4 Obstacles to Overcome in Franchising

For those of us out there quietly contemplating a future in which they become their own boss, there will always be some form of nagging doubt. The supremely overconfident entrepreneur is a dangerous species, as FranNet preaches a calculated and measured approach to entering the world of franchising. We hear common refrains that we need you to know are completely normal in the investigative stage. What if I’m not cut out to own a business? What if I fail miserably? What if owning my own business drives me crazy? To which we’d like to add, what if it doesn’t?

Still, there are common pitfalls which any budding entrepreneur can avoid. We’re going to cover four examples for you. When you’re done reading them, sit back and reflect on your new-found confidence.

Sign-Off

First and foremost, when you make the decision to go the route of franchising, we advise that you’ll need sign-off. What is that, exactly? A support system. Nobody who enters the world of franchising should do it completely alone. If you have a family, you’ll want to know that they are backing your efforts 100 percent. Friends should do likewise. Last but not least, the professional counsel that you should seek should also approve of your efforts. Running a successful franchise takes a support system and you’ll be thankful you sought approval in places where it matters the most.

Managed Expectations

The world of franchising is diverse. There are just so many avenues you can take and you won’t have all the answers right away. That’s the reason there’s an investigative process. You’ll have to find a concept that’s of interest to you, but one that fits your budget as well. Some entrepreneurs come armed with a healthy nest egg to cover franchise fees. Others need to finance. Keep in mind that there are numerous programs of financial assistance available to you. Just keep your expectations in line with reality and you’ll be fine.

Conformity

Franchising is about conformity. It’s about processes. It’s about replication. Those who reach the investigative stage of franchising typically have an innate understanding of this framework, but it goes a little deeper than that. Will your personality be able to handle it? If you’re a fly by the seat of your pants individual with a creative streak of doing things your own way, you may not have an easy time of it. You’ll need to conduct due diligence on the type of expectations a franchise brand will have of you as an owner.

Indecision

As we mentioned before, franchising is a big world. There are literally thousands of different franchise brands on the market. While some come to the investigative process with a preconceived notion of exactly the type of business they want to run, others are clueless. While FranNet is specifically adept at finding just the right fit for you, indecision seems baked into the equation. You may have a hard time choosing between two or three different concepts. When and if this occurs, make an old-fashioned pros and cons spreadsheet and prepare to discuss terms with your support system.

These four obstacles may not be the only hindrances you incur on your road to entrepreneurism, but it’s a safe bet that they’re among some of the most common. We both know and understand roadblocks and are prepared to help you navigate them to the best of our professional abilities. There’s no need to be discouraged. Nothing good comes easy, but we’ve found that the end truly does justify the means in becoming your own boss.

You can do it. And we can help.

Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!

Feb 26, 2018