Many entrepreneurs opt to franchise a business rather than starting from scratch. The security of a proven business model combined with the support and resources offered makes it very appealing. However, it is important to remember that even franchise businesses can be risky if the decision is made without a lot of thought and planning. It’s easy to avoid being guilty of the common mistakes that a lot of entrepreneurs make, if you keep the following tips in mind:
Mistake #1: Assuming that everything you read online is true.
Tip: While it’s a good idea to spend time researching the business, you may also want to consider spending time working for the franchise before you buy in. Getting experience and knowledge is key in making your decision. If working for them beforehand is not feasible, try to speak to as many current franchise owners as possible.
Mistake #2: Underestimating the investment.
Tip: Figure out what the initial investment is going to be and if you will be required to make any additional investments in the future. Don’t forget that the investment is not only financial; you need to understand how much of your time needs to be dedicated to growing the business.
Mistake #3: Not checking for alignment of core values.
Tip: Every organization worth working for has solid values. Understand what the owners stand for and their passion for the business. After you buy into the franchise, how will leadership act if you need support?
JumpBunch understands that becoming a franchise owner is a big commitment and we are dedicated to helping you understand if our company would be a good fit. For more information, please visit http://jumpbunchfranchise.com/contact-us/.
