Should I Buy a Franchise? 6 Questions to Ask Yourself
Are you wondering, “Should I buy a franchise?” Starting a business is a life-changing decision that comes with risks and rewards. Before you jump into franchising, make sure it matches your blueprint for success. Learn what questions to ask yourself to decide if franchise ownership will put you on a path to achieving your financial goals.
1. Do I Want to Be an Entrepreneur?
Owning a business enables you to be your own boss, pursue your passions, and potentially reap high rewards. Approximately 4.7 million businesses open each year, but only 70% are still up and running after two years, according to the Commerce Institute. Take time to reflect on your vision and goals to determine if you’re up to the challenge.
2. Should I Invest in a Franchise?
As part of the franchise business model, a turnkey business combined with training and ongoing guidance. Typically, there’s an upfront franchise fee, ongoing royalties, and other possible fees that contribute to marketing and administrative support. Owning a franchise enables you to own a business with a network of support and tools to be successful. Guidant Financial reports that 70% of franchisees are happy with their decision to join a franchise.
3. How Much Money Do I Want to Invest?
Understanding your financial commitment involves more than just looking at the initial investment. You’ll want to understand the amount of upfront capital required and ongoing costs. It’s also important to have a financial cushion to support your business as it gets up and running. Creating a detailed business plan can give you a clearer picture of the financial viability of a venture.
4. Can I Make Money as a Franchisee?
Owning a franchise has the potential to be lucrative, especially if you pick a brand in a high-demand industry. The average annual income of a franchisee whose business has been open for at least two years is $130,000, according to a recent survey conducted by Franchise Business Review.
5. What Type of Business Do I Want to Pursue?
It’s important to understand the type of business that suits your work-life goals and financial investment. Do you want a retail storefront or a mobile business? Would you prefer to be an owner-operator or have a team of employees? Knowing the answers to these questions will help narrow down your search.
6. Do I Need Business Training?
If you are a seasoned entrepreneur, starting a business from scratch is attainable. But if you are a first-time business owner, a franchise offers training and guidance to equip you with the skills you need to be successful.
Join a Winning Franchise Team
After pondering, “Should I buy a franchise?” Let’s consider why Kitchen Tune-Up is a winning option for potential franchisees.
Kitchen Tune-Up, a kitchen remodeling franchise, focuses on upgrading kitchens quickly and affordably. Customers can bring their dream kitchen to life by giving their cabinets a facelift or undergoing a full-scale renovation.
As the number of millennials buying homes continues to rise, demand for home remodeling services is growing. The U.S. residential remodeling market earned $517.61 million in 2023 and is expected to reach $745.75 million over the next nine years. A niche home remodeling business, like Kitchen Tune-Up, allows for specialized expertise and services that can better meet specific customer needs and stand out in a crowded market.
As a franchisee of Kitchen Tune-Up, you’ll get:
- A protected territory starting at 41,000 households
- National and local marketing strategy to drive leads
- Group buying power
- A comprehensive training program, including a personalized Launch Coach
- Ongoing training with weekly coaching calls and other resources
Kitchen Tune-Up is part of the Home Franchise Concepts family of brands, a leader in the home services industry. To learn more about Kitchen Tune-Up and learn more about franchising, inquire now!