Why Franchising Is A Perfect Fit For Professional Athletes
Barry Word is a former University of Virginia and NFL running back who has joined the likes of many retired athletes in the franchising industry. Word, who owns a large-format graphics franchise that creates murals, vehicle wraps, and trade show displays, recently spoke with Nancy E. Williams of BlackEnterprise.com on the topic of athletes as franchise owners.
Word observes that the established “playbook” that comes along with the purchase of a franchise provides a level of comfort for new owners and decreases risks that usually come along with opening a new business. He appreciates the “ready-made fraternity” that forms among owners of a franchise, enabling the sharing and exchange of questions, problems, opportunities and successes. Additionally, he emphasizes the importance of a key ingredient in franchising: the training program.
Franchise training programs, many of which offer ongoing guidance even after the ramp-up period, make it possible for athletes to run a successful business without any previous experience in the field.
“Professional athletes should determine how they want to spend the rest of their lives while they’re still playing,” Word says. It’s always a smart move to have a long-range plan that will ensure your financial security beyond your playing days.