The fact that you are reading this means you have probably been giving some thought to buying a franchise. If you are like me, you probably approach major decisions by creating a list of the “pros” and “cons,” the advantages and disadvantages of deciding one way or the other. There is both an upside and a downside to buying a franchise as opposed to starting your own business or buying an existing business. And the specific risks and benefits differ depending on whether you are buying a franchise as a turn-key operation or opening a new franchise location, with all of the start-up costs that involves.
Generally, following are the pros and the cons of buying a franchise compared to other options for becoming an entrepreneur.
|The Upside||The Downside|
If you think the pros outweigh the cons as far as your own situation is concerned, keep reading!
Finding the Right Opportunity
There are thousands of franchise companies in at least 75 industries, with initial investments ranging from a few thousand dollars to over a million, so finding your best fit can be challenging. The best advice I can offer is “know thyself.” Understand your motivations for wanting to become a business owner. Know what type of business and working environment best suit your personality and preferences. Know your tolerance for risk, and be honest with yourself about your financial resources.
One of our Certified Franchise Advisors will help you with this self-assessment, which is the necessary first step in determining whether buying a franchise is the right move for you and, if so, what specific franchise would be best for you.
The key criteria for choosing a franchise include:
- Your preferences (interests, special talents, what you enjoy doing, etc.)
- Your capabilities (industry experience, technical and management skills, etc.)
- Cost (the franchise fee, any royalties, start-up costs, working capital, etc.)
- Profitability (the market demand for the products or services, growth potential, competition, etc.)
- Brand (the franchisor’s name recognition, reputation, any BBB complaints, etc.)
- Ongoing support (training, marketing and advertising, etc.)
- Franchisor‘s expectations (reporting requirements, mandatory meetings, sales goals, etc.)
Using the right team to provide guidance will save you time and thousands of dollars during the franchise purchasing process. Once you decide which franchise opportunity is best for you, contact Triton or call 770-249-2357 for a no obligation FREE consultation and we can provide you with several funding options. Let us help you get on the road to financial freedom the right way!