You’ve been a part of the business world for a significant part of your adult life, but lately, feel less satisfied. A little voice keeps telling you to invest in yourself and start a business by buying a franchise.
As always, you have done your homework and concluded that the best way forward is buying a franchise. Before you begin to narrow your choices and consider what franchise to invest in, you should take a breath and ask yourself the following questions.
Are You Ready to Follow Someone Else’s System?
Franchising is all about partnering with an organization that has a proven business model. They have done the trial-and-error work. They spent years putting together a list of best practices used to operate their business.
You must feel comfortable giving up some control and following this system. Running a franchise is not the place to color outside the lines. If you are a pure entrepreneurial spirit, you may feel stifled by following rules.
What Drives You and Gets You Excited?
Many people judge a franchise based on the product or service provided. Of course, these are important things to think about, but not the most important.
What you want to focus on more than any other factor is how you want to spend your time. What types of activities do you want to be involved with each day? Ask yourself what brings out your passion.
Factor in what you love about work and choose something that allows you to do those things. Do you love:
- Working face-to-face with customers?
- Managing people?
- Staying behind the scenes as a coach or mentor to others?
Investing in a franchise is a great opportunity to further your individual passions, while at the same time investing in a tried and proven business model.
Have You Asked the Right Financial Questions?
Every franchise has startup costs, and it’s important that you know what those are. These include the franchise fee (one-time entry price that gives you access to the company’s offerings), royalties once opened, costs for real estate, inventory, store setup, attorney’s fees, etc. The key financial topics to think about include:
- Total investment needed
- Operating capital reserves
- Cash for living expenses
- Average time to break even
- Financing options if needed
Are You Healthy and Mentally Prepared for Buying a Franchise?
The issue of health may seem irrelevant; however, what could be more relevant to taking on the physical and mental challenges of opening a new business than the state of your health? Franchising requires a substantial commitment in both money and time.
You will need to do whatever it takes to get the business up and running, or you risk losing your investment. That level of commitment means long hours, a thousand decisions, high levels of stress and constant energy drains both physically and mentally.
The great thing about investing in a franchise, however, is that you’ll never be alone. You’ll have an incredible franchisor behind you every step of the way to give you guidance and aid you with your everyday tasks and questions.
Investing in a Franchise of Your Own
Buying a franchising is one of the easiest ways to start a business. The risk and costs are often lower than starting something as a solo owner.
The franchisor provides franchise support and training, a proven business model and a well-known brand name. It is important to align your values and skills with the right company, and it is important to evaluate whether a franchise of any kind is the correct choice for you.
Are you interested in learning about how you can take advantage of the incredible opportunity of opening a franchise with Great American Cookies? Then contact us today to find out!