If you have even the smallest of ambitious streaks or any level of business acumen, it is likely, that even if it were just a brief moment, becoming a franchisee has crossed your mind. When milkshakes mixed with candy became the trend or when you found that your favourite fast food store was actually turned into to a franchise model, was there a small part of you that was tempted to find out more?
What is it that takes people to take the leap of faith into the world of franchising?
Money
It makes the world go around! Whether you like it or not, without having the cash behind you, you are unlikely to become a franchise owner. Whether it’s savings, redundancy money, property equity, or inheritance, be prepared to invest in order to reap a reward. Of course, the amount needed to buy into a business model can vary dramatically.
From the small….
A lot of smaller and newer franchises, such as daycare franchises or those that relate to hobbies, may take a relatively small initial outlay. However, be prepared to add extra touches in order to make your business extra special. You may have to keep to a specific way of running the franchise in a lot of cases, but small touches, such as a thank you card to a client or advertising, can help grow your franchise and clarify the perception of potential clients concerning what you do.
To the large…
When we begin to talk about the “big guys,” the well-known retailers, the restaurants, and the garages, we start talking about very serious businesses. They need an understandably much larger payment in extra factors such as premises rent, overheads, and staff. This is certainly not a proposition for a nervous novice. However when you do the math, you find that the larger the investment the larger the return is likely to be, and when it is a well-known name, the potential is certainly there.
Effort
Many people, such as a Mom who wants to work flexibly, can make a franchise an idea lifestyle choice, balancing the satisfaction of being able to work with the wonderful job of parenting. Even then, be prepared to put more work in, even if initially, than you may expect. Larger opportunities are very much the world of self-employment: endless hours, accountability, serious risk, and staff management. However if franchising is for you, there is a chance to build the dream.
Kiddie Academy’s range of daycare franchises are the ideal choice for working parents who are looking for a business opportunity that does not sideline the kids.
