Looking to buy a franchise business?
Great – but if you don’t want to get blindsided, make sure to temper your enthusiasm with the potential challenges associated with running a franchise.
A lot of entrepreneurs buy franchises looking for guarantees, and while it might be a “safer” way to go, that doesn’t mean that you will succeed without effort.
Here are some of the biggest challenges of running a franchise.
1. False Expectations
No matter what business you choose to put your time, money and effort into, it’s important to recognize there are no hand-outs. If you want to succeed in business, you need to be committed to the task.
And yet, many budding entrepreneurs buy a franchise thinking it will be simple. In general, you will have considerable support from the franchisor – but that doesn’t mean that you can coast your way to a thriving enterprise.
Business is often messy, and even when you do succeed, things don’t always look neat and orderly.
Expectations have to be managed if you want to win in business. More often than not, you will need to persevere for longer periods of time before seeing any kind of traction.
No matter what business you get into, there is a certain amount of risk that comes along with it. A franchise business has a proven history of success, and while there might be less risk buying a franchise than starting other types of business, there’s no way to eliminate it altogether.
This often comes as a surprise to new franchisees. Franchise or not, there is always some instability in business. Getting started can be daunting, and you may need to lean on the support offered by the franchisor, especially in the first two to three years.
Remember to take some time upfront to assess the risks involved with buying a franchise. When you are aware of the possible pitfalls, you’ll be much better prepared to handle problems as they arise.
3. Lack of Creative Freedom
Franchises are established business models with a particular structure set in place. Systems, policies and procedures are what allow the business to be consistent from one store to another.
But the business infrastructure can undeniably get in the way of your creative ideas, whatever they may be. Following the plan is usually the safer route, and inserting your own ideas into the formula can make it go haywire.
Don’t be too surprised to discover that you won’t always be able to leverage your creative side in a franchise business model. Remember that systems were created for a reason, and that following them will enable you to get off to a running stat.
Buying a franchise is a great option for entrepreneurs, even for those that are still learning what it means to be a business owner.
But it’s better to be aware of the challenges and obstacles that come with running a business than to go into it without any frame of reference.
If buying a franchise in the creative music industry is something you’ve dreamed of, we want to invite you to learn more about Music Centre Canada’s franchising opportunities.