to be the enemy.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/UiUDUo4oKic\" width=\"699\" height=\"415\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>(<em>I couldn&#8217;t help myself. These jets\/pilots are amazing to watch.<\/em>)<\/p>\n<p>Anyway&#8230;<\/p>\n<p>The 1st thing you need to do (<em>as you search for the right franchise-one that can make you rich<\/em>) is to only investigate franchise opportunities that <strong>align<\/strong> with the stuff you&#8217;re good at.<\/p>\n<p>As I wrote in <a title=\"article on how to buy a franchise\" href=\"https:\/\/www.thefranchiseking.com\/how-to-buy-a-franchise\"><strong>my article on how to buy a franchise<\/strong><\/a>:<\/p>\n<blockquote><p>&#8220;<em>You need to start the franchise search with you. Forget about the actual franchise opportunities that are available. They don\u2019t matter. Not yet, anyway.&nbsp;What matters is you. Your top skills. Your personal characteristics. The things that make you tick<\/em>.&#8221;<\/p><\/blockquote>\n<p>That&#8217;s right: You&#8217;re wasting your time if all you&#8217;re doing is going from franchise portal to franchise portal-clicking around, hoping to somehow find <em>the<\/em> franchise that will help you reach your financial goals if you buy it. Now, you <em>could<\/em> get real, real, lucky, and find the right franchise to buy\/own without doing much work. <em>Without<\/em> doing the deep self-analysis necessary to determine your top skills and personal traits. But, it&#8217;s a long-shot.<\/p>\n<p><a href=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/6050121954_6c14a1887a_z.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-19309\" src=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/6050121954_6c14a1887a_z.jpg\" alt=\"roulette wheel\" width=\"642\" height=\"400\"><\/a><\/p>\n<p>So, if you&#8217;d like to increase your odds of choosing a winning franchise opportunity, take the time to do a personal assessment so you know what your top skills and dominant personal traits are. Once you have that information, you can start searching for a great franchise opportunity that aligns with what you bring to the table. And, <strong><a title=\"make sure you are right for franchise ownership\" href=\"https:\/\/www.thefranchiseking.com\/free-franchise-quiz-fit-franchise-business\">go here to make sure you are the right kind of person to own and operate a franchise business<\/a><\/strong>. Not everybody is.<\/p>\n<h3>Affordability<\/h3>\n<p>Before you get too serious about becoming the owner of a franchise, you need to do some work on the financial side of things. Your financial side. After all, you don&#8217;t want to waste time on franchise opportunities you can&#8217;t afford. <a title=\"budget for a franchise\" href=\"https:\/\/www.sba.gov\/blogs\/buying-franchise-how-determine-what-its-going-cost-you\" target=\"_blank\" rel=\"noopener\"><strong>Read this article on the SBA.gov website<\/strong><\/a> to get some ideas on how to budget for a franchise business.<\/p>\n<p><strong>Tip<\/strong>: Be flexible. Come up with a budget <em>range.<\/em> Decide on how much of your own money you&#8217;re willing to invest,&nbsp;up-front, along with the total investment (<em>including loans<\/em>) you&#8217;re willing to make.<\/p>\n<p>For example, tell yourself that you&#8217;re willing to come up with between $50,000-$75,000 of your own money for the right franchise opportunity, and that the total investment needs to fall somewhere between $150,000-$200,000 total.<\/p>\n<h3>Visualizing<\/h3>\n<p>When investigating franchise opportunities, it&#8217;s important for you to be able to <strong>visualize<\/strong> yourself owning and operating the franchise opportunities you explore. However&#8230;<\/p>\n<p>You don&#8217;t have to <em>immediately<\/em> be able to visualize yourself as the owner of the franchise of franchises you&#8217;re looking into. Sometimes, a few conversations with the franchise development representative and\/or a franchisee or two can help you become a little more interested in an opportunity-and enable you to see yourself as an owner.<\/p>\n<p><strong>Tip:<\/strong> Don&#8217;t discount a franchise opportunity just because you &#8220;<em>can&#8217;t see yourself owning it<\/em>.&#8221; If the franchise concept aligns with your top skills and seems like a good fit for your personal traits, hang in there for a little while. Be open to the possibilities. You want to make a lot of money, right?<\/p>\n<p>In Part 2 of this article on the possibility of becoming rich if you choose the right franchise, I&#8217;ll delve into ways to increase your chances of finding money-making franchise opportunities. <a title=\"getting wealthy with a franchise\" href=\"https:\/\/www.thefranchiseking.com\/can-choosing-right-franchise-make-rich-part-2\"><strong>Here is Part 2<\/strong><\/a>.