Franchising can be a life changing endeavour. Speaking from experience, I can say that my life has changed dramatically as a result of becoming a franchise owner. I was able to leave my teaching career and venture into entrepreneurship full time as a result of investing into franchise businesses.
Franchising has helped many people achieve their long term dreams and make it a reality.There is nothing like the liberating feeling of owning your own business.
At Bailey Brown The Franchise Agency, we have compiled the top 4 reasons you may be hesitating to buy a franchise.
Money is one of the biggest reasons people hesitate before buying a franchise.
Many people automatically believe that they can’t buy a franchise due to money. But there are many financing options available, similar to buying a house. You are not always required to have the full amount of money upfront. The banks are willing to finance some of the total investment.
You have to rethink your money mindset and think of buying a business in a positive frame of mind.
Many people keep replaying the chance of losing money if they invest in a franchise versus the ability to multiply their investment.
You should think of it as a major opportunity to prove your net worth and value in the marketplace. You should find out how long it will take to break even or the timeline it will take to make a profit.
Once you have a confident money mindset anything is possible and you are on the path to franchise success.
Furthermore, the value you get in buying a franchise is that franchisors are required to show you the Franchise Disclosure Documents that will inform you how the current franchises are performing.
Not Believing In Yourself
Buying a franchise is similar to buying a house. It is a large financial commitment and something that you have to put time into every day.
There will be many naysayers along the way but you have to be able to weather the storm and not give into what other people have to say about what you are doing.
You are procrastinating because you are not sure if you are able to operate and run a franchise outside of your current line of work. Many franchise brands do not require you to have prior experience. They are willing to train you on their system.
Many people have a stable job and have been loyal to their job for years.
Running your own business is a completely different task and the onus is on you to make it a success..
I would highly recommend writing down the pros and cons of your decision and make sure you go with your gut and intuition.
Remember that there is more of a risk in not going with your dreams than there is in failing. Continue to dream big and keep pushing for more.
Lack of Education
One of the biggest reasons you are hesitating to buy a franchise is because you lack the education about the franchise industry and how franchising actually works.
There are many myths about the franchise industry. These myths are perpetuated by people who do not have complete knowledge about the industry.
Before you invest in a franchise, it would be important to work with professionals who understand the industry. You should work with someone who will answer your questions before you invest. You should also understand how the franchise makes money and what you will need to do to be successful.
Which one of the top four are stopping you from becoming a franchise owner?