What No One Will Tell You About Buying a Franchise

(By Liam Hobbs, Franchisor, More Than Loft Ladders)

So, you’re thinking about taking the plunge into the world of franchising? Excellent! It can be a fantastic way to start your own business with the support of an established brand. But like any big decision, it’s important to go in with your eyes wide open.

Here are a few things no one wants to tell you about buying a franchise:

1. It’s NOT a guaranteed success. Yes, franchises come with a proven business model and support system. But that doesn’t mean you can just sit back and watch the money roll in. You’ll still need to work hard, be adaptable, and make smart decisions to thrive.

2. You’re NOT your own boss entirely. While you’ll have more independence than working for someone else, you’ll still need to operate within the franchisor’s guidelines. This can include everything from marketing materials to product offerings. If you crave complete autonomy, franchising might not be the right fit for you.

3. The initial investment is just the BEGINNING. The franchise fee is a big chunk of change, but it’s not the only cost you’ll face. Factor in ongoing royalties, marketing fees, equipment upgrades, and other expenses. Make sure you have a realistic understanding of the long-term financial commitment.

4. Finding the RIGHT franchise is crucial. Not all franchises are created equal. Do your research and find a brand that aligns with your values, skills, and lifestyle. Consider the industry, the franchisor’s reputation, and the level of support they provide.

5. You’ll need to be a PEOPLE person. Whether you’re dealing with customers, suppliers, or your franchisor, strong communication and interpersonal skills are essential. Building relationships is key to success in franchising.

6. It can be EMOTIONALLY challenging. Running a franchise can be a rollercoaster ride. You’ll experience highs and lows, successes and setbacks. Be prepared for long hours, stressful situations, and the need to wear many hats.

7. EXITING can be tricky. Before you even start, consider your exit strategy. How and when will you eventually leave the business? Understand the franchisor’s policies on resales, renewals, and terminations.

Don’t let these challenges discourage you! Franchising offers incredible opportunities for those with the right mindset and dedication. By understanding the realities upfront, you can make informed decisions and increase your chances of success.

At More Than Loft Ladders, we believe in transparency and honesty, we are after all the “franchise with a conscience”. We want our franchise partners to be fully prepared for the journey ahead. If you’re looking for a franchise with a strong brand, comprehensive support, and a realistic outlook, we’d love to hear from you.