Most people look at franchises as a business in a box, which basically it is. That doesn’t mean that you just sign your name on the dotted line and the money is going to start to roll in. Like any business you are going to have to be dedicated to it. As the franchise owner you can expect to put a lot of hours in, at least in the beginning.
A franchise business gives you the basics. Most of the research has been done for you as far as the right concept for setting up the business goes. You still have to do some of your own research even before you make your decision.
The first thing you need to consider is what industry are you looking at getting into? Are you thinking about the food and beverage business? Or are you thinking of a franchise in the industrial sector? You need to pick something that you are passionate about or you most likely will not do as well as you could with it.
You don’t necessarily have to have any specific skills for the one that you choose as most come with some type of training.
The good aspects about a franchise business as said is that a lot of the work has been done for you. This is often the time consuming part of setting up a business. You also have a fair idea of how the consumer is going to perceive the business, as there are other established locations to give you that type of feedback.
One of the down sides to this type of business is that there are additional business rules to follow. You are never 100% your own boss. There will be a head office for the franchise business that will dictate many of the rules. For example there will probably be brand colors that are associated with the business and you can’t change that. There will be specific offerings or products that you have to carry and you will not be allowed to change these. The primary concept of a franchise business is that they are all the same, no matter what location they are in. They may be some slight differences but that will depend on the franchisor whether this is allowed or not.
Don’t fall into the trap of thinking that just because you are buying an established and lucrative franchise that it is going to be an automatic success. Location plays a critical role in this. For this reason the company that is selling you the franchise will play an important role as to where you will be allowed to set up your new business.
