Had enough of working long hours for a boss? The idea of owning your own business and being your own boss, with flexible hours are great reasons to consider buying a franchise. Each franchise model is different, so before you take the leap, let’s bust some common myths about franchising.
Myth 1. Franchisors will accept anyone with a heartbeat and a cheque book.
This may be true in some cases. While you are evaluating the brand, take note if the franchisor is evaluating you. A trusted brand will want to protect its reputation and you will easily recognise this.
Myth 2. It’s a franchise business, so it will be successful.
Not everyone is cut out to run a business, however, it is more likely that you will succeed in a proven franchise model compared to going it alone. Evaluate your strengths, weaknesses and suitability for the type of franchise you are considering. Not everyone is suited to a franchise.
Myth 3. The franchisor will do everything for the franchisee
This is not true. In a well-established and proven franchise system, the franchisor will provide all the information, training, and support that you need. It’s your business and your effort will be rewarded.
Myth 4. Franchise agreements must be signed straight after the 14-day disclosure period.
Not true. The franchise agreement can be signed any time after the 14-day disclosure period.
- Take your time to research thoroughly.
- Read the agreement carefully.
- Learn the financial modelling.
- Speak with other franchisees.
- Create a business plan.
- Create a cashflow projection and speak with your accountant.
- Ask your franchisor for any information you may need, and sign when you are completely satisfied.
Myth 5. Franchises are too expensive.
No point just looking at the cost of purchasing a franchise and the monthly fees, without looking at the income that other franchisees are earning. Your financial plan will tell you how long it will take to recover your investment and how much profit you will generate. A franchise that seems expensive at first glance may be very profitable.
Look for a franchise brand that guarantees it’s work. It’s hard to beat a history of growth, happy franchisees, and a reputation for great customer service. Contact Jim’s Group on 131 546 or visit www.jims.net to see our full list of service divisions.
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