There are a myriad of ways you can invest money these days. There are all kinds of savings accounts available at the simpler end of the market. Then there’s stocks, shares, bonds and other similar investment products. You’ve also got other options such as investing in your own business.
Once you’ve got past these options you’ll no doubt come across a franchise opportunity as well. These are different from setting up your own business because you’re buying into an already-established brand.
So is this a good way to invest money?
Be serious about what you expect to get from a business
There are hundreds of franchises out there and while they won’t all appeal to you, there are plenty that might. Some will be run from home whereas others require you to have your own premises, such as a fast-food joint for example.
Think about what you want to get from a franchise. Why are you considering getting involved with one in the first place? How could it benefit your life? What do you want to achieve and how do you want it to fit into your life?
Buying a franchise is often an option considered by people who ultimately want to own their own business. Increasingly, corporate employees experiencing downsizing or unfavorable work conditions may consider buying a franchises for sale as a viable career option.
Can you afford the investment?
Many franchises require you to invest thousands of dollars before you can even get started. You should earn this back over time but of course there are no guarantees. You also have to follow the way that particular business should be run.
In contrast there are many self-made businesses that can be created using a shoestring budget. This means you have complete control over the business and you don’t have to run it according to a rulebook issued by the parent company.
Is franchising really for you?
This is probably the most important question to ask yourself. You are going to spend a lot on a franchise so it makes sense to ensure you know exactly what to expect. If you fancy the freedom of owning your own business and growing it to the extent you believe it should be grown, you may be better off striking out on your own.
Clearly there is a lot of research to do here before making your decision. Yes, there is money that can be made from a franchise opportunity. Some people excel and end up opening more than one franchise outlet in a particular area.
However for others there is nothing better than truly going it alone and creating a business that is truly theirs. If you opt for this route you can determine exactly how and where you want to develop your business. There may be no need to invest thousands of dollars at the beginning, as is the case with most franchises. You may be able to start with a couple hundred dollars instead – perhaps even less.
Whatever you decide, it is clear that franchising isn’t for everyone. You could be the perfect person to take on a franchise of some kind – or you could be the worst. Which group would you fall into?