There are many factors to consider when you’re thinking about getting into franchise ownership. Most business owners naturally consider location, popularity, and brand recognition, but there’s another factor that may be the biggest reason for your success or failure.
That factor is the cost of ownership. Many franchisees, blinded by the potential profits they see in their future, fail to consider the costs they’ll incur along the way. As a result, they find themselves in a hole they can’t dig themselves out of, and the end result is a closed store (or worse, a successful store with the dreaded “Under New Management” sign out front).
The first thing you need to consider is the startup costs involved. This is money that will be coming out of your pocket long before you ever see a dime coming back in. For many fast food franchises, these costs can be extremely high – over a million dollars in some cases.
When you’re paying that much out of the gate, your margin for error becomes dangerously thin. Make even the smallest mistake – pick the wrong location, choose the wrong advertising, hire the wrong manager – and you could soon find yourself trapped under a mountain of debt.
The next thing you need to consider is what exactly you’re getting for your money. If all you get for your hundreds of thousands of dollars is a sign and boxes of inventory, you’ll be hard-pressed to make it work. Sadly, this is exactly the experience many franchisees have.
With Cold Stone, you’re paying for more than the name. You’re also getting world-class support and training from the corporate office, so that you’re set up to succeed from Day One. This means you get to have an experienced franchise support team explain to you what to expect.
This support is worth a fortune in and of itself. It’s one thing to be handed the keys to a successful brand like Cold Stone. It’s quite another to be shown how to succeed. This training makes the Cold Stone Creamery franchise cost look like a bargain compared to what you get from other chains.
If you’re thinking about opening your own franchise, it’s essential that you do your homework and find one that will work with you to maximize your chances of success. A little extra homework in the beginning could make all the difference between being a successful business owner or being mired in debt.
Chances are, your research will lead you to consider franchises like Cold Stone. The low Cold Stone Creamery franchise cost – and the incredible value you’ll get in return – make this a popular choice for both experienced and novice franchisees alike.