One key to running a profitable franchise business is knowing the upsides and challenges you will inevitably face. We contend that owning a franchise business is a significant net positive for many budding entrepreneurs, but it’s not for everybody. Check out these pros and cons of franchise, which should help you decide whether you’re ready for this outstanding business challenge.
Pros of Franchising
These are the best reasons to consider franchising.
When we mention “training” opportunities, we’re not talking about the shallow corporate training that large companies force onto employees to avoid lawsuits or lower insurance premiums. Franchisors offer real training for franchisees because they have a vested interest in the success of their franchise units. Therefore, they’ll do more than show you the ropes. Franchise training, especially at Island Fin Poke, is extensive, purposeful, and doesn’t cease the moment you launch your franchise.
Instant Brand Recognition
We encounter so many ambitious and driven entrepreneurs who’ve wanted to start a business for years. One thing that holds people back is the thought of creating everything from scratch, including the entire brand. If you’d like to take advantage of a fully operational business model, like ours, then consider franchising.
Reliable Assistance with Marketing & Advertising
The work that goes into effective marketing is long, arduous, and full of trial and error. Fortunately, others have already figured out what works and doesn’t. Wouldn’t it be nice to skip the mistakes and partner with a franchisor that knows the proven advertising methods for their brand?
Cons of Franchising
Then there are a couple of minor cons to franchising that you should understand before beginning.
Significant Investment Costs
It’s not cheap to enter a franchise agreement. Some restaurant businesses cost around $1 million in startup fees. It is, however, less difficult to start a franchise with Island Fin Poke, for less than $400,000. Although the expenses are high, it’s an investment that has a much better chance of success contrasted with conventional sole proprietor businesses.
Not a Business Plan for Total Independence
There are a few folks who do not thrive unless they have total say-so on how their business operates. While there’s nothing wrong with that, per se, the independent mindset isn’t congruent with franchising. It depends on cooperation and abiding with the franchisor’s rules and expectations. The good news is that Island Fin Poke is not the kind of franchisor that wants to micromanage every business matter. Once you learn our system, the day-to-day operations are more or less up to you.
That’s a quick primer on the pros and cons of franchising. There are many more details to it, so we encourage you to spend additional time researching this topic if you hear the call to become a franchise owner.
Island Fin Poke works with franchisees in dozens of location across America. We have several new stores opening in places like Texas, Arizona, and New York. If you’d like to learn more about franchise ownership or Hawaiian Poke, then contact us