Franchise Ownership: Is It Right for You?

Are you independent and self-motivated? Do you like being your own boss? If so, owning a franchise might be the perfect fit for you! 

 

Let’s start with capital. Franchise ownership can have a lot of upfront costs. Consider your initial investment cost, startup cost, and other things that may need financing until you turn a profit. Additionally, personal finances must be considered. Most startups take six months to a year to turn a profit, and in that time you likely still have personal bills to pay. So make sure you have all your personal and business financing covered.

 

Secondly, consider the business. Do you believe in the brand? Can you follow their guidance? Can you manage people? When you own a franchise, you are a part of the brand. Being a part of the brand means you follow their guidance, expectations, and goals that they have shown to be successful over time. On top of that, as a franchise owner, you must be good at managing people. You are the boss, running the show and making the final decisions. You must be comfortable with hiring, training, team leading, and even firing. If all these things still sound like you, then a franchise is a great fit for you. 

 

You need to have a big picture approach to franchise ownership. Yes, the startup times are fun, challenging, and important. But once you’re up and rolling, it’s important for you to be able to take on more than the day-to-day tasks. Consider the challenges of remaining profitable, paying expenses, managing cash flow, and planning for future expansion. Luckily, most franchise brands have many tools at their disposal to assist with these tasks.

If all this sounds like something you can handle, you may be a perfect fit for franchising! If you’d like to learn more about franchising with Ori’Zaba’s Scratch Mexican Grill, reach out to us today!