Is Buying a Franchise Right for You?

Being a business owner has its perks — you can be your own (and others’) boss, make important decisions and reap the financial rewards of entrepreneurship. But starting a business also comes with its own set of challenges and risks. For many entrepreneurs, purchasing a franchise is a way to help mitigate some of that risk.

"The nice part about a franchise is that you already have a business model that’s proven. Operating systems are in place that you can plug and play into,” says Joey Toth, owner and Arizona area developer for The New Well, a chain of weight loss and wellness centers headquartered in Oregon. “You don’t have to reinvent the wheel.”

He explains that getting a loan to start the business can be easier with an established franchise behind you, and franchises typically offer ongoing support.

“You are in business for yourself, but you’re not by yourself,” Toth says. “You have a support structure that’s built to help you be successful.”

This support can include help negotiating lease terms, pre-approved marketing plans and help with operational or personnel issues.

But franchise ownership isn’t for everyone.

“You have to be passionate about the business,” Toth says. “Ask yourself, ‘Is this a business I believe in?’” Then, accept both the victories and challenges of business ownership and persevere through the challenges.

It’s also important for a franchisee to be able to both lead and follow.

“You have to be willing to follow processes,” he explains. “The reason this business is a franchise is because there’s a process that’s proven.”

And make sure you’re committed — because owning any business is a hill to climb.

“But,” Toth says, “it can be an extremely rewarding hill to climb.”

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the new well
www.thenewwell.com

This story, written by Stephanie Conner, is part of the Chamber's monthly Business Driver email newsletter. To sign up for any or all of the Chamber's newsletters, click here.