You want to become a franchise owner. It’s a big decision and one that takes tremendous consideration. Although you have your reasons for wanting to make this important next step, are they the right ones?
Here are five of the worst reasons to buy a franchise and how you can know if your motivations are going to help you succeed.
#1. You’re looking for a get rich quick scheme
Earning a quick fortune sounds like a dream to many people. It’s why the lottery is so popular.
There is a tremendous amount of success to be had in starting a franchise. With growth, you can fill your savings account, put your child through school and give your family a healthy lifestyle. Still, this type of success doesn’t typically happen overnight. It comes from hard work and smart growth strategies.
There are certain financial must-dos before you start your franchise. Not tackling these first could hinder your chances at fast growth.
#2. You’re thinking of starting a franchise as a side project
Owning a franchise is a full time job. It requires your full attention so you can develop, market and scale your new endeavor.
If you’re interested in starting a franchise as a side project, you might want to think again. Consider this:
- What is enticing you about the specific franchise you want to start?
- Is there a reason why you don’t want to jump into this full time, such as fear?
- Are you able to give a franchise the attention it deserves so it can grow?
Answer these questions and you might find your solution is to go into the franchise full time. Or, you might find the opposite to be true – that a franchise isn’t right for you at this time in your life.
#3. You want to prove your family wrong when they aren’t being supportive of your efforts
Having family support is critical when owning a business. You will likely put in some long hours while you build your staff and establish yourself in the community where you serve. By not having the full encouragement of your immediate family, you could experience unexpected challenges.
#4. You want to change the way a certain franchise operates
Do you have your eye on a specific franchise? Are you eager to change the way they do business and switch up the norm?
If that’s your primary motivation for starting the franchise, you might be better going into business for yourself. Many franchises have specific measures in place to prevent owners from making dramatic changes. Be prepared to listen to corporate before any drastic changes pop up.
#5. You’re not passionate about the industry but the opportunity looks too good to pass up
Owning a franchise is about passion. You must be driven to see it succeed. You must love the market where you work. Without this fire in your belly, growing your franchise will be much harder.
Takeaways
Franchise ownership isn’t for everyone. Before you make your next big investment, consider carefully if it’s the right decision for you and your family.
Image: Photospin
