Small Business Question #17: Is a Franchise Right for You?
Buying and opening a franchise is one of the easiest ways of owning a successful business. However, although there are loads of going the franchise route, being a franchise owner is not for everyone. To determine whether or not owning and running a franchise is right for you, you simply have to ask yourself some important questions.
Sunny Side UpFirst, take a look at the benefits you will reap by going the franchise route. For the most part, franchises come with a built-in customer base. This is of course a great benefit. Next, if you buy a franchise, you will not need to learn how to turn a start-up into a real winner since, in many ways, a franchise is a plug-and-play operation that forces you to follow tried and proven processes and offer products and services that the public already wants. Also, businesses offering franchises offer financing, training, site selection consultation, access to bulk discounts, and many other benefits.
Flip SideBut, all of the positives that come with opening a franchise are positively negative to some. It all depends upon what type of person you are. If you are a creative type who wants to make your own way in the world franchising is NOT for you.
In fact, franchise owners are not able to choose the uniforms their staff will wear, create their own products, find their own vendors and suppliers, set their own prices, or choose exactly where they want to operate. Moreover, franchise owners have to pay a franchise fee for the honor of having all of their freedom taken away.
The Three QuestionsTherefore, before deciding to buy or not to buy a franchise, please ask yourself these three questions:
1. Do you want to completely buy in to someone else’s business without attempting to modify it in anyway whatsoever regardless of how absolutely brilliant your ideas are?
2. Do you want to open and run a business without the support of a larger, successful operation? Is this important to you?
3. Are you willing to sometimes let your needs be bypassed for the good of the larger whole in exchange for the support and safety that a franchise offers?
Whichever path you decide to walk, I wish you luck and success.