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No one said it would be easy.
I’m referring to changing directions. Changing your life.
And believe me, becoming the owner of a franchise business is life-changing!
In this post, I’m going to share three things that may be stopping you from being your own boss through franchising.
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Reason #1
The first reason you may be hesitating about buying a franchise is money. Specifically, your fear of losing your money if the franchise you invest in fails. And I don’t blame you.
Thing is, whenever you make a large investment, especially one with no guarantee, you get nervous. Fearful. And you start to second-guess your decision.
Granted, I’m no psychologist, but those things sound pretty normal. Good thing there’s a way to increase your confidence and potentially lower your financial risk when you make an investment that doesn’t come with any guarantees. And you already know what it is.
It's good, old-fashioned research.
And franchise opportunities aren’t difficult to research, if you put the effort into it.
Reason #2
The second reason you’re hesitating a bit when it comes to buying a franchise deals with all the hearsay and opinions you encounter about going into business and/or franchising, especially when you tell a few close friends and family members about your idea. Have you heard similar to the following?
“C’mon, Terry. Why would you buy a franchise? You know that the franchise companies are the ones who make all the money.”
“I hear that franchising isn’t what it once was. Are you sure you want to do this?”
“Wait. You’re going to leave your job to buy a franchise? Why would you do that? You don’t know anything about owning a business!”
Shall I go on?
Okay. One more. The *best* one.
“Terry, Jennifer is going to be attending college in a couple of years. Matthew a year after that. And we were talking about redoing the kitchen in the fall. Why would you risk doing something like this now?
The last one may be valid. But the others?
For example, is it true that franchisors make “all the money?” Let's break things down a bit.
The royalties you pay to your franchisor do add up. And that’s where the majority of franchisors make their money. Especially if they’re receiving monthly royalty checks from hundreds or even thousands of franchisees.
But remember, they’re the ones who’ve risked hundreds of thousands of dollars to create, launch, and market their franchise business opportunities. Shouldn’t they be rewarded?
Add to that the hundreds of thousands of people who they helped get in business, who like them, are reaping the rewards.
As to franchising not being what it once was, I disagree.
There are more franchise opportunities available than ever before. And a good number of them are innovative and increasingly successful franchise concepts.
Finally, as to never owning a business, as you’ll see, that happens to be the third reason why a good number of people don’t even consider franchise business ownership.
Reason #3
“I’ve never owned a business before.”
So what?
Let's say you're currently an accountant. You didn’t become an accountant until you became an accountant.
And all CEO’s were first-time CEOs at some point, right?
My point is this: If you’ve never owned a business, but you’d like to, why not invest in a business where part of the model is teaching non-business owners how to become an owner?
After all, that’s what franchising is all about.
Indeed, franchisors offer franchisees proven business systems along with the training needed to best use them. And that’s just the beginning.
For example, today’s franchisees get the technology they need to compete in our fast-changing world.
In addition, they receive profitable marketing systems that focus on helping you acquire and keep customers (who have more choices than ever).
And if you don’t know anything about payroll, hiring, and all things employee-related, you can probably* depend on headquarters to walk you through these things.
*Franchisors provide varying degrees of help and support when it comes to HR. Some provide access to payroll software and the like. Some don’t. You’ll find out as you learn more about the franchise opportunities you’re investigating.
My point is this: Franchisors don’t expect you to know how to run a business, particularly theirs. That’s why they teach you everything you need to know and do to become a successful franchisee.
Because when it’s all said and done, that’s what you want.
The Franchise King®, Joel Libava, is a top franchise expert. He’s written over 2,000 different articles on franchise ownership and personally consults with people who are looking to buy a profitable franchise. Go here to find out how The Franchise King® can help you become your own boss.