If you are choosing your path to business ownership, you have likely already compared the pros and cons of traditional business ownership and buying a franchise. For many, franchises offer an opportunity to own a business with additional support from corporate.
What’s not to love? Owning a franchise still requires an investment of capital and time, but it also has an established brand reputation and a proven operational model already in place. Choosing the traditional business model means starting from scratch and building your brand one customer at a time. That can be daunting, making the franchise option look much more appealing.
Franchising can be a huge advantage, but it does not guarantee success. The biggest mistake that newbie franchise owners make is treating the franchise like a luxury purchase and assuming that success is included in the purchase price. It is not. Franchise ownership involves much of the same preparation and due diligence you would give a traditional start-up.
Let’s look at the steps and factors you must consider to choose the right franchise for you.
Knowledge is Power – Conduct Thorough Research
The process of choosing and purchasing a franchise is very different from the process of beginning a traditional business.
You can set yourself up for success by simply taking the time to explore all of your options and selecting the franchise that is the best match for you rather than the one that looks like the most fun. Each franchise will have its own set of perks and challenges. Choosing a franchise model that matches your lifestyle, ability, and personality will play a massive part in your ultimate success.
Seven Questions You’ll Need to Answer Before Choosing the Right Franchise
You should have concrete, well-researched answers to the following essential questions before you begin your business:
How Much Independence & Control Do You Expect To Have
When you picture running your own business, do you see yourself at the helm, with complete control over business details? Do you expect to choose the details of your business and put your stamp on it?
This is a crucial question to answer. Some franchises allow for a great deal of individuality among owners; others have strict guidelines built into the franchise contract that can’t be changed easily.
Are Your Skills & Experience a Good Match for the Franchise?
Take stock of the experience, skills, and knowledge you have acquired through school, work, or hobbies. You will want to choose a franchise that aligns with your understanding and ability as much as possible. Of course, it doesn’t have to be an exact match, but familiarity with the primary industry is helpful.
Will the Franchise Fit Your Lifestyle?
Many people pursue franchise ownership to ditch the 9 – 5 grind and start living on their own terms, but owning a business still requires hard work. Consider your goals and ensure that whichever franchise business you choose will help you reach them!
How Much Support Will Be Provided By the Franchisor?
Getting your franchise up and running can require a lot of effort initially. Depending on the franchise you choose, you may need to purchase and install specialized equipment or tools, or you may have inventory or ingredients to stock. You will likely need to recruit, interview, hire, and train several team members.
The franchise owner usually provides some hands-on assistance during this setup stage, but how much help they provide will differ from franchise to franchise. Before you make your selection, be sure that you understand what kind of support you will receive.
How much will you pay to operate the business each year?
Finally, pay close attention to the numbers. Have an attorney or accountant review all of the financial proposals to ensure you fully understand the financial agreement. You should clearly understand the capital you will be providing at the front of the deal and how much you are expected to pay to keep the business running year after year.
Some franchise owners receive royalties for the ongoing use of the company branding, logo, and unique service model. In addition to the royalty fees, some franchises may assess fees for marketing and advertising and any other materials, supplies, or services provided by the franchisor. For example, some franchises require you to purchase supplies or inventory from the franchisor. These fees should be tallied up so you fully understand your investment.
What Is The Level Of Risk?
There are no guarantees, especially in the unpredictable world of business ownership. However, you can use past performance, partner performance, and predicted future trends to develop a ballpark idea of what you can expect to earn from a particular business.
Does the Franchisor Have Other Franchises? Are Those Franchises successful?
You can judge the likelihood of overall success by looking at the success of the franchisor’s other franchises. You can also look at the annual lists of the top franchises of the past couple of years to get an idea of which types of franchises are the most popular. Consider any significant factors like location, access, parking, etc.. that could make your franchise more (or less) likely to match the popularity of the other franchises.
What Makes iFlex Assisted Stretching Franchises A Solid Investment
Founded by Steve and Craig Colmar, co-founders of The Joint Chiropractic, iFlex Stretch Studios franchises brings you a low-risk, high-reward franchise model in a booming industry. For anyone interested in starting a health & wellness business, iFlex Stretch Studios stands out as a model with limited competition.
iFlex Studio Franchise
iFlex Stretch Studios offers affordable and professional assisted stretching services to help clients reduce pain and stay active. If you are looking for the right franchise concept at the right time, an iFlex Stretch Studios franchise could be the business for you! Plus, you’ll receive:
- Hands-On Support
- State-Of-The-Art Assistive Technology
- In-Depth Operations Training
- Stretch Therapist Training
- Opportunity to Expand to Additional Locations
Interested in learning more about franchising with iFlex Stretch Studios? Visit https://iflexfranchise.com/ today!
