There are many great reasons to invest in a franchise.  It offers the opportunity to go into business for yourself with a lot less risk than going at it on your own.  It provides a tried-and-true system that has been replicated with proven success.  While the list could go on, because this is a serious investment, the reasons as to why not should also be taken into heavy consideration.

Franchising provides the freedom to work for yourself, but not by yourself, but the reality is the business model is not for everybody.  Here we explore a few reasons why franchising might need a second look.

You Lack the Passion

When comparing building an independent business versus investing in a franchise, franchising may look like the simpler way to go on the surface.  But franchising, just like starting a new business, still has no guarantee of success. It requires the same amount of drive as running an independent business.

Whether the franchise is advertised as a passive investment or one in which you own and operate, the same level of commitment is needed.  Franchising might have the roadmap for success, but that path only works if you have the passion and desire to stay the course.

You Don’t Like to Follow Rules

Franchising rules, that is.  When you invest in a franchise, you are buying a business that has already been tested and proven multiple times over.  They know what works and doesn’t work to not only get that business of the ground, but to keep it running successfully.  To do so, you are required to follow the model.

If you are the type that likes room for creativity and flexibility, franchising might not be the best route for you.  Franchise contracts come with explicit standards, and do not leave much or any room for alterations or additions to the brand.  When you are buying a franchise, you are joining their system, and following their rules.

You Don’t Know Your ‘Why’

Going into franchising is serious business.  It is a long-term commitment that not only requires the passion, but also a focus behind it.  If you don’t know why you are doing what you are doing, you are going to find it difficult to dig up either emotion.

It is always important, before embarking on a new business venture like franchising, that you have considered your “why.”  Why do you want to own a franchise?  Why do you want to leave your stable job?  What is making you consider this big career/life change?  Exploring what is generating this new desire can launch you into a whole new level of where you want to go next.  

And the truth is, it might not actually be franchising.

It Is a Marathon, not a Sprint

Ultimately, owning your own business is a big leap of faith.  Exploring your options and understanding not just the reasons why, but also the why nots, can really aid in your decision-making process.  Just like a buying a home, this is a serious investment and should receive its necessary due diligence.

At Evergreen Franchise Advisors, we understand how important the decision is you are about to make when it comes to entering business ownership.  Whether you are just beginning your exploration process or already have several businesses under your belt, we can help you navigate wherever you are in the process.  Schedule a consultation with us today.