Struggling to convince your family that buying a franchise is the right decision for you? You’re not alone.
Making a big investment, such as buying a franchise, is a major life choice. Not only do you need to ensure you have everything in place financially to own a franchise but you also need to be confident you’re buying into one you’ll love. If you don’t love the business, you will have a much harder time at succeeding.
Many families grow concerned over the franchise buying process. They try to play devil’s advocate and warn you of risks without paying attention to rewards. If that sounds like your family, here are five reasons you can counter with, showing you’ve done your research and you’re ready to buy.
#1. You’ll have more freedom…
Added freedom is one of the many benefits of owning a franchise. It’s also what attracts people to this career path. You’ll be your own boss, which means you’ll have flexibility to spend more time with your kids, take vacations and attend sporting events. It’s this kind of freedom that’s hard to find in any other j-o-b.
#2. … But you’ll still work hard.
Don’t let the freedom fool you or your family. You’ll still work hard to grow the business and get it off the ground. Although you’ll have flexibility to leave, you’ll also have commitments. Many families like hearing about these commitments because it shows that you’re realistic about the time and investment it will take to succeed.
#3. You’ll be backed by a proven business plan.
Starting a business from scratch is scary. That’s why so many small businesses fail in their first few years.
As a franchise owner, you’ll be starting with a solid backing. You won’t need to prove your business model because it’s already been done for you.
#4. You’ll get off the ground and into the black faster than if you started your own business.
With your proven business plan, you’ll get off the ground faster. You’ll have the marketing materials you need to get customers in the door. You’ll also have a strong marketing plan to help guide you when making decisions about where to target and who you want to attract. It’s this kind of support that will get you out of the red and into the black faster.
#5. You have the numbers to back your decision.
The 2015 Franchise Report is now available and it shows strong signs of growth in the coming years. With trillions of dollars being pumped into the economy from franchise owners, something’s going right.
Show your family this report. It’s hard to argue with the facts. The numbers show that your business interest could pay off in dividends.
A Word to the Wise
Although there are plenty of reasons to buy a franchise, there are also plenty of reasons to listen to your family’s warnings. Take your time when deciding whether or not to buy. You must know with absolute certainty that this is the right investment for you and the people you support.