Nowadays, when wanting to take the next steps in your career, it is likely that you will consider buying your own franchise. In general, this is considered to be a safer way to run your own business and you don’t have all of the huge risks associated with starting from scratch. Of course, that doesn’t mean that buying a franchise is an easy decision, you will undeniably have a lot to consider before you go ahead and invest your money.
Often, to find out more about owning a franchise, people will take to the internet to do their research. Whilst this can be incredibly beneficial, allowing you to find out more from people who have bought a franchise themselves, you’re also likely to come across lots of myths and misconceptions too. This conflicting information can make it really hard to decide how to proceed, so to set the record straight, here at the Wealth Investing Network we have looked into the truth about owning a franchise.
“If you don’t have experience running a business, you won’t succeed.”
Lots of people have this stuck in their head and buying a franchise wouldn’t even cross their mind unless they have practically run a business in a managerial role already. But, you really don’t need to have experience running a business to be a successful franchisee.
Really, when you think about it, running a franchise is all about following proven systems and processes. All you need is the right qualities, such as communication skills and decision-making skills, and there is no reason why you can’t succeed as a franchisee.
“A franchisor will gladly take your money even if they don’t think you’re capable.”
This couldn’t be further from the truth. When you think about it, when running a franchise, you will be working under the franchisor’s brand name. So, if you’re unsuccessful or make huge mistakes then this can go on to be detrimental for the franchisor and the brand name in general.
When buying a franchise you will be essentially entering into a long-term business relationship with a franchisor and it is important that you’re a good match. You can guarantee that the franchisor won’t let just anyone invest in their business.
“You won’t really be your own boss, the franchisor will be in charge.”
Lots of people get quite confused as to how owning a franchise really works. Whilst a franchisor will provide you with the framework for the business, you will be the one in charge of building, running and marketing your individual franchise.
When you buy a franchise, the franchisor will be there to support you every step of the way, but they are not ‘in charge’. You will be making business decisions on a day-to-day basis and you will have some flexibility with how you work.
“It is so expensive to buy a franchise, is it cost-effective?”
Yes, buying a franchise can sometimes be expensive, but we can guarantee that when you’re running a successful franchise it will absolutely be cost-effective. You have to look at the bigger picture in regards to the upfront costs of franchising, it is always an investment.
The price of buying a franchise can dramatically differ too, for example, you will be surprised just how affordable a home-based franchise can be. There are usually different financial options too so, don’t always be put off immediately by an upfront cost.
“You will end up working more hours than you are now if you buy a franchise.”
This statement may be true sometimes, but not always. Of course, you will get out what you put into a franchise and you may find that at some particular moments in time, for example when you first start, then you will be working more than you usually would.
It is important to remember though that one of the biggest benefits of owning a franchise is the flexibility that it brings. Whilst you may be incredibly busy sometimes, you can then go on to work less at other times. It is all about balance.
Buying a franchise
Hopefully, finding out the truth about owning a franchise will help put your mind at ease and make the decision to go ahead and buy a franchise a little bit easier. Of course, you will always come across people who have different opinions about owning a franchise but, you shouldn’t let these put you off if you think that this is the right next step in your career. It is likely that it will be one of the best decisions you will ever make.
If you’re interested in becoming a franchisee in the wealth creation industry, visit Wealth Investing Network website today. Our home-based franchise opportunities give you the chance to start a franchise business from the comfort of your own home and around your busy lifestyle. If you would like to find out more, please don’t hesitate to get in touch with a member of our team, we will happily discuss owning a franchise with you in more detail.