franchising

Thinking about buying a franchise? Then you’re probably facing a lot of questions. When is the right timing? Is it the best path? You want to diversify and grow your business, but is this the best way to do it? Though there’s no question franchising can be a successful way to expand, it’s not right for everyone. Here’s some advice, as well as pros and cons. Timing Is Everything Eric Martin, vice president of franchise development for Lawn Doctor, says that before buying a franchise, you have to consider where you are in life, including where you stand financially. “In order to be successful, you want to make sure that this is the right time for you to make this decision. What are your income goals, and what savings do you have? It takes some time to become profitable and build revenue,” says Martin. Though he adds, “…But it happens a lot faster when you’re not doing it all on your own—when you have the support of a system behind you.”   “If you’re looking for ways to add more cash flow, then it’s a good time to explore your options,” says Jennifer Lemcke, chief operating officer of Weed Man Lawn Care. “You might be thinking about adding a new division and weighing what you gain by joining a franchise system rather than expanding on your own.” Lemcke says many business owners contemplate diversification to compete with competition, meet more customers’ needs, and encourage both employee and client retention. More ...