Over the last six months I have been writing about my franchising journey. The ups and downs of what it has taken to get my primary tutoring centre and turn it into lots of tutoring centres replicated across the country. I have been in business for seven years and we sold our first franchise in August last year. We now have three franchises up and running. From talking to lots of people about franchising, the most common misconception is how much it actually costs to franchise your business properly.
As with most things in life, the trickiest part is the money. For anyone thinking of starting a franchise, be warned – it is expensive. I have always run my businesses with organic growth. I figured early on that if I didn’t borrow money then I could never go backwards. The upside of that is that I don’t have debt hanging over my head. The downside is that I know that if I had a lot of capital I could ramp things up very quickly. The point of my article is to let you know that if you want to expand your business, it can’t be done on the cheap so save enough before you take the jump.
From observing what makes people successful, I have seen that there is a lot of sacrifice and hard work involved. People that reach the pinnacle of business are those that get to the points where others give up and push on. For me personally, to grow my business to a franchise and design all of the programs, legalities and structure involved it has meant that I have lived a simple life for the last couple of years while the profits are ploughed back in to grow the business.
Push past the tipping point where you think that all you do is put money into the business and never take any out, and around the corner may just be what you’ve been planning for. Now that everything is set up and I can see my first franchisees get off to a great start and building fantastic businesses, it’s a great feeling and I know that all of the hard work has been worth it.
Tina Tower is the Director of Begin Bright Learning Programs. Tina started her first business at the age of 20 and began developing the Begin Bright program. To fit around having a family, Tina began licensing the Begin Bright program in 2009 and has now entered the franchise industry.
Tina's mission in life is to run a fantastic company that makes children happy and confident, keep a happy husband, be a wonderful mother to two gorgeous boys and travel the world and experience the best life possible.