If you’re going to be the boss of a franchise, it’s important to get the facts before you dive into the job. Take a look below at just a few of the misconceptions people have when it comes to owning this type of business.
Your franchise has you covered for financial emergencies
Many franchises are successful, but the ones that aren’t often have captains at the helm that weren’t financially savvy. Every franchise is different, but you can’t expect yours to bail you out if you mess up. That’s why it’s prudent to ask for a bit more from loan officers or investors than you actually need. This way, you’ll have a cushion for unexpected costs.
You can start your franchise before you have the funding
Many people start a franchise on the cheap because they figure the money will come later. And it might – if you’re smart about it. But even before your franchise starts turning a profit, having SOME money set aside (see the “cushion” idea above) is not only practical, but makes you look more attractive to potential investors.
Don’t fall prey to the myths of being a franchise boss. You should talk to a franchisor today and learn the truth – and that’s a fact!