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Is There A Right Time To Buy A Franchise?
Monday 5th September 2022
Starting a new business is always risky and will take time and commitment. If you're opting to join a franchise, whilst it reduces the risks compared to going alone in a new venture, there are always risks that you must consider and understand. As a franchisee, you are investing in a business that is already established and has a strong track record.
You will still work for yourself but have the support of experts and experienced people who already see success in your chosen industry.
Are you ready?
The general day-to-day responsibility for the business is yours, so you must be prepared to make decisions, work hard and dedicate the time to build the franchise business in your area. Of course, there is support, training and equipment help from your franchisor, but you will be expected to work hard to make your business the success they know it can be.
Can you invest?
Starting a franchise avoids many of the risks of going it alone. Still, it requires investment in time and money from you, the franchisee, to ensure that you maximise the opportunities afforded to you and have the drive and ambition to be successful. It takes time to establish and grow any business, and franchises are no different.
You will also need a level of capital to invest in the franchise. Whilst you may be able to finance the initial purchase, you should aim to have some liquid funds to boost the chances of your franchise and to give you the initial funds to support yourself and the business as you make it grow.
Considering other people
A franchise offers advantages and apparent differences over going it alone. You are welcomed into a business family that provides training, experience and support. However, you should ensure that you and your family are prepared for this journey and that you are ready to take on the responsibilities that go hand in hand with running your own business.
A franchise is your business, so ultimately, it requires your time, which isn't always just yours to give. You should understand the level of time needed and how this fits with your personal life. How much time can you dedicate to a franchise around existing commitments or work, and how will this impact the life of you and your family?
Do you know enough?
Understanding the basics of the franchise you are considering and having sufficient knowledge of your local area to understand how you can effectively market your new venture is essential. Again you will receive training and assistance from your franchisor. After all, it is in their interests for you to achieve success and profits as fast as possible.
Is it the right time for me?
Essentially, once you've considered the factors above, the right time to buy a franchise is when you feel comfortable and are ready to put in the inevitable work involved in establishing your territory with the support of your franchise partner.
Choosing a Design Print Distribution Group franchise will allow you to learn about our business and receive training and support from our established and successful printing and leaflet distribution operation. We support you, but ultimately, you must choose the right franchise business based on your circumstances.
If you think leaflet distribution and mail drops are for you, check out our franchise opportunities that could kickstart your business journey today.
Photo by Lukas Blazek on Unsplash