Ready to become a franchise owner? Once you’ve learned the benefits and advantages of being a franchise owner, it’s hard not to be excited about the possibilities. To make the most of your franchise opportunity, you’ll want to be sure you’re moving forward at the right time.

Here’s what you should know about finding the best time to become a franchise owner, as well as how to expand your business once it’s up and running.

Factors to Consider When Starting a Franchise

There’s no perfect time to start a business, but there is a wrong time. Before you become a franchise owner, you should take stock of the following:

 1. Are you providing a service the community needs?

You need to be sure there’s a demand for the services you’d like to provide. If the community can’t or won’t support your business, it will not succeed. Perform thorough market research to determine whether it’s the right time to open the franchise you have in mind. Be open to another brand if the research shows it’s a better fit.

2. How will you set yourself apart?

It’s likely that your franchise will have a few competitors. What steps can you take to differentiate yourself from them? This is one place where franchising can come in handy. As a franchise owner, you’ll benefit from brand loyalty and recognition that make it easier to grow a customer base.

3. Can you afford to start a business?

Starting a business costs a lot of money. Be honest with yourself about what you can afford. Franchisors set minimum net worth and liquidity requirements for potential franchisees in part to ensure you have what you need to get through your first years in business.

As part of their franchise disclosure document (FDD), your franchisor will share initial investment and startup costs. You may need a loan to move forward. Some franchisees offer in-house financing, while others will connect you with trusted third-party lenders.

4. Do you have the right support?

This is where franchising is particularly helpful. When you become a franchise owner, you’ll have access to support systems, tools, and resources that help you through the challenges of business ownership. Most franchisors, including Home Franchise Concepts, connect you with other franchisees in their system. They’ve been in your shoes and are happy to share what they’ve learned.

5. Are you in the right place to make a change?

Starting a new franchise is a significant life change, and it’s important to be sure you can take that step. Do you have the time and energy to do this? Are your loved ones ready to go on this journey with you, sacrifices and all?

If your situation is stable and your loved ones are all in on your new venture, you can feel confident moving forward. On the other hand, if you’re already in the midst of a big or time-consuming life change, hit pause until your situation is more settled.

Expanding Your Franchise Business

Most franchisors offer the opportunity to open a single unit or multiple units. Home Franchise Concepts offers both options. Many of our franchise owners choose to start with a single unit, then open additional units over time.

Our franchise experts are happy to help you understand franchise economics and determine when to grow your business. As you grow, we’ll give you the resources and support you need to operate multiple units successfully.

Understanding Scalability

One of the most appealing reasons to invest in the home services industry is how easy it is to scale your business. In a nutshell, scalability is when a business can grow while profits outpace operating costs. Many sectors within the home services industry have low operating costs, making them simpler to scale. As an added benefit, franchise business models are developed with scalability in mind.

With Home Franchise Concepts, franchise owners get the best of all worlds. Most of our brands can be run from home, lowering startup and operating costs. Our proven business models enable you to seamlessly grow your business as opportunities present themselves. It’s no wonder why so many first-time entrepreneurs rely on us to make their dreams of business ownership a reality.

Become a Franchise Owner with Home Franchise Concepts

If you’ve decided it’s time to become a franchise owner, contact Home Franchise Concepts. Our team of dedicated franchise  advisors will provide you with all the information you need to decide whether franchising with one of our home service brands is a good fit for your skills and financial goals. Submit your franchise inquiry form to get started.