It’s the foundation of the American dream—having your own business.
But with that comes the reality of making it happen.
Beth Caron, director of franchise development with Great Clips, explains what it takes to own your own franchise.
“The beautiful thing about doing ownership with a franchise is that you’re coming into an established system with an established brand. They have that system and process in place that can fill in the gaps in the areas where you might not be as strong,” Caron said.
But how do you find the best fit?
“That’s one of the scariest parts of the process. Personally, considering these four key criteria is the best way to make a decision: how much time do you want to spend in the business? What kind of business is it? Is it cyclical? Is it something people want to do year round or is it based on seasons? The third is the economy—how does the economy affect your business? Lastly, what is the general stability of the brand?”
Caron explains that at Great Clips, franchisees can find the perfect balance. Franchisees have the benefit of being in a “manage the manager” situation, meaning they don’t have to be in the salon 24/7. Because people will always need to get their haircut, Great Clips’ services will be in demand year round, too, making it a recession-resistant service. And because Great Clips has been around for more than 33 years, their strong system of nearly 3,800 salons proves that it’s a brand with staying power.Click here to watch the original segment.