So you’ve finally decided it’s time for a career change. No longer do you enjoy the 8-5 grind that often comes with an office job. Your first thought is to explore opening a franchise business. The only problem, though, is that the possibilities are seemingly endless. Not to mention, there are varying levels of time and money that you must be willing to invest on your end. There’s no question that buying a franchise has its perks. But it’s no easy task trying to find the one that’s right for you. In this blog post, we will provide eight tips for selecting and eventually purchasing a franchise.
- Do some soul searching – Before you get overly involved in the process, take some time to just think. What are you trying to accomplish by buying a business? For some, it’s a full-time job that puts food on the table for their family. Others, meanwhile, see their franchise as more of a hobby than anything else. The reality is that everyone’s situation is different.
- Understand your financial limits – As explained in this guide from Inc.com, taking inventory of your capital provides a realistic sense of potential opportunities. Remember that you shouldn’t expect to be profitable right away, so be sure you have enough money to fall back on for a while. Don’t be surprised if you run into some challenges getting loans, either. All that said, steer clear of a “cheap” business that you would likely have trouble reselling in the future.
- Create an exit strategy – Not every franchisor has the same restrictions on selling to other restrictors. That’s why it’s important to have a solid exit strategy in place. Is your intent to flip the business in a few years or grow it for decades and eventually pass it down to family members?
- Be willing to assume some risk – It’s one thing to run a company with long track records of success. However, not all of these companies are cutting-edge anymore. Though newer, innovative companies tend to have more risk attached to them, they can also offer higher returns.
- Have an idea of your involvement – One thing why opening a franchise is so appealing is the flexibility with it. You can choose whether or not you’re directly involved in the business’s product or service.
- Consider your strengths – Set aside some time to examine your skill set. Are you comfortable with sales and cold calling? Would you prefer interacting with customers behind the counter? How do you feel about managing people who are likely minimum wage employees with high turnover rates? On the contrary, do you like being out in the field working with customers and clients? Whatever you choose, don’t limit what you can do. There’s plenty of time to learn as you go.
- Look at how you value status – There are plenty of businesses that focus on doing work that’s disgusting. Interestingly, a lot of them make a ton of money because there isn’t much competition. But would you be comfortable telling your family and friends that you actually run one of those businesses? It’s something to at last consider.
- Do your due diligence – Even once you have a few options that made the final cut, there’s still a ways to go. Be sure to look at the initial franchise fee, ongoing royalty fees, rules/regulations, the background of the business, and the financial amount you’re responsible for. Should you have questions, get in touch with your franchisor (in person, if possible). Don’t hesitate to speak with other franchisees as well.
Why Own a Rebounderz Franchise?
If you’re ready to start your own franchise, Rebounderz is a great place to start. We are proud to be one of the fastest growing franchises in the industry. What makes us stand out in the family entertainment franchise environment? Well, we constantly provide customers with new, cutting-edge innovations and attractions. From our patented trampoline Combination & Dodgeball Jumpers to Basketball Slam and custom Ninja Warrior Courses, there’s truly something for everybody.
Rebounderz is at the top of the list when it comes to affordable franchises. We are the only corporation in the U.S. to hold patents on a trampoline arena.
Come join us as we continue to expand! Contact us today to get started.