President of consultancy firm IFPG, Red Boswell, on measuring success and finding a higher purpose through franchising.
What services does IFPG provide the franchise industry?
RB: Simply put, we bring the industry together and help change lives by connecting franchise professionals. IFPG is a membership-based organization with more than 1,200 franchisors, franchise consultants, and vendors.
Together, our members guide aspiring business owners through the process of identifying, investing in, and growing franchise businesses. We continually provide opportunities for our members to network, collaborate, and learn so they can best serve the industry and people seeking franchise ownership.
Our mission is to serve and connect the franchise industry with innovation, growth, and opportunity. Every day, we strive to be the best and provide our members with the most value in the industry. We do it with a foundation of integrity, ethics, and collaboration.
What excites you most about the current state of franchising?
RB: Resilience and opportunity. This past year has proven the strength of our industry and the strength of the franchise model. The support that franchisors gave their franchisees through COVID was downright impressive.
While mom and pops had to navigate the wrath of COVID by themselves, franchisees had a support system and guidance from their corporate teams and fellow franchisees. Our hashtag #FranchisingStrongerTogether says it all. COVID had a silver lining in that it brought more people to franchising and brought our industry closer together than ever before.
As best I can tell, this past year has been the busiest for franchise development in the history of our industry. Franchising has proven to be the answer for people who lost jobs or who want a better work-life balance along with unlimited possibilities.
What are some of the biggest trends that will dictate franchising in this decade?
RB: People want to make a difference, not just make a living. After going through COVID, consumers have begun to reevaluate their lives and look at what’s important. Folks are seeking a higher purpose and better lifestyles – and they can have it all through franchising. Brands that have clear mission statements and a vision for serving communities will be in demand.
How do you measure success?
RB: To me, the greatest measure of success is loving your work, having a true sense of purpose, and having time to enjoy the fruits of your labors. I am blessed to do work that makes a real difference in an industry I love, and to have a family to share my good fortune with. Franchising has created the path for me to have it all.
What advice would you provide entrepreneurs looking to get into franchising in 2021?
RB: Identify the right opportunity, then just do it – go all-in with enthusiasm, optimism, and 110 per cent effort!
Too many people refuse to get out of their comfort zones and take a chance. They don’t even let themselves look at the up-side, the positives. Owning a franchise may not be easy and you have to put in the work. But with a proven system to follow, the chances of succeeding are much greater than going it alone. This industry is booming and there’s literally something for everyone in franchising; every budget, lifestyle, and interest.
