Franchise business opportunities are great and work very well for some people. However, they are No for all people. Discover what may be the right option for you:
Franchise opportunities are great because they offer the following conveniences:
1- Proven Business Plan:
This model is proven and that is why you can find a franchise on the busiest street corners and high traffic areas.
2- Established Products and Services:
Most of their products and services are already established. They are already known and in demand. There is already an established type of customer who uses them on a daily basis.
3- Large Advertising Campaigns:
One of the most important elements for success in any business is advertising. This business model ensures that people in your area will know that your business exists.
Now, those are just some aspects that make this type of business a good option. Yes, there are 3 main areas that any business would need to cover to ensure success. However, with that said and done, this business model is not yet for everyone.
Here are some negative aspects of the franchise business opportunity:
1- Expensive:
They offer great convenience, but convenience of any kind comes at a price, and this business model is no exception. Some models start at $300,000 and up. Not to mention the $100,000 liquid cash that some franchisors require just for the approval of an application. PS the $100K is just for you to run your business and live until your business starts producing a consist income.
2- Long Hours:
For some people who don’t enjoy working a lot of overtime, this may not be the best option. if you are a workaholic, then this may be for you. Most franchisees work 60 to 80 hours per week.
3- Expensive royalties:
I am expected to pay expensive royalties to the franchisor on a monthly basis. This is to pay for advertising, promotion, and most of all, your name.
In the end, it will be up to you to weigh the pros and cons of starting a franchise business to determine if it may be the right option for you.
