If you have the entrepreneurial spirit and want to start your own business, one of the ways to do it is with a franchise. This is when you buy a new location or one that is already in business and become a part of a larger company. There are many different ways a large business makes their money from franchise owners. If they own the land that the business resides on, they may charge rent, usually in proportion to sales. Another way they make their money is by selling all of the supplies to a franchise owner. The trade off for the entrepreneur is that they have immediate name recognition for their new business and a ready made customer base. It’s a good path for an entrepreneur to take, but there are many men and women that are hesitant. The following are a few reasons for this.
You don’t have a business degree
You seldom need a business degree as long as you have had experience as a business owner, or you have done a lot of work in a business. For example, you have spent many years as a manager of a business. Perhaps you have managed a franchise before for a franchise owner. This type of experience is favorable when attempting to buy a franchise.
No experience in the field
You have no experience and knowledge that is specific to the product that is being sold. For example, you may be considering auto repair franchise opportunities, but you have little knowledge of auto mechanics. However, this is not as important as the ability to manage people and run a business. When you buy a specific franchise, there will be rules associated with its operation. You need only have the business skills to implement these rules and procedures. You can hire people with automotive skills and manage them. Although experience is a plus, it is not a mandatory qualification.
If you find the right franchise and have business experience along with the necessary franchise fee, then you are likely to be awarded the franchise.