So you’re thinking about buying a franchise? What have you done so far to help you make your decision? Even though franchising has been one of the most successful business models over the years, it is still a big decision to make as running a franchise isn’t for everybody. Now there are many things you can do to help you decide, but one of the simplest ways to break it down is to use a method you were taught back in elementary school, a good old pros and cons list. If you need a little help, check out the small list we’ve created below!
We’ll start with the Pros:
You get work with an already successful and established brand. This gives you instant visibility and credibility. People have already heard about your company and know what you do.
You’ll have a lot of resources at your disposal. A good franchise provides you with marketing services, frequent training and strong support. You’ll always have someone you can call to get help.
You’re the boss. While you do have an extensive support system, you’re in charge of your franchise. There is nobody over you and you have the ability to control your future.
Now for what some consider Cons but are really thinking points:
A large initial investment. Depending on the franchise, this investment can range anywhere from a few thousand dollars to hundreds of thousands of dollars. But keep in mind all that you get in return for this investment.
Oftentimes, there isn’t a lot of flexibility. The franchisor has created a system that is known to work, so there often isn’t a lot of room to deviate too much from that plan. Of course you are getting a plan that has been proven to work.
Lots of hard work. Opening a franchise is very similar to starting your own business. You’re going to have to hustle and put a lot of passion and effort into your business. Just remember that you get out what you put in. So your hard work will pay off!
Now, if you haven’t already started, make your own list! One of the most important things to do as you make your list is to personalize it by thinking about your own specific situation and background. Let us know how we can help!