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Forget Finding Another Job, Become a Franchisee

The "Great Resignation" is said to be driving great franchisee growth. Corey Elias, Franchise Captain, explains what this means for the franchise broker networks.

As the country’s workforce takes a long, hard look in the mirror, many are opting to leave their position in what’s being called “The Great Resignation.” That means big things for franchise development, but what does it mean for franchise consulting?

Corey Elias is the owner and franchise broker at Franchise Captain, a company dedicated to helping franchise owners find qualified franchisees through consulting services and funding options. 

Elias started his career in the corporate world 13 years ago, working in sales, but he says his true calling was helping other existing and aspiring business owners fulfill their dreams.

Today, Elias owns three businesses, including Franchise Captain. At Franchise Captain, Elias says his goal is to help potential business owners find out what they’re getting into before they jump ship from the corporate world. He does this by offering franchise consultant services that gives potential franchisees a better understanding of the process, negotiating more favorable terms in franchising contracts and giving clients access to franchise legal and accounting assistance.

Elias combines his experience as a business owner with his degree in marketing and masters in finance to help others find the franchise that fits their unique lifestyle and financial goals. 

“I work nationwide and have lived and worked throughout the country, so I understand many of the nuances and challenges of urban and rural markets,” Elias said.

Capitalizing on Motivation

“People are looking for flexibility, better quality of life, being their own boss and the ability to build a legacy, to name a few,” said Elias. “There is data that shows business owners are happier, and much of it goes back to them becoming the captain of their own ship and betting on themselves.”

The desire to build a legacy is why many potential business owners may find it’s the right time to join the franchise industry. Elias says that many franchise owners are seeing higher success rates than those who own independent businesses.

“Business ownership is difficult and it is not for everyone,” said Elias. “But owning a franchise lowers that overall risk significantly.”

Advice for the Ambitious

Owning a business isn’t easy, and each comes with its own unique obstacles. For those who are looking to grow a franchise, Elias said the best way to do so is to work with extremely successful franchisees. 

“Franchisors need to have a maniacal focus on proving their model by making their franchisees successful,” he explained. “Prospective franchisees will always call existing franchisees to validate that the model is working, so the existing franchisees need to be singing their praises.”

Franchisors who want to grow their brand and open locations with franchisees will want to have the data and analytics available.

“Some of the best franchisors are in the business of data collection and analytics,” said Elias. “They need to know their target demographic and ensure they are using this to help their franchisees grow.”