Making Dollars and Sense out of Franchise Ownership
Do you want to make your own decisions and profit from your hard work? Are you comfortable with a moderate amount of risk? Are you able to follow a plan and manage employees? If you answered yes, then you may have thought of owning a franchise business. But does buying a franchise really make sense?
In many cities, you can’t drive more than a block without seeing a franchise business. They come in every size and cover a plethora of industries. They also require vastly different amounts of investments and different skillsets. So, before you sink your savings into the next, greatest business, start with a checklist of what you are want out of business ownership.
A good place to begin is the investment. You will need to pay the franchise fee and keep the business running until it becomes profitable. There may be other expenses such as finding or building a store or shop, and ongoing costs like royalty fees and advertising packages. You can use savings, find a partner to work with, or get financing. Some franchise businesses offer financing and there are also ways you can use your retirement savings. Proceed with caution– invest only what you can afford to lose– and get expert advice if you have questions.
You will also want to consider what it is that you hope to achieve with business ownership. Do you want to reinvent yourself in a new field and learn new skills? Do you plan to have the new business replace your current income or will the franchise be a wealth-building vehicle for you and your family?
Next, decide if you will you be working in the business or hiring a manager to run the business while you continue in your current career. Are you good at sales, technical aspects, finance? If not, would you hire employees to do this for you?
These are just some of the questions to ask yourself before you commit to a particular franchise opportunity. To learn more, view “A Consumer’s Guide to Buying a Franchise,” available at https:///www.ftc.gov/tips-advice/business-center/guidance/consumers-guide-buying-franchise.
Finally, if you are thinking about buying a franchise so that no one will be telling you what to do, you should probably reconsider. The reason franchising works is that someone else has created a plan, tested it, and made many of the decisions for you. All you have to do is follow, follow, follow the plan. It takes confidence, hard work and consistency.
If you do have a desire to own a successful franchise business, consider NOVUS Glass, a nationally-known brand with 45 years of experience.NOVUS invented windshield repair in 1972 and remains the industry’s research & development pioneer. And, don’t forget to check out the NOVUS VetOps Program. For more information visit us at www.novusglass.com or 1-800-77-NOVUS (800-776-6887) for a NOVUS location near you. For franchise development information, contact 800-944-6811.Back