Most people would be interested in having more money. When you look a little deeper, it’s not just about a great number on your bank balance, it’s more about what making more money can allow you to do — the improved quality of life you could have. You could be happier and less stressed because you have more time (and money) to create the experiences that add to your life.
How does a franchise work to deliver the kind of lifestyle you truly want? There are many ways in which a franchise contributes to wealth-building. Here’s how we do it at Mosquito Authority.
When you think about wealth-building, you most often think of a passive strategy where you invest money and someone else takes the time to manage and grow it for you. Owning a franchise is an active wealth-building strategy because you are directly involved in working the investment, either as an owner-operator or as an executive operator. If you have a good work ethic, you can control how busy you want to be, and how much revenue you wish to accumulate.
Choose the right franchise
Like any strategy to build wealth, you have to make good choices. When it comes to making a good choice in a franchise, there are a few things to consider:
1. Does the business concept have a popular appeal?
2. Are the fees appropriate for my return on investment?
3. Will it be worth the time I put into it?
Does the business concept have a popular appeal?
At Mosquito Authority, we know there will always be mosquitoes impacting how people enjoy their outdoor spaces, which provides our franchisees with two kinds of revenue: initial and recurring. Initial revenue is earned the first time we do work for a property owner. Recurring revenue is earned when that property owner books us to come back on a regular schedule. We have an 80% customer retention rate and the highest score in the industry of what customers think on our service.
Franchise fees, royalty fees and ROI
When you decide to buy a Mosquito Authority franchise, you pay an initial franchise fee. The fee varies based on the scale of business you choose and ranges from $25,000 to $50,000. It is a one-time payment to acquire the rights to operate a business under the Mosquito Authority franchise banner and includes support to get started. We offer an excellent, four-day training program that includes:
• Mosquito biology (understanding the basic terminology to be considered a mosquito authority)
• Front office setup, customer service and dispatch training (cloud-based business management)
• Field training (how to apply products to a backyard)
• A full day for marketing and sales with 10 proven, easy-to-use marketing campaigns to acquire new customers
Each new franchisee leaves the training with a 90-day, step-by-step plan to get started and is assigned a personal business coach for their first year in business. Regular training webinars are scheduled throughout the year.
Our franchisees pay a 10% royalty on sales. Royalties are found in many industries. For example, when a bookstore sells a book, the author receives a royalty on that sale. At Mosquito Authority, we use the royalty fee to reinvest in the business, making it better for franchisees. Investments include keeping up with technology, testing new products, expanding online capabilities and more. We go over these details with you in the franchise disclosure document.
Is becoming a franchise owner worth your time?
If you’ve been wondering just how does a franchise work when it comes to wealth-building, this is maybe the most frequently-considered question of aspiring franchisees — but also one of the least-asked. So, let’s answer it for you. Franchisees who were with us for two years or more averaged revenue of $496,851, according to our most recent Franchise Disclosure Document (FDD). Owners either pay themselves a regular salary or take a draw on the business profits, depending on how they choose to legally establish their business. Earned revenue is one part of the wealth-building strategy.
Start with your definitions of wealth
Determining how much time you want to invest in growing your business should be balanced with lifestyle factors that also contribute to quality of life. Being your own boss will allow you more freedom, and you can spend your time as you choose. Maybe it’s the flexibility to care for an ill parent or support a child’s extracurricular activities. Or maybe it’s the freedom to work 60 hours a week and put that money in your own bank account.
Time is a commodity that cannot be renewed, so it is an integral factor when considering wealth. Every business owner values time differently; you need to decide what freedom means for you.
Your franchise as a long-term investment
Mosquito Authority is a long-term franchise investment for several reasons, including.
1. Multi-unit franchising. When you become proficient with operating a Mosquito Authority franchise, you can leverage your skills and experience to add more locations. Nearly 50% of franchisees are multi-unit operators.
2. A buyer’s audience. When you buy and successfully operate a franchise, you’ll have something to sell when you are ready to retire. You’ll also have a network of people who could be multi-unit franchisees or who could introduce the opportunity to someone else. Finally, your buyer could be someone looking to add a complementary franchise to their current business. For Mosquito Authority, an example of this might be a landscaper or lawn maintenance company.
Pursue financial security with a Mosquito Authority franchise
At Mosquito Authority, we know you have options when it comes to choosing a franchise. We also know it can be overwhelming to compare those options in a way that makes financial sense, not only in the short term but also in the long term. We believe a franchise should be a wealth-building business, so this is how partnering with us works towards that goal for you.
How does a franchise work as a secure investment?
Like many companies, Mosquito Authority will always be transparent about the costs associated with owning your franchise, including startup costs and investments. We know that each Mosquito Authority franchise owner has unique financial needs, so we offer a range of financing plans. Here’s a look at a few:
• 401(k) or IRA business funding allows you to use your retirement savings to start a business tax-free and penalty-free and could lower your risk of accumulating debt.
• Small Business Administration (SBA) loans are available for up to $5 million with fixed-rate payment options.
• A securities-backed line of credit has lower interest rates than an SBA loan and can help keep your long-term investment plan in place as you launch your business.
• Equipment leasing is available to limit your upfront out-of-pocket costs with a fixed payment plan.
Invest in a franchise that re-invests in you
How does a franchise work? It works based on a relationship of mutual trust and respect. At Mosquito Authority, we know that the success of our company hinges on the success of our franchise owners. Franchisees can trust us to provide them with world-class products, systems, and support. We’re always on the lookout for new technologies and processes that can make our franchise owners even more successful. The result? Continued market leadership and satisfied franchisees.
Contact us for more information about owing a mosquito control franchise. We are proud to have built a franchise where anyone, regardless of background, can be a Mosquito Authority franchisee.