Opening a franchise can be life-changing for someone looking to get away from the usual corporate grind. That said, running your own business can have its share of pitfalls. Whether you’re hoping to open a food joint, fitness space, clothing store, or something completely different, you want to be sure that you avoid the following mistakes prior to taking the plunge.
- Fall for the “hot new franchise” – It’s no secret that entrepreneurs want to get in on a trendy new business. Frankly, though, aspiring franchise owners should do the opposite. In this Forbes article, Sean Kelly explains that “The benefit of a franchise is really to buy something that’s been proven over a period of time. Hopefully something that’s been proven over different economic climates. So it’s done well in good times and bad.” So while your initial thought may be to go with that sexy, up-and-coming franchise, it may be best to instead opt for another that’s more established.
- Buy a franchise to be your own boss – Corporate lays the groundwork for everything as far as your franchise is concerned. Granted, you have the freedom to submit ideas and suggestions to make things better. However, the idea of franchising is based on conformity and uniformity. If you struggle following the orders of the home office, you may not be a great fit as a franchise owner.
- Think that franchises are more reliable than independent businesses – A lot of folks weigh their options of starting their own business or purchasing a franchise. As mentioned in the article, both fail at the same rate. Make sure you do plenty of research on your specific franchise to determine how many owners remain in business through the duration of their agreements.
- Fail to hire an experienced franchisee attorney – Along with buying a home, opening a franchise will arguably be the largest investment of your life. That said, an alarming number of franchisees simply glance over the contract and wind up facing major problems down the road. A reliable attorney can help you avoid making a glaring mistake.
- Expect help from the government – It’s important to know that franchisees aren’t consumers and are therefore not protected as such. Rather, franchisees are labeled entrepreneurs and business investors. Things get a bit tricky here because the Federal Trade Commission instructs franchisors to disclose certain information to franchisees, but doesn’t check to see if they do so. Again, if you’re going so far as to open a franchise, take the additional step and hire an attorney.
- Purchase a franchise without ever spending time in the business – You want to grow your business as much as possible, right? Well then make sure you spend time working for it before you make the decision to buy it. Experience and knowledge with your business are key.
- Imagine nothing but success – Confidence and enthusiasm are required to start your own business. That said, it also takes a leap of faith. The possibility exists that your franchise could fail for whatever reason. As much as you want to think that nothing will go wrong with your franchise, something eventually will. It never hurts to come up with worst-case scenarios and potential solutions.
Benefits of Purchasing a Family Entertainment Franchise
Have you been searching for affordable franchises? Over the years, more folks have been acquiring family entertainment franchises. Rebounderz, one of the industry leaders, is currently offering franchise sale opportunities. We are committed to being the leader in innovations for indoor family entertainment centers, family adventure parks, and extreme fun centers. Thanks to new, cutting-edge innovations, we are proud to increase the safety and overall enjoyment for guests/customers.
Opening a Rebounderz franchise is a no-brainer. Since 2008, we’ve been a leader in indoor trampoline fun! Nothing else compares to our patented trampoline, Combination & Dodgeball Jumpers, Basketball Slam, Air Pit Jumpers, and custom Ninja Warrior Courses. Through the years, we’ve continued to expand across the U.S. and internationally. See how our trampoline park franchise can transform your life.
If you’re ready to become an integral part of an exciting, established company, check out the Rebounderz brand. Contact us today to inquire about purchasing a franchise.