When is a good time to buy a franchise?
If you’ve been thinking about buying into a top franchise opportunity, then you’ve likely been looking at many options. One question that we often hear is “when is the right time?”. It’s a valid question - when is the right time to buy a franchise? You might be thinking about things like time of year, personal capacity, industry trends and other factors that are specific to your life, but the ultimate answer is simply this - when you have the money.
The right franchise candidate. Once you’ve decided that you’ve saved enough or you are funded in some other way, you’ll need to consider a few other things.
Are you comfortable following a rigid business system?
Are you interested in using someone else’s creation to build a business?
If self-employment is your goal are you ok not being a full-fledged entrepreneur
Do you have experience in sales, operations or hiring/managing people?
Do you have enough net worth or capital to fund the business, advertise and experience a couple years of growth?
Timing has to be right
If you've been thinking about buying into a franchise system, and you can answer yes to the questions above, then you might be on the right track. Almost anyone can be a franchise owner if you have the determination and the willingness to learn and evolve. The system has been created for you, so following it is your biggest asset.
Now, as much as you’d like to quit your job so you can be in business for yourself, you might not be able to do that right now. It’s just reality. You may have other factors in your life that force you down one path or the other or delay objectives that are on your list. You might have young children and saving for their college education is your family’s priority right now. Maybe you had to leverage a loan or second mortgage for major home repairs. It’s possible a family member is ill and its not a good time to check out mentally and engage in new business ventures.
That said, the best time to buy a franchise is when you have the money, the desire, and the wherewithal to move forward. ~ The Franchise King®, Joel Libava
The type of franchise you own will depend heavily on your personality, interests, and your skill-sets. If you have interest in restaurant operations, then there are many restaurant franchise options for you. If you love clothing and fashion, then there are unique boutique franchises out there for you. If you want to operate a gym, guess what? There are so many options out there for you. If you are a hair stylist or makeup artist or have interest in the beauty industry, then there are franchise opportunities in the beauty industry.
If you want to help your clients save large amounts of money and be a go-to resource for color and material restoration in niched interests like automobiles, marine, aircraft, home furniture, commercial furniture and more - then Color Glo International is for you. You'll meet new people every day, you'll work on-site rather than in a box and you'll encounter unique jobs that challenge you daily.
Franchise ownership rewards?
There are many rewards to owning a franchise. One of the biggest is also your biggest challenge, which is being self-employed. This means you are your own boss which can be the life or death of your business. You'll need to be a self-starter, create routines and schedules, set your own meetings and efficiently and financially manage them. You get to know other small business owners in your community and you'll get to know all kinds of people that are looking for someone like you to help them with regular work. One is that Color Glo Franchise owners can benefit is in their relationships with RV Dealers.
Freedom is your biggest advantage. New work locations, new people, new challenges - every day. If you're willing to follow a proven model, the business can also be lucrative
Back to determining the best time
We've given you our advice based on our franchisees. But seasonal businesses and level of risk takers will have different opinions. Some industries will have busier times of year than others, and many will want to open right before a big season. However, your personality comes in to play; you may want time to work out the kinks.
To find which option is right for you, look at potential outcomes … and seasons that might bring in more dollars. Then evaluate how ready you are (or might be) by a certain date. This can create a realistic timeline, and reveal when will be your "best" time to open.
How about outside factors? Are there any competitors retiring or going out of business? Are there businesses in your similar field opening? These variables, and more, can help pin down a deadline. Also keep in mind that business is never cut and dry. Even with the tightest of plans, your deadline can get shoved back. Be sure to give plenty of advance … just in case.
Another thing to also consider are hard dates. Do you need real estate? When can you get into the building? Are there licenses, liens, loans, operational equipment etc that all have lead times? A firm plan is essential to launch.
Before hopping in with both feet, take some time to consider the competing franchise models in your selected interest. Stay open-minded and things can change rapidly. If you are working toward opening your franchise, there comes a point where it's simply time to open, no matter what the corresponding season might be. Be prepped to go at it full-force, then hone in on whatever your industry's craziest time of year.