Investing in a franchise is an amazing way to become the business owner you’d always dreamed you’d be, without having to start from scratch. It’s a great way to enter the world of entrepreneurship after college, after your military service has ended, or even late in life. The financial prospects alone are enticing.
But the best news is that you don’t have to figure it all out yourself. One of the perks of owning a franchise is having an established brand behind you – hopefully one with a track record of success and systems in place to help you get your own business up and running quickly.
Although franchising might seem fairly straightforward, here are a few things you should know prior to signing on the dotted line.
EVERY FRANCHISE IS DIFFERENT.
The first thing you should know when you’re new to franchising is that not all franchises are created equal. Just like any other type of business, each one is unique – not only in terms of their pay structure but also in terms of the support they offer, their size, and their leadership to name just a few variables. For example:
- Some franchises have a long, arduous training process and the time-to-start-up is substantial. At AEON, however, you could be signing your first customer and collecting your first check within just two weeks.
- While some franchises have a long list of overhead costs, others do not. AEON offers a home-based franchise opportunity for motivated self-starters who want the flexibility and cost-savings that come with working from home.
- With some franchises you’ll need to pay ongoing royalty fees. As an AEON franchisee, there are no royalties. Instead, you will earn a percentage of each sale and the possibility of residual income in perpetuity.
Before you make the decision about which franchise is right for you, it’s important that you spend some time doing research. You should make sure that your goals and expectations align with the company you’re interested in franchising with. Talk to someone from the corporate team or connect with current and past franchisees if possible. Choosing a franchise to invest in is an important decision so go with your gut.
YOU SHOULD UNDERSTAND WHAT KIND OF INVESTMENT YOU’LL BE MAKING.
Any potential franchisor should disclose their investment requirements upfront. In fact, this information must be provided to you by law in a Franchise Disclosure Document (FDD). Every FDD is structured the same way, providing itemized costs and performance information to help you make a more educated investment decision.
AEON requires what is considered a low cost franchise investment. Our franchisees will need at least $65,900 in investment capital to get started and we break that number down in detail on our website. There are many funding options available to help small business owners, and most franchises including AEON can help refer you to potential lenders.
YOU WILL RECEIVE TRAINING AND SUPPORT.
Just about every franchisor will offer some kind of training and support to their franchisees. After all, that’s one huge advantage to investing in a franchise versus starting your own business from the ground up. However, the amount of training and support you can expect varies depending on the industry, company size, and the internal culture in the franchise.
If you are new to the business world, you might feel better knowing that your franchisor offers a robust and comprehensive training program along with ongoing support. Seasoned investor ready to start earning profits as soon as possible? You’ll have a very different set of training and support requirements.
Although there are many considerations you’ll want to keep in mind before signing your final business agreement, franchising is an incredible way to increase your income and achieve career independence.
Looking for a telecommunications business for sale? Contact us today to find out why AEON is the perfect choice for your foray into the franchising.