What to Consider Before Buying A Franchise
Icode is one of the biggest franchises in the world for coding. Franchising offers aspiring entrepreneurs an opportunity to start a business with the help of proven systems and a built-in support network. However, you need to consider a lot of factors before buying a franchise. When you franchise, you get the benefits of being an independent business owner without having to start from scratch. It’s your business, and you’re in charge of its success. With the right franchisor behind you, you’ll be equipped with the tools you need to grow.
As you begin the exciting journey to franchise ownership, we encourage you to consider a few important questions to narrow down your search for the right business and get franchise sales.
Ask yourself the following questions…
What are my goals?
First things first. Assess your primary goals for franchise ownership and arrange them in order of importance. This will help you find a franchise that checks off each item on your list (or at least the ones you care about most).
While independence and financial gain usually make it to the top of everyone’s lists, we implore you to think granularly about what you’re hoping to accomplish with a franchise.
For example, if your goal is to own a business that benefits your community, then you’d probably stay away from franchises that sell fast-food or frivolous services. Instead, you might explore a children’s franchise, like iCode, that teaches kids how to code and instills fundamental skills for educational success. Who doesn’t want to own the biggest franchise in the world?
What are my strengths?
Everyone has things they excel at and others they try their best to avoid. Take inventory of some of your greatest professional strengths. Are you an experienced marketer with the know-how to kick start your business? Do you love to network and have robust connections within your community? Don’t be modest!
It may be helpful to connect with others who know you well to identify your strengths. You may miss something that a friend or former boss has noticed. These strengths will help guide your search for a franchise that best matches your experience.
What is my budget?
Every franchise requires a financial investment—some big and some much smaller. Assess your finances, credit and other factors that may impact your ability to invest in a franchise. Once you’ve compiled this information, you can narrow down your search by price as well.
Tips for Researching Before Buying a Franchise
While starting any kind of business is a financial risk, franchising gives you the added benefit of support from the franchisor. For example, when you franchise with iCode, we work with you regularly to ensure your business is on the right track. With bi-weekly check-ins, marketing support and much more, we help ensure you’re meeting the benchmarks you need to thrive.
Choosing to start a franchise is a big commitment, and we want to make sure you’re prepared for business ownership. Here are a few tips to keep in mind as you hunt for the perfect franchise.
- Be open to industries you may not have worked in before. Many iCode franchise owners don’t have a background in education or coding, but instead have a knack for business and a drive to succeed.
- Use franchise portals to explore opportunities, but don’t forget to check out each brand’s website as well. There’s likely a lot more information covered on the website.
- Talk with your loved ones about your goals. Having support from your spouse, family members or inner circle will help make the franchise ownership process that much better.
- Beware of franchises that seem to be hiding anything. Franchisors should be transparent with you at all times and open to answering your questions. Trust your gut.
- It’s likely you won’t have a heap of cash to invest in your franchise… that’s okay! Most franchisees need to finance their new business. Many franchisors can connect you with financing options.
Why Choose an iCode Franchise?
iCode has developed a sophisticated franchise system that enables both experienced and first-time franchisees to build a rewarding business that serves children in their communities. To learn more about what makes the iCode franchise model a savvy business investment, check out this blog.
Have questions about the iCode children’s education franchise? Reach out to our team to learn more.