Buying a franchise is serious business.
The lure of working your own hours, being your own boss and being more in control of how much you earn is enough to tempt anyone to consider quitting their job and dive nose-first into a franchise or their own business.
A franchise can be especially attractive, as after all, the brand is often already established, there are usually proven success stories and most of the time you are selling a product or service that someone else came up with.
But before you hand in the resignation letter there are a few things you should consider.
• 1) Think it through: Business decisions should never be made lightly, especially if it is your first business or is something new to your area. Research is key when looking to start up a business and this not only includes researching the franchise you wish to buy, but looking into the market in your area and if there is a real need for the product or service you will be offering. After all, you may think it is worth the money, but that doesn’t mean everyone else will.
• 2) Take responsibility: The success of your business relies on you and you only. Unlike previous employment where you may have had a manager to full back on, a business owner to take the wrap or colleagues to share the blame, all decisions and therefore consequences will fall on your head.
• 3) Be prepared to put in the effort: A successful business requires a lot of effort both on and behind the scene. It not only requires you to be a great people person and communicator, it also means you need to put in the work both before and after hours ensuring the smooth running of your enterprise. Be prepared for the possibility of long hours and stressful conditions, especially when you first establish your franchise.
• 4) Consider education: While most franchise opportunities include significant training and support, it is wise to get some education in the field before investing in a business. This may include administration, customer service, or bookkeeping, and can be undertaken while you are with your current employer to ensure you have income while completing your education. The point is – be prepared and equipped.
• 5) Save, save, save: Even with more attractive lending practices on many franchise businesses, buying one will still involve you needing a deposit to secure finance. You need to ensure you are financial enough to not only enter into a business, but have enough working capital behind you to allow for varying scenarios, and it not playing out exactly how you thought or wished it would.
By: Emma Webb http://www.franchisebuyer.com