Owning a franchise is a great way to start your own business without designing it from the ground up. Instead of starting from scratch, buying into a franchise allows you to build on an established brand but still have your own business and be the boss. Being a franchise owner is a rewarding and often less risky way to break into business ownership. If you’re considering purchasing a franchise, read on to learn more about what it takes to be a franchise owner.
Start Out In The Trenches
Before you decide to buy into a specific franchise, you should spend some time working at one. You wouldn’t want to buy into a fast food restaurant only to find out that you hate the foodservice industry. Working at one is a good way to know that your interests and values align with the qualities of the franchise that you’re considering.
Major In Business
Pursuing education related to business is beneficial for any business owner, franchise owners included. Consider getting at least a bachelor’s degree in business, marketing, or economics. You don’t have to have this education to start and run a business or a franchise, but having the background knowledge makes many parts of the job easier. Some programs even offer classes specifically about franchise ownership, and some franchises offer courses about becoming a franchise owner for their employees.
Ownership Is Investment
Becoming a franchise owner means investing in the company that owns the brand – and this investment is often sizable. While some younger franchise opportunities may start as low as $50,000 to buy in, other, more established brands can be as much as $175,000 or more. This investment in the company is not the only start-up fund you need either. You must have enough to buy into the franchise, but also have the start-up capital to rent space and refurbish it if necessary, buy goods, hire staff, and operate until you start making a profit.
Responsibilities Of Ownership
Along with the various perks of owning a franchise, there are also many responsibilities. The franchise owner will more often than not have to be the person doing all of the hiring and firing, making schedules, planning supply orders, and handling back-of-the-store paperwork. The owner will also be the person that unhappy customers seek out to express their displeasure.
Buy With Atlantic Business Brokerage, Inc.
At Atlantic Business Brokerage, our mission is quite simple; we help sellers sell businesses, and buyers buy businesses! Over the past 30 years, ABBI has facilitated the sale of countless commercial properties, businesses, and franchised locations. With our unparalleled knowledge of the business purchase and sale industry and our network of contacts, we offer services to both buyers and sellers that no other brokerage firm can match. Contact us to discuss your business buying and selling goals today at 410-561-9800 or Toll-Free at 800-279-7569. Email us at [email protected], and follow us online on Facebook and LinkedIn.