4 Things You May Not Know About Starting a Franchise | Evergreen Franchise Advisors
For most people, when it comes to being part of a franchise business, there may well be more things they don’t know than they do. Even those who have been franchisees for years regularly learn something new.
Fortunately, those who work with Evergreen Franchise Advisors get a knowledgeable partner who can give them a leg up on others as they take steps into these exciting business opportunities.
As part of that, we’re sharing four things you may not know about owning a franchise to give you a head start on learning these lessons.
Experience Isn’t Required
This one highlights one of the many advantages of being part of a franchise over going it alone. If you start your own business, it’s usually a good idea to have some experience or training in the field—and it doesn’t hurt to have time as a people leader under your belt.
Franchisors provide proven business models that can make it easier for franchisees to jump right into the business, no matter their level of experience in the field. Additionally, many provide training that can help make the transition easier.
You Will Probably Need to Incorporate
Even when you’re part of a larger franchise, you carry liability for your business, which can cause problems if things don’t go as you hope they will. Incorporating can protect you from bearing the brunt of negative outcomes.
Many franchisors require local operators incorporate to provide protection for those partners and for their own interests.
You’ll need to get guidance from one or more experts to get through this step, likely including help from an attorney who specializes in business law. The U.S. Small Business Administration has great information on incorporating a business that can help.
You May Not Need a Building
A growing number of franchise opportunities require no physical location because either they can be operated in your home, out of your vehicle or at the sites where you perform the services. From landscaping businesses to technology services, there is a wide variety of opportunities that offer this flexibility.
If you are specifically looking for a franchise that does, an Evergreen Franchise Advisors consultant can guide you to the right one.
You Should Get to Know Yourself First
Understanding your personality, strengths, weaknesses and abilities can help you find the right opportunity and let you know what areas you may need support in as you move into being your own boss. Whether you need to bring on someone to keep the books or you have to remind yourself to focus on the details because you’re more of a big-picture person, knowing yourself can help.
Our free RISE assessment can give you a lot of insight about yourself and also give us a head start in helping you launch your franchising journey. We’ll go over the results with you and talk about what they show about you.
When you’re ready to start learning lessons like these from hands-on experience, Evergreen Franchise Advisors can help you get on the road to owning a franchise. Schedule your free consultation today!