Not everyone wants to be in the gig economy, and not everyone wants to be running a start-up from their kitchen table. So what are the options? If you have the cash, you can do one of two things – buy a ready-made business, or invest in a franchise. Before you head off to start your big business adventure, read some of the below points and decide if a franchise is for you.
Of course, you should never jump into any business without first doing a lot of research. You’ll need to do a deep-dive into the company you are considering to be your big project, and often you’re going to need to look beyond those fast-food chains that are so popular. Sure, people will always be happy to spend the small change on fast food, but if you are looking for something that is going to make a difference and make some cash, then an affordable home care franchise is probably going to be right up your street.
You’ll need to be sure that the company aligns with your personal goals, mission and values though. Once you have all of the information that you think you need, it is time to think about the pros and cons.
Part of a great business is being realistic about it. That is why the cons is a great place to start.
Most franchises require a lump-sum setup fee. Of course, you are buying into a business. The prices can vary wildly so you should try to pay attention to what you have to spend and ask for all of the literature too. Is it worth your investment?
Depending on the setup of the franchise, you will be paying fees. So all of the income you are earning each month might not be yours to keep. Which is fine – if you are making enough per month to cover the fees and other running costs. This isn’t a con, but it is something that you need to think about.
If you are naturally creative, you might feel a little clipped in a franchise. You have their branding and guidelines that you need to adhere too. There is a flip side to this, that will be in the pros.
This is an established business you are going to be a part of. They have loyalty, brand reputation and know precisely how to grow. This type of groundwork is hard to come by in most other business areas.
The main company will typically be doing all the heavy lifting when it comes to marketing – because everyone already recognises the brand and what they do. Above we mentioned feeling your creativity clipped. Here is a plus for that. Everything is taken care of, which means you will probably have time for other pursuits. Because everything is already mapped out, you can follow their plans for success with confidence which is pretty freeing.
When you buy into the franchise, you will be given a lot of information. All of that are the keys to success, and you don’t have to spend hours trying to work anything out. This type of learning is pretty hard to come by in other circumstances.
Owning a franchise is going to mean you are part of a chain of successful businesses, producing excellent results with the support of a bigger brand behind it.