Most people start thinking about becoming the owner of a franchise because circumstances force them to.https://www.thefranchiseking.com/interesting-franchise-opportunities-business-opportunities 80% of the people I work with are unemployed. Sometimes it makes sense to pursue franchise opportunities instead of a new job…but not always.
Most people don’t know if they are even suited for a franchise business. As a matter of fact…
Most people actually aren’t a match for franchise ownership. Unfortunately, some of them find that out after they’ve written a ginormous check to a franchisor.
Most people expect franchise ownership to be a lower-risk proposition when compared to starting a business from scratch. That’s a false assumption.
Most of today’s franchise buyers do so because they’ve been seduced into thinking that they’re buying a “Turnkey” business or a “Business in a Box.” The marketing geniuses who came up with those words deserve kudos for their amazing copywriting skills. Unfortunately, none of them have ever owned a franchise business.
Most people start their search for franchise opportunities on Google or Bing. That’s the wrong way to do it, as you’ll see in this blog post.
Most people who look at franchise opportunities think that they should focus on ones that are closely related to their interests and hobbies. I disagree. When hobbies become work, they aren’t hobbies anymore.
Most people listen to their friends and colleagues way too much when they’re investigating franchise opportunities. I’ve found that 10 times out of 10, these “advisers” have never actually owned a franchise.
Most people don’t spend time studying franchise trends. If they did, they’d have a better chance of spotting opportunities before they become “hot.”
Most people confuse franchise ownership with entrepreneurship. While it’s true that there are some activities that franchisees do that is entrepreneurial in nature, the real entrepreneur is the person that created the franchise concept. Not everyone agrees as you’ll see in this article on American Express Open Forum.
Most people don’t understand why franchise brokers/consultants offer “Free franchise consultations and advice.” I’m thinking that it may have to do with the fact that their average commission (from the franchisors that they’re contracted with and that they’ll be encouraging you to get contacted by) is around $20,000.
Most people think that it’s a lot easier to get a small business loan for a franchise than it is for an independent start-up business. Years ago that was true, but it’s not anymore. But, there are ways to increase your chances of getting a loan approved.
Most people think that franchise agreements (contracts) are not negotiable, so they don’t consult with a franchise attorney. Today’s franchise attorneys can sometimes convince franchisors to change an item or two for their clients. It makes good business sense to invest some money with an attorney who’s well-versed in franchise law. You’ll sleep better at night if you do.
Most people will invest $200,000 or more in a franchise that they feel it would be almost impossible to fail in, but won’t invest a few hundred dollars to talk to a franchise industry insider to make sure that they haven’t missed anything in their research.
Most people believe that a low-cost home-based business is low-risk. Wrong. There’s risk.
