Is Running a Franchise For You?

OlufisayoJuly 9, 201901,748 views

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If you are hoping to start your own business, then running a franchise could be a great idea. Running a franchise means that you don’t have to worry about building a customer base and getting your brand out there as much as you would with a brand-new start-up since your business will already be fairly well-known with an established customer base, whether you’re looking to franchise with a local, national or even an international brand. But, is running a franchise the right choice for you?

Here are some things you should know before becoming a franchise owner.

There’s Less Freedom:

One of the beauties of owning your own business is that you get to set the rules, decide on the brand, write up the polices and everything else from scratch – there’s nobody telling you what to do as you are your own boss. But, whilst a franchise is still very much your own business that you are the boss of, there’s less freedom involved when it comes to deciding major factors. You’ll need to be prepared to run your business in such a way that goes along with the requirements of the franchisor; there will be rules and regulations to follow to ensure that your franchise adheres to brand standards and fits in well with the overall company image. So, make sure that you choose a franchise that is in line with what you’d want for a business or you could end up very frustrated.

It’s Going to Cost:

Let’s face it, any business is going to take time and money to get up and running – and that includes franchises, too. You’ll need to make sure that you are aware of the total amount of money that you can expect to spend on getting your franchise launched, including the purchase cost, opening your inventory, and getting familiar with the amount of working capital that you’re going to need before you’re breaking even. The last thing that you want is to run out of money as you’re heading for success, or not have the money spare to deal with legal implications, so having a solid understanding of both the start-up and regular operating costs is crucial. It might be worth enlisting the help of good franchisor attorneys to help you understand both the costs and the legal implications of getting started.

What Are You Passionate About?

There are so many franchisors out there today, so you really do have an endless number of options when it comes to setting up a franchise business. If you’re unsure where you should be headed then it’s a good idea to first think about what you are already passionate about, just as you would if you were considering starting your own brand from scratch. Even though you’re working under another brand, owning a franchise means that you’re actually the owner of that shop and you’ll need to be just as passionate about it as you would be had it been all your brand idea. Opting for a brand that you already love is a great idea.

Is owning a franchise for you? We’d love to hear from you in the comments.

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