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Last Updated on April 13, 2017 by Marie Bautista
The risk of being a business owner isn’t worth it to everybody. If entrepreneurship scares you, a franchise might be the best option. Yes, there are still risks, but owning your own Cold Stone franchise is a lot less risky than starting a brand new ice cream shop. Read on for the dos and don’ts of buying a franchise.
Do:
- Do volunteer before making any final decisions. Learn what it’s like to own a franchise by asking a franchisee if you can shadow for a few days or help out at the store.
- Do prepare yourself to work long hours, weekends, and even holidays. You may want to work at one of the franchises first to get a feel for what the job is really like.
- Do read as much as you possibly can about the franchise before purchasing it. The more you educate yourself on the processes and policies, the more of an informed decision you’ll make. Plus, once you do open your shop, you’ll be prepared for what to expect and how to handle problems as they arise.
Don’t:
- Don’t try to do it entirely on your own. Ask the franchisor for help and advice, go to other franchise owners for guidance, hire marketing and sales staff members if you need to – not everything has to fall on your shoulders.
- Don’t be a rule breaker. If you like to test limits, push boundaries, and do things your own way, franchising may not be the best fit for you.
It’s true that purchasing a franchise can be pricier than starting your own business from scratch, but the success rate of franchises is higher than that of independently-owned businesses. By following the tested-and-true guidelines that the franchisor has laid out for you, your chances of success skyrocket.
I am looking for possible investment options these past few days and this is such a timely post to stumble upon. However, since we are based abroad, franchising could be a little difficult since we can't manage the business hands on. So basically, our primary option right now would be mutual funds and equities. Thanks for sharing!
Thank you for this. You always inspire us to invest and all your tips are helpful.
Before, Mommy and I were thinking of having a franchise of food carts but we set that idea on a side since we are not yet sure on how to handle such business.
I remember my friend who wants to franchise a food cart, I should let him read this post. Thanks for sharing sis. Your blog is very informative unlike mine.. toinkz!