- YOU NEED AN IMMEDIATE PAYCHECK
Rarely does a new business start cash flowing on Day One. You need to be realistic in terms of projecting when you’ll be able to draw a paycheck, and make sure you have adequate reserves, or another source of household income to sustain you and your family for at least 6-12 months.
- YOU’LL BE RISKING EVERY PENNY YOU HAVE TO LAUNCH THE BUSINESS
The pressure and sleepless nights will not only be detrimental to your health, but can also lead to poor judgement and decision-making which will detract from your likelihood of being successful.
- YOU THRIVE ON 100% CONTROL
The key to success in franchising is consistency and adherence to a proven system. Your customers know what they are getting before they walk into the door, whether it’s a product or service. It doesn’t matter who owns the McDonald’s, you know what the Big Mac tastes looks and tastes like. You are buying a name brand and an operating model. You cannot change that brand. “Oh, the Big Mac isn’t selling well, but let me call it the Mega Mac – that will change things!” There may be certain vendors, supplies and programs that you have to stick with as part of the franchising agreement. If you think you have invented a superior product and/or business system, then perhaps you should consider starting a business from scratch, as opposed to joining a franchise system.
- YOU ARE LOOKING FOR A LIQUID INVESTMENT
You are making a commitment and a significant investment when buying into a franchised business concept. This cannot be liquidated on the spot, should the need arise. Remember, just like most businesses, it may take you time to make back your initial investment or cash out if you decide to sell.
- YOU DON’T HAVE A COMPELLING REASON FOR BEING IN BUSINESS FOR YOURSELF
It’s not enough that you’d think it’d be fun to “Be the Boss” or you have a passion for a particular product or service. Business ownership is a huge commitment, and should only by attempted by those that have the transferable skills necessary to be successful, and have sound reasoning for taking the risk, such as a resolve to never working for someone else again, or not wanting to have your money subject to the roller coaster stock market.
If you’re wondering if you could be one of the “select few”, take a look at our upcoming FREE events and webinars listed on the right. You can also contact me at 616-891-1374 or firstname.lastname@example.org to discuss your unique situation. We’re here to help you decide whether franchising and/or business ownership might be for you, and if so, how to go about finding the RIGHT fit. Don’t forget to also visit frannet.com/bbetser.