If you’re considering starting or purchasing an Idaho franchise business do a generous amount of research on your own before contacting the few that you like.
A franchise’s goal is to sell you their brand and business model, so that you make sales, and they take a cut (royalties). In addition, you may also have to exclusively purchase all supplies from them regardless of their prices.
A franchise can be a great business if there is enough name recognition, national or local branding, along with a solid and proven business model. Idaho businesses commonly struggle with marketing, so this will give you a leg up in your new business.
Do run out of money
Running a new business is challenging and not always immediately profitable. You should have enough capital to operate a few years at a loss or very small profits.
Buy a franchise because it fits your needs and personality
The most common mistake is purchasing a franchise because its trendy, rather than one that will best match your interests, skills, and budget.
One person cannot do it all
It’s important to evaluate which parts of the business you will handle, and which areas you will need to hire. You will need this information to understand the startup expenses required to get your new business of the ground and running.
Your marketing efforts must be ongoing
Even though you have a strong brand behind you, there is still need for ongoing local marketing. It is important to take 15-30 minutes per day dedicated to writing short blogs, announcements, or demos.
A franchise is not a business in a box
A franchise does have the branding, premium locations, general business systems and more, but it is just an Idea until someone puts it into action. Do not expect the franchise to hold your hand through every decision that you must make.