Should you be a franchise owner?
It is not uncommon to be overwhelmed by the first steps of starting a business. It can feel like obstacles upon obstacles, especially if you are new to the entrepreneur world.
Perhaps instead of starting from scratch, you decide to become a franchise owner and purchase a franchise. How will you decide if this is the right decision for you? Read more to find out…
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REASONS WHY IT IS RIGHT FOR YOU TO OWN A FRANCHISE
YOU GET TO BE YOUR OWN BOSS…
Ownership grants entrepreneurs the complete freedom to work for themselves as their own bosses. Although independent studio owners and franchise owners do make daily business decisions for themselves, those who are in a franchise system are indeed guided by the experience of established enterprises with systems already intact.
YOU PREFER BEING A HARD WORKER
A franchise is not guaranteed success. It takes hard work and dedication to make it successful. That being said, it is not just handed over to you. Do not expect customers to burst through the doors on the day of opening. Running a franchise still requires every drop of effort that one would put into an independent business. Do not underestimate the amount of work that needs to be put into a franchise. If you have a passion to become a franchise owner, look not further and get to work.
FRANCHISING COMES ALONG WITH BRAND RECOGNITION TO TAKE ADVANTAGE OF
The franchise opportunity you select should have an established brand behind it. Strong brand identity and high brand recognition is really helpful in opening doors for you as the franchisee, and then it’s up to you to represent that brand by providing the highest levels of quality and service. It’s a win-win partnership: Let the brand work for you, and then work to build your business. This will only strengthen the brand and continue to help you as you move forward with your franchise.
REASONS YOU SHOULDN’T OWN A FRANCHISE
Now, along with every PRO factor, comes CONS. Here are some common reasons why people are opposed to the idea of owning a franchise…
YOU DON’T HAVE PROPER FUNDING TO OWN A FRANCHISE
As I’m sure you’re aware, starting a business costs a pretty penny. It is no secret that you will have to take out loans if you do not have the money out of pocket. There are alternatives to this as you could find help regarding the cost, but you should most definitely expect to be making the biggest contribution as you will have to put a lot on the table.
YOU WANT MORE FREEDOM AND INDEPENDENCE.
For a majority of the part, owning a franchise is independent.
If you want complete independence, on the other hand, franchising is not for you. If you prefer to call the final shots on every single decision, it might be a better idea for you to just start your own private business.
SO… SHOULD YOU OWN A FRANCHISE?
Ultimately, that is your decision to make.. If you have the passion, drive, and determination, give it a shot without a doubt!
