4 Reasons You Do Not Own A Franchise
I started to think about becoming a franchise owner when I was in my classroom wondering what it would be like to no longer be a teacher and become a business owner. I did not leave it as a dream because I was more committed to my dream than my reality.
Many people dream of franchise ownership but in the end they do not transmute the dream into reality because they do not believe it is possible for them. The idea of owning a franchise is actually in reach for everybody but it depends on how you look at it.
Here are the top 4 reasons you are not yet a franchise owner:
1. Working a 9-5 job
Working a 9-5 job can be one of the main reasons that you are not a franchise owner. I know this was true for me. I did not know if I would be able to survive without a regular paycheck.
When coming from the 9-5 job, you are used to everything being structured and reporting to someone higher up. Although, this is different when it comes to owning your own franchise.
The comfort and complacency that is rooted within the 9-5 job makes it very hard to leave. You have a guaranteed pay every two weeks and you are basically trading stability for the chance to change your dreams and live a less structured life.
This does not mean you have to work less, instead it encourages you to have a flexible schedule doing what you want to do as you work for yourself.
2. You don’t want to take risk
Buying a franchise can be seen as a risk, but I strongly believe staying at your 9-5 and not chasing your dreams is a bigger risk. Most importantly, you can always be fired at a 9 to 5 but it is very hard to be fired at the business you own.
Depending on the franchise you own it can be a less risky purchase.
If you purchase a strong franchise like the UPS Store or McDonald’s then it can withstand a financial event like the recession. In contrast, if it is something like Jim’s Tailoring then it is less likely to survive the recession because it is not well known around the world.
3.You believe it is too expensive
This is a common myth that is told to soothe your mind into not buying a franchise. Most of the time the franchise is more affordable than you think.
Franchisees can range from $10,000 to $2 million dollars and more.
There are franchises that are not as well known and cost a lot less, but they can be just as profitable as the well known franchises.
Franchises that are sold at a higher price are due to the fact that you are needing commercial property, inventory and the intellectual property such as signage,logo and royalty fees.
When it comes to funding your business buying a franchise can be expensive if you do not have a few things in place. These things are your banking history, credit score, and prior endeavours. A franchise is more affordable than you think.
This is because the bank will provide loans to finance the purchase of the franchise.
4. You are not working with a Franchise Consultant
-Purchasing a franchise on your own takes a lot of time and effort. With the help of a franchise consultant you can speed up the process.
-When you work with a franchise consultant, you will get years of experience and expertise of those in the franchise industry.
-A franchise consultant will save you time and effort throughout the process.They will saves you the time of surfing the internet for all the different brands.
-A Franchise consultant will eliminate franchises that are not a good fit for you. These are franchises that are not well established, not well managed and have a bad performance record. This is often very difficult for someone who is new to franchising to take the time to find out.
-Finally, a franchise consultant has all the talent and expertise that you need to ensure it is a smooth ride on the path to franchising.
All in all, I believe that franchising has a lot of promise for anyone willing to take the risk. It can potentially change your life and ensure that you are on the pathway to wealth.
Are you ready to take the risk and purchase a franchise? Let us know.