Just like any other business, franchising requires a serious commitment of both money and time. Before buying a franchise, athletes need to consider all the pros and cons of owning a franchise in order to decide if the franchising option is the right one for them. The International Franchise Association website (www.franchise.org) offers an abundance of tools to help aspiring franchisees decide whether franchising is right for them, the criteria through which they can select a particular franchise, and many more.
During the past decade we have seen a lot of athletes venture into entrepreneurship through franchising. Pro athletes actually have a rising presence in the franchise world due to the notion that franchising provides athletes with an easy transition into post-retirement life. The truth is that franchising does provide a viable and easily accessible post sports career solution for athletes.
For many franchise systems, professional athletes are prime candidates for recruitment. Franchisee professional athletes usually have the funds to invest in franchises and they also have an edge when it comes to marketing the franchise. Franchising give the retired professional athlete the opportunity to return ‘back home’ and continue to be a star; an entrepreneur star! Franchises are aware of this and recognize the competitive edge that local stardom can give to their business.
The advantages that franchising provides to professional athletes transitioning into their post sports lives are many. Professional athletes have spent their sports career following the rules and receiving and executing instructions. Franchising provides a system that works a lot like a professional sports team with a support group and a book to follow. The franchisee is given a business plan and clear instruction on how it should be executed and implemented.
In addition, professional athletes are team players- used to working together and alternating roles within their teams and with their team mates. They have transferable skills: they are resilient, they focus on the target, they have self control and a strong work ethic. This unique set of strengths along with their visibility makes athletes prime candidates for successful franchise ownership.
Also, franchises have an already established infrastructure so athletes do not have to ‘reinvent the wheel’ when transitioning into the business world. Franchisee athletes get mentored, receive training and ongoing support from the franchises which actually minimizes the risks associated with setting up a new business.
Another reason franchising constitutes an attractive option for professional athletes is because it combines the strengths of two brands, that of the franchise and that of the athlete. It basically offers athletes the opportunity to get involved in an already known brand which coupled with the usually strong marketing power of the athletes themselves, can lead to exceptional financial results. If there is one thing professional athletes know, it’s how to represent a big brand. And that could be why so many pros buy into franchise business models, where huge payouts can come from executing on an existing image and concept.
Even though the franchise industry is definitely a promising and lucrative one for professional athletes, there are no guarantees for success. There are many factors that need to be taken into considerations when making the ultimate decision.
First of all, there are so many franchises out there and the athlete needs to research and evaluate the particular ones that are right for him or her. This is not an easy task and it requires a lot of discipline and linear thought from the athlete’s part in assessing what type of franchise will be exciting while at the same time earn the athlete enough money to sustain a desired lifestyle.
Second, the athlete has to be prepared to receive training, not just on how the particular franchise operates but on the entrepreneurial side of it as well. Running a franchise requires a number of business and entrepreneurial skills as well as knowledge of business fundamentals. The above are key in running a successful business and athletes have to make sure that they educate and familiarize themselves with basic business concepts.
Third, athletes have to be prepared to complement what they lack in business and other necessary skills through working with the right professionals. Building a star team of business advisors and other professionals will provide athletes with the necessary tools to achieve success in their franchising ventures.
It is obvious that franchising is a lucrative option for athletes but at the same time it requires caution in selecting a franchise which aligns with the interests and skills of the athlete and has a desirable money earning potential. For more information on selecting and evaluating your franchising options you may get in touch with us at [email protected].
