IS FRANCHISING RIGHT FOR ME?
4 Questions you need to ask before you decide to buy a franchise.
A lot of would-be entrepreneurs spend a lot of time and effort researching what business they want to start. In their search, many consider buying into a franchise. The benefits of franchising can be significant, so even if you aren’t interested in opening a franchise, you should at least take some time to consider it. We’ve come up with a list of questions you need to ask yourself before you decide to take the plunge and buy into a franchise.
1. Are you ready to plan everything down to the last detail? A new, independent business that’s started from the ground up is often the first thing entrepreneurs look at when they want to be their own boss. The very idea of starting a business can be daunting, especially once you do a little research and learn all the varied tasks and responsibilities you’ll have to take on. However, when an entrepreneur buys into a franchise, the vast majority of that work has already been done. Finding a product to sell, establishing your name in the marketplace, securing your supply chain, all of it is already done. For a would-be business owner, this fact alone is often enough for them to start looking seriously at franchises.
2. How much are you willing to risk? Whenever a would-be entrepreneur faces the beginning of their first business enterprise, they can often overwhelmed by the complexities. The planning, financing, marketing, accounting and all the other activities a new business owner has to do is tremendous. Is it any wonder then that the failure rate of new, independent businesses is about 75%? However, when a new business owner decides to start a franchise, that number is flipped on it’s head. Franchises succeed 75% of the time. Having a known product, an already established market and a pre-existing organizational structure backing you up is a tremendous asset, especially for individuals new to business ownership.
3. How sure are you of your product’s or service’s viability? Starting an independent business requires a lot of time and effort. One of the main reasons for this is the time it takes to establish your business and build name recognition and a solid customer base. Even if your product or service is in high-demand, people are much more cautious going to a new business than they are visiting an established one. That’s where a franchise
4. Will anyone be there to help you? Independent business owners are usually exactly that: independent. They go it alone, usually with little more than a family member, partner or cheering section to back them up. When times get tough, an independent business owner has only themselves to rely upon, but a franchise owner has a whole lot more. Not only does the franchise owner begin with established products, markets and customer, but they also have the benefit of the entire franchise structure behind them. The franchiser (the company that sold you the franchise) will already have all the training and procedures worked out before you even start. And when you get into trouble, help is often just a phone-call away. This is one of the primary reasons the franchise model works so well, because all that support allows new franchise buyers to sleep a lot better at night.
Is Buying into a Franchise right for you - To learn more about this author, visit Ian Macleod's Website.
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Ian Macleod
(Visit Ian's Website)
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