Considering a Franchise to Buy? Face These Common Fears
You’ve done your research. You’ve looked into different industries and found the most promising franchise to buy is in the home care industry. However, something is still holding you back.
Buying a franchise is a big investment, so it’s understandable to feel apprehensive. In fact, you should exercise caution before making a choice. As a prospective franchisee, you may have concerns about the financial investment, the amount of support you’ll receive and other factors.
How to Ease Your Fears When Choosing a Franchise to Buy
To put your mind at ease and help you make the best choice for a franchise to buy, let’s start by outlining some of the most common fears.
- Losing your investment
You’ll need to put down an initial investment to buy a franchise. Parting with a substantial sum of money is nerve-wracking, especially if you’re not completely confident you’ll earn it back.
- What profit you can expect
As well as earning back your investment, you want your business to turn a profit as quickly as possible. Ideally, you want to see a healthy profit so you can actually reap the rewards of all your hard work.
- Managing day-to-day operations
You may be intimidated by the thought of handling payroll, hiring, marketing, and other aspects of the business.
- Not receiving enough support
As a franchise owner, you’ll be working with your franchisor to set up shop. Beyond selling products or services under their name, you may wonder what kind of training and support you’ll receive to build your business and maintain it going forward.
- Uncertainty associated with starting a business
Every business is subject to unexpected shifts in the world around them, from changes in the industry to dips in the economy overall. How can you be sure your franchise will weather these shifts?
All of these concerns are valid. However, many of them can be alleviated by creating a financial plan and thoroughly researching potential franchises.
Ultimately, you’re looking for a franchisor with a proven history of profitable franchise locations. You also want to choose a franchise that offers long-term support for its franchisees. You should also select an industry that is more likely to withstand economic upheaval.
How do you go about finding the right franchise? First, you can seek out information from franchisors themselves regarding the cost of opening one of their locations, the support they provide, how they determine locations and territories, and other practices.
Another vital resource is other franchise owners themselves. Ask to be put in contact with other franchise owners to gain insight into the daily reality of managing a franchise and working with your prospective franchisor.
Finally, you can consult third parties, like the Franchise Bureau Review, which evaluate and rank franchises for prospective buyers.
What Visiting Angels Can Offer as a Franchise
If you’re new to franchise ownership, you may not know what to expect. Starting your own business always requires a leap of faith, no matter how confident you are in your idea or abilities.
At Visiting Angels®, we’ve been listed as one of the best franchises to buy from the Franchise Bureau Review. We are proud to be a nationally recognized brand within the growing home care industry. Our team is committed to providing the ongoing support and stability required to grow your business from day one.
As well as providing training and support via our Operations Directors and conferences, we encourage our franchise owners to share their experiences and ideas with other Visiting Angels location owners. After all, your success is our success!
To learn what makes Visiting Angels the best franchise to buy, call us today at 800-365-4189 or request details online.