{"id":19733,"date":"2017-06-15T14:31:04","date_gmt":"2017-06-15T14:31:04","guid":{"rendered":"https:\/\/smallbiztrends.com\/?p=449892"},"modified":"2017-06-15T14:31:04","modified_gmt":"2017-06-15T14:31:04","slug":"10-challenges-facing-franchise-owners-infographic","status":"publish","type":"post","link":"https:\/\/businessnewsbox.com\/?p=19733","title":{"rendered":"10 Challenges Facing Franchise Owners (INFOGRAPHIC)"},"content":{"rendered":"

\"10<\/p>\n

What challenges are you likely to experience as a franchise owner on the road to entrepreneurial success<\/a>? Here are some thoughts from the experts.<\/p>\n

10 Challenges Franchisees Face<\/h2>\n

To understand the\u00a0exact challenges franchisees face, Arizona-based facilities services company OpenWorks spoke to some franchise industry experts. It then compiled a list<\/a> of 10 specific challenges that franchise owners may face.<\/p>\n

Let\u2019s take a look at what the experts have to say.<\/p>\n

Investing in a Business (Franchise or Non-Franchise) is Risky<\/h3>\n

Unlike a startup business that can take off on a shoestring budget, a franchise requires you to put your money on the table.<\/p>\n

You Have to Stick to Certain Rules<\/h3>\n

When you own a franchise, you must be prepared to play by certain rules. You cannot add your personal touches with the objective of improving the brand.<\/p>\n

Most Franchises Have a Minimum Net Worth Requirement<\/h3>\n

Your chances of owning a franchise depends largely on your financial strength.<\/p>\n

Owning a Franchise is a Big-Time Commitment<\/h3>\n

You can\u2019t be a part-time franchise owner. You have to make a serious commitment to run the establishment.<\/p>\n

Consider Your Community \u2013 Will This Franchise Succeed There?<\/h3>\n

A smart franchise owner does his research before diving into the business. A comprehensive research helps franchise owners assess their local marketplace.<\/p>\n

Rick Grossmann from Franchise Hub says the \u201cevaluation should include the suitability of the business model for the region, competitors and overall available customer base for the products and\/or services.\u201d<\/p>\n

Expect High Start-up Costs<\/h3>\n

Expect start-up costs to go high when you enter this business.<\/p>\n

Be Prepared for a Complicated Exit Strategy<\/h3>\n

Different franchise systems have different exit strategies<\/a>. In many cases, there are multiple steps involved in disposing off your franchise.<\/p>\n

Make Sure You Have Adequate Support<\/h3>\n

To succeed, you need a franchisor who can provide comprehensive support along the way.<\/p>\n

Be Prepared for a Long and Tough Approval Process<\/h3>\n

It\u2019s therefore best to consult other franchisees to have a clear understanding of the approval process.<\/p>\n

Find That Work\/Life Balance<\/h3>\n

Owning a franchise<\/a> can be taxing and it might cut into your family time.<\/p>\n

To know more about the challenges franchises face, take a look at the infographic below:<\/p>\n

\"10<\/p>\n

BK<\/a> Photo via Shutterstock<\/em><\/small><\/p>\n

This article, “10 Challenges Facing Franchise Owners (INFOGRAPHIC)<\/a>” was first published on Small Business Trends<\/a><\/p>\n

\n<\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a>\n<\/div>\n

\"\"\/<\/p>\n","protected":false},"excerpt":{"rendered":"

Think running a franchise business is like running a money-making machine? Hardly. Here’s a list of the unique challenges franchisees face.<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63],"tags":[],"class_list":["post-19733","post","type-post","status-publish","format-standard","hentry","category-franchise"],"_links":{"self":[{"href":"https:\/\/businessnewsbox.com\/index.php?rest_route=\/wp\/v2\/posts\/19733","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businessnewsbox.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businessnewsbox.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businessnewsbox.com\/index.php?rest_route=\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/businessnewsbox.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19733"}],"version-history":[{"count":0,"href":"https:\/\/businessnewsbox.com\/index.php?rest_route=\/wp\/v2\/posts\/19733\/revisions"}],"wp:attachment":[{"href":"https:\/\/businessnewsbox.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businessnewsbox.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businessnewsbox.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}