REASONS WHY A PERSON REFUSE ON STARTING FRANCHISE BUSINESS
Yes, starting a franchise is a great and easy way to start a business. However, it’s a big decision that you have to make that can have a huge impact on your life. Most business coaches are likely to advise you to enter the franchise while you were young. But some people came up with excuses for taking the franchise way since they are not familiar with its system.
Even though franchising has a higher percentage of a success rate than the independent businesses, many people are still declining the offers to be a franchisee. Here are common reasons why a person refuses on starting a franchise business.
- Can’t afford the franchise package and fees.
Investing in a large franchise brand is indeed too costly and expensive, especially if you’re a new entrepreneur. However, there are a lot of cheap and affordable franchise opportunities in our country. It doesn’t matter how big or small you start, the important thing is you decided to change your career and path into a great journey.
There are also ways to fulfill the money or capital you needed in starting your franchise business. One example is, looking for a bank or institution that can lend you enough money with a minimal interest rate. Or offer a business partner in a friend or family relative that will help you finance your fees and expenses.
- No idea of where to start.
Of course, starting any type of business from zero knowledge can be tough at first. When you are new in the business industry, running a business is a not-so-easy task. But entering a franchise has a lot of advantages and benefits for you.
The good thing about franchising is the business system, planning, and guidelines are already being done and tested. It’s because franchisors used all their time in improving those things for the future franchise like you.
A franchise can give you a hassle-free and relaxed business rather than independent ones. If you don’t know where to start, you may inquire in a franchisor for more information about the franchise business.
- Don’t have the skills and talent in the business.
Before becoming an official franchisee, there are seminars and training that you must attend. So it’s not necessarily needed to have the skills and talent in the franchise industry. It is fine if you are not well-experienced and doesn’t have a background in running a business.
The success of your franchise business is also a success on your franchisor’s side. That’s why they give you all the knowledge and techniques to reach success and profitability.
Even though you already completed all the seminars and training as a franchise, the support of your franchisor will have no end. You will continue receiving help and aid to ensure that you are on the right path.
- Not the right time.
Do you believe in the right time to start a business? Well, the right time doesn’t exist. It always depends on your decision.
If you are scared and frightened to start, maybe the right timing will never come for you. Once you have enough capital for a franchise and extra money for other expenses, then there is nothing you have to fear.
However, make sure to do a business plan and feasibility study before entering a franchise business. It will give you confidence and assurance for yourself and on your chosen business. -www.fabcaffe.com.ph