Today, owning a franchise represents a career goal for many people. These enterprises offer a way for individuals with limited previous exposure to a career field to establish specialized companies comparatively quickly. Franchisers have already hammered out a practical roadmap for overcoming common challenges within their industries.

Some groups of entrepreneurs find franchise ownership a very appealing business option. Individuals differ markedly in their managerial experience levels and their aptitudes. Yet purchasing a franchise often holds particular attractions for people in these fields:

One: Professional Athletes

Quite a number of professional athletes choose to invest in franchises. For example, Mike Miller, a retired NBA star and an assistant coach with the Memphis Tigers, launched a successful side career as a restaurant operator. He reportedly owns 10 burger fast food outlets scattered across several states. Football star Sidney Rice opened a restaurant franchise in 2013 in Seattle. He now maintains a string of six locations. Franchise owners often hire managers to oversee daily business operations, allowing them to obtain income from turnkey businesses.

Two: Retired Military Personnel

Similarly, retired military personnel frequently favor franchise ownership as a potentially lucrative career option. Many of these individuals have gained extensive experience following plans. They can apply this skill in business settings as franchisees. Some special programs, such as the Veterans Transition Franchise Initiative, assist veterans considering investing in franchises.

Three: Career Changers

Purchasing a franchise also holds attractions for numerous career changers. While not for everyone, this option does allow some entrepreneurs to develop skills in another line of work quickly. Prospective franchise owners who plan on changing careers need to budget carefully to undertake this type of significant transition into a new field.

Four: Novice Entrepreneurs

In some cases, purchasing a franchise provides a great way for individuals with limited experience in business to enter a specialized commercial field. For example, someone who acquires a cell phone repair franchise does not necessarily need to possess an extensive previous electronic repair background. Similarly, a new restaurant franchise owner may never have prepared restaurant quality food before. The franchise model ensures new business owners gain familiarity with specific niche marketplaces so they can launch new commercial outlets without having to approach business ownership on an expensive trial-and-error basis.

All these groups, and many others, fill the ranks of franchise owners. Successful franchisees sometimes acquire multiple franchises.