So, you want to get rich through franchising? Well, before I get into my top 7 industries that I think could help you get rich, I want to remind you that when you own a business,
you are the only one who controls whether you get rich. The Federal Trade Commission highly regulates earnings claims and claims of any kind in franchising. Why? Because
business ownership is about owning your own results. While franchisors are allowed to share their corporate results or their franchisee results, at the end of the day, those
claims have nothing to do with your potential. You could fail, or you could 10x what they show. The sad part is when you’re massively successful, you will probably own it, but
when you’re not, you probably won’t.
Enough of my soap box talk, but I do need to have a disclaimer that I am not saying you will get rich in these industries. I am sharing my opinion of industries that I believe have
characteristics that could lead to building wealth, aka riches.
For the purposes of this discussion, when I say industries that you could get rich in, I want to define what I mean by “get rich.” An industry that has the potential to make you
rich is one that has long-term sustainability. It embodies products and services that people both want and need and that afford scale. No matter what you are investing in,
wealth is always built through scale, and franchising is no different. Wealth doesn’t come from one location, one team or one truck. Wealth is built through leverage of time
and resources across multiple locations, teams and trucks. Franchising was built for leverage because of the systems, processes, tools, training and focus on proper
capitalization. Finally, franchisors encourage owners to think as CEOs rather than owner-operator, and for all these reasons, franchising wins over entrepreneurship for
building and scaling wealth.
Now on to my Top 7 Industries that I believe could make you rich in franchising.
7. Products and services for kids and families. I love this industry because as a parent, I know how much money I spend on my kids, and how I hate saying no. Parents
love to give their kids the edge in school and sports. We love to foster the love of music and art and other hobbies. We throw birthday parties to create memories and enjoy
doing that outside of our home so there’s no mess to clean up. This is a category that is long-term focused, and in my opinion, will always have opportunity.
6. Products and services for the aging and elderly. On the opposite end of the spectrum from kids is our aging population. Hey, we are all getting older, (If you invent a
way to stop aging, that will definitely make you rich!!!) and in today’s busy world, we may not live near our aging grandparents and parents, or we are working and cannot
take care of them during the day. With the increased cases of dementia and Alzheimer’s, sometimes, we don’t have the right skills to take care of our loved ones.
This industry is special in that I believe it is a calling, a ministry in many ways. If you have a heart to serve, this could be a great way to give back and get rich!
5. Fitness & Weight loss. Look, Americans need to move more and eat less.. While we know this, many are reluctant because they don’t like gyms, or they don’t want to feel
deprived. Well, this amazing industry is always coming up with newer, better ways to create a hook that draws people in. Helping people lose weight and look and feel better
has to be one of the greatest ways to earn money if you ask me. Even people like Kim Daly who was a personal trainer pays a personal trainer so she can workout effectively
and efficiently and avoid injury. We like the social aspects of group classes, the motivation of a trainer, and do I need to say anything about the weight loss industry?
Nutrition and eating well plays the biggest role in our health and how we look, and that’s why this is a growing market that will never become obsolete.
4. Wellness & Anti-Aging. Need I say anything else? When you’re selling hope, Baby, you will always have a market!!! Since 2020, there has been a wave of new
opportunities to help people detox, improve their immunity and strengthen their overall health. From cold plunge to infrared light, to saunas, steam, drip bars and oxygen, this
is a rapidly growing industry! If you’re not an early adopter, this industry could be too up and coming, but if you like giving people what they want and need, this could be an
incredible opportunity to help people age more gracefully. I’m about as organic as they come, but I’ve always said, “My holistic nature ends at my vanity! When it’s time to
smooth wrinkles and preserve my face, I’m in.” The medspa space is never going away and just continues to find new ways to help us look and feel young and alive! So, for
these reasons and more, I put this category on my list at #4.
3. Beauty Industry. Women NEVER stop spending money to look and feel beautiful and more confident. Revlon emerged as a lipstick company during WWII because
buying a lipstick was a simple and relatively inexpensive way for a woman to feel better about her life instantly! That fact is still true today, right Ladies? Men, if you have a wife,
daughter, girlfriend or Mom, ask the women in your life how much they value a great hair cut, skincare, make up, eyelashes, nails. We love to invest in ourselves, and this
makes the beauty industry one of the most recession-resistant industries!
2. Pet Services. Our furry friends are members of our families. We care about their health, exercise levels, socialization and overall well-being. We love buying them treats
and cozy beds. We celebrate their birthdays and keep them looking and smelling great by sending them to the dog spa. When we travel, we want the best care for them. Since
2020, with the explosion of puppies, there has been an explosion of franchise opportunities to care for our furry friends. This could be a way to not only get rich but
also have the cutest clients in town!
1. Home Services. Regardless of the economy, we invest money in our homes. Sometimes we love to spend the money, and sometimes we need to. From inside the
home to outside in the yard, this is a massive industry. From one-time projects to reoccurring services, there are hundreds of franchises to help homeowners maintain
and improve their biggest investment, their home. Don’t limit your thinking by believing you need special skills or a background in construction. If you do, the franchisor will tell
you. This industry gives work to local trades people, employs veterans and is just an awesome way to build and scale wealth.
If you are ready to define what GET RICH means to you, I am ready to be your franchise consultant and Daly Coach. Let’s connect today.
