What do I need to know about franchising?
Now that you have a rough idea of what a franchise is, you may have begun to conduct some further research of your own. Unfortunately, we know that sometimes an influx of information can end up leading to more questions. That’s why we’ve compiled a list of some of the most frequently asked questions about running a franchise and provided answers in this week’s blog! If you are considering running a franchise of your own but haven’t received all the answers you’ve been looking for, take a look at Weed Man’s Franchising FAQs.
Why should I consider franchising?
As discussed in our last article on Why Franchising Might be for You, there are a plethora of reasons why you should consider franchising. To name just a few, franchise owners will enjoy:
- Established brand recognition
- Reduced risk for business owners
- Lower start-up and advertising costs
- Marketing and advertising support
- An excellent support network—and more!
You may recognize the benefits of franchising, but that doesn’t mean that you won’t be left with questions. The first thing many people inquire about when considering buying a franchise is the cost.
What’s included in my investment?
Like with any business, owning a franchise requires start-up costs. While not all franchises involve the same costs, there are still general buying processes that most franchises follow.
When you purchase a franchise, you will typically need to pay a franchise fee (which includes licensing and training), build-out costs (anything and everything that will come along with your franchise, including equipment and signage), and working capital (the amount of cash available for the business). While this may seem overwhelming at first, it’s important to remember what’s included in your investment that is often left out of the cost discussion. Unlike starting up your own business, franchising provides business owners with a headstrong team that will always have your back (and that’s priceless in the business world!) Those who have walked before you will have a fix for any bumps you may hit along the road. Within a franchise network like Weed Man's, you will have a full team of supporters, including Marketing, Technical, Administrative and Digital departments. There is so much more than meets the eye that goes into an investment in a franchise, and that’s something to keep in mind during your search.
Am I really cut out to be an entrepreneur?
Perhaps it’s not start-up costs that are causing anxiety, but rather, self-doubt. To answer the question, “am I really cut out to be an entrepreneur?” the answer is: yes! If you’re wondering whether you have what it takes to be an entrepreneur, take a moment to write out a list of all of your skills.
Now take a look at your list. Have you written down “determination?” “Discipline?" “Passion?" Those are all key aspects of a successful entrepreneur! Chances are, if you’ve spent your time reading this article, you likely have all of these traits already. Don’t let doubt get in your way!
Overall, the franchising model has proven to be successful, making it the perfect opportunity for driven individuals with a passion for business. If you do choose to take this path, you can rest assured knowing that you won’t walk it alone. We hope that this article provided some guidance, however, if you have any questions about becoming a Weed Man franchisee, please request a consultation today or give us a call at 1-888-321-9333. We look forward to hearing from you!