<\/p>\n<p>Image of mansion from <a title=\"mansions for sale\" href=\"https:\/\/www.luxuryportfolio.com\/\" target=\"_blank\" rel=\"noopener\">luxuryportfolio.com<\/a><\/p>\n<p>Roulette wheel from <a title=\"flickr images\" href=\"https:\/\/www.flickr.com\/photos\/45378259@N05\/6050121954\" target=\"_blank\" rel=\"noopener\">Flickr<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you&rsquo;re focused on &ldquo;the money part&rdquo; of small business ownership, it&rsquo;s an important question. So, can choosing the right franchise make you rich? Keep reading. According to the book, &ldquo;Million Dollar Habits: Proven Power Practices to Double and Triple Your Income,&rdquo; written by Brian Tracy, most American millionaires are manager-owners of businesses. Here are [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":19277,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[2122,32],"tags":[1720,1721],"class_list":["post-19275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-choose-a-franchise","category-franchise-purchasing","tag-become-rich","tag-franchise-riches"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Can Choosing The Right Franchise Make You Rich? &#8212; The Franchise King\u00ae<\/title>\n<meta name=\"description\" content=\"Can choosing the right franchise make you rich? It&#039;s a question that a lot of prospective franchise owners want to know. The Franchise King\u00ae answers it.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thefranchiseking.com\/can-choosing-right-franchise-make-you-rich\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Can Choosing The Right Franchise Make You Rich?\" \/>\n<meta property=\"og:description\" content=\"Can choosing the right franchise make you rich? It&#039;s a question that a lot of prospective franchise owners want to know. The Franchise King\u00ae answers it.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.thefranchiseking.com\/can-choosing-right-franchise-make-you-rich\" \/>\n<meta property=\"og:site_name\" content=\"The Franchise King\u00ae\" \/>\n<meta property=\"article:published_time\" content=\"2016-04-26T18:58:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-28T18:39:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.thefranchiseking.com\/wp-content\/uploads\/rich-persons-home.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"597\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Joel Libava\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.thefranchiseking.com\\\/can-choosing-right-franchise-make-you-rich#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.thefranchiseking.com\\\/can-choosing-right-franchise-make-you-rich\"},\"author\":{\"name\":\"Joel Libava\",\"@id\":\"https:\\\/\\\/www.thefranchiseking.com\\\/#\\\/schema\\\/person\\\/b560fd324f6df9be52ac875e631beb66\"},\"headline\":\"Can Choosing The Right Franchise Make You Rich?\",\"datePublished\":\"2016-04-26T18:58:37+00:00\",\"dateModified\":\"2022-04-28T18:39:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.thefranchiseking.com\\\/can-choosing-right-franchise-make-you-rich\"},\"wordCount\":1270,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.thefranchiseking.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.thefranchiseking.com\\\/can-choosing-right-franchise-make-you-rich#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.thefranchiseking.com\\\/wp-content\\\/uploads\\\/rich-persons-home.jpg\",\"keywords\":[\"become rich\",\"franchise riches\"],\"articleSection\":[\"Choose The Right Franchise\",\"Franchise Purchasing\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2016\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.thefranchiseking.com\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.thefranchiseking.com\\\/can-choosing-right-franchise-make-you-rich\",\"url\":\"https:\\\/\\\/www.thefranchiseking.com\\\/can-choosing-right-franchise-make-you-rich\",\"name\":\"Can Choosing The Right Franchise Make You Rich? &#8212; The Franchise King\u00ae\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.thefranchiseking.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.thefranchiseking.com\\\/can-choosing-right-franchise-make-you-rich#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.thefranchiseking.com\\\/can-choosing-right-franchise-make-you-rich#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.thefranchiseking.com\\\/wp-content\\\/uploads\\\/rich-persons-home.jpg\",\"datePublished\":\"2016-04-26T18:58:37+00:00\",\"dateModified\":\"2022-04-28T18:39:22+00:00\",\"description\":\"Can choosing the right franchise make you rich? 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