Buying a franchise is a big commitment. It’s also one of the most exciting and lucrative things you can do for your family. Don’t let these top questions stunt your path toward becoming a franchise owner. Here’s how to avoid letting doubt and uncertainty stop you from fulfilling your dream of franchise ownership.
#1. How will my immediate family react?
Ever heard the expression, “It takes a village?” It’s true of owning a franchise too.
Although your family might not be working in your franchise, you need their support. You’ll likely need to dip into your savings to start your franchise. You’ll need to invest a good chunk of time up front to get your franchise up and running. All of this – money and time away – requires the approval and the backing of your family members.
Talk to your family and let them know your plans. Show them your long-term goals and potential. You might be surprised by their reaction.
#2. How much money do I need to invest?
Every franchise has a fee to start. Some low-cost franchises are less than $25,000 while others can go over six figures. Regardless, this figure is only one part of the franchise cost equation.
There are other expenses you should plan on beyond the initial franchise fee, such as rent, marketing, and professional services.
By doing a bit of research, you can put together a more accurate budget to determine exactly how much money you’ll need to start your franchise. This will answer the lingering uncertainty and make it easier to get started on your path to ownership.
#3. What industry is right for me?
It’s common advice to start a business in an industry you love, but what if you have multiple interests? Or, what if you’re not particularly experienced in the industry you’re interested in?
There are many other factors that go into deciding on the right industry to open a franchise. This includes the current competition in your area, the market climate and more. By weighing all of the factors, you can minimize your concerns and find the best one to suit you.
#4. What if I want to do something new and creative and the franchise won’t let me?
Many people considering a franchise get stunted by the fear of limitations that could come along with franchise ownership. Although it’s true that you must follow corporate standards, many franchise owners are surprised to find out how much flexibility they have.
There are a lot of benefits that will help you get started so you can use your creativity to fuel your franchise success. Don’t let the rules stop you. Take advantage of the proven tactics and use them to grow your business faster while you still implement fresh new ideas.
Starting a franchise can feel overwhelming, especially when you’re filled with so many questions and concerns. Don’t let the unknown stop you from opening your franchise doors. With a little bit of research, you’ll get the answers you need to know if franchise ownership is right for you.