I
really have sincere admiration and deep respect for
folks that take the route to business ownership through
franchising. Franchising works. The plain and simple
truth is that the odds are favorable from the get
go. Franchise owners stay in business with over 85%
remaining viable once opened. This statistic beats
the old rule, hands downs, that three out of five
business startups fail.
Franchising
is full of positives: training, business plans, marketing
strategies, ongoing support, and brand affiliation.
With all the favorable press why don’t more
people get involved?
Well,
be prepared for the wake up call. You will have no
free time or personal freedom for three to five years.
Your family and friends must buy in to this idea and
be totally supportive, or you may find yourself spouseless,
childless, and friendless. That isn’t much of
a lifestyle. It is, however, just the territory that
comes with franchising. Yes, there is light at the
end of the tunnel, but there is no instant gratification
in this tunnel. So, you must involve yourself with
a franchise opportunity that you can be passionate
about forever.
Also,
no small change is involved in getting started. If
you have a poor credit history and the banks frown
upon you and/or you have unfavorable relations with
wealthy family members, be prepared to cough up $50,000
to $100,000 for a recognized and reputable franchise.
No, you can’t buy less, because you will get
less in most cases, and then you’ll blame me
for your disappointment.
While
I’d say go for it, weigh the whole idea heavily
before you do. If essentially you are more dedicated
to the dream of a real lifestyle, consider below what
worked for me.
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