Paul Flick, CEO of Premium Service Brands, believes that franchise support is essential for new entrepreneurs looking to overcome challenges and achieve success outside the corporate world. With 33.2 million small businesses in the U.S., including 806,270 franchises, the franchise business model provides a proven track record, brand recognition, and ongoing support for new business owners. This enables entrepreneurs to launch a turnkey business in their community for an initial investment and regular royalty fees.
Many Americans have considered starting a business, with 55% of Gen-Z and Millennials having a side hustle. However, transitioning from an employee to a business owner can be daunting. Flick, who launched his first franchise business, 360° Painting, in 2005, understands the challenges entrepreneurs face. He believes that establishing a business owner mentality, choosing the right franchise, and leaning on the support system provided by franchisors are essential steps for new business owners to overcome hurdles and achieve success.
Flick emphasizes the importance of strategic thinking, goal setting, and delegation for new franchisees to scale their business effectively. Choosing a franchise with a supportive franchisor that shares your vision and values is crucial for success. Flick recommends attending Discovery Day to meet the franchise support team and executive leaders and conducting validation by talking to other franchise owners about their experiences.
The franchise business model offers robust training, ongoing support, and guidance to help new owners navigate challenges such as hiring, funding, and customer lead generation. Premium Service Brands, now a franchisor of nine home service brands including 360° Painting, has nurtured the determination and drive of its franchise owners to become a leading force in the home services industry. By offering in-demand services and leveraging the support of an established brand, franchisees can streamline their entrepreneurial journey and work towards financial freedom.
Forbes Business Council, the foremost growth and networking organization for business owners and leaders, offers opportunities for entrepreneurs like Flick to share their expertise and experiences. Flick’s journey from launching his first franchise business to becoming a successful CEO demonstrates the potential for new entrepreneurs to achieve success with the right mindset, support system, and strategic planning. As small businesses continue to form the foundation of the American economy, the franchise business model provides a viable path for aspiring entrepreneurs to chart a course towards success in the competitive business landscape.
