“THIS franchise is no good, they are fraudsters, and they will take all your money and even try to take your underwear if they can. Management are idiots, come out with lousy ideas which don’t work and costs owners money, their business model sucks, they are brainwashed well, one day the prices for a sub go down they say customers want lower prices now the prices go up because for a premium product there are premium prices, when the prices were lower the product was still premium nothing change. I hope everyone one of these corporate thugs get colon cancer.”
That classy comment is located right underneath a post I wrote on Quiznos Subs, the embattled Denver, Colorado food franchisor. I’m going to take a shot here and assume that it was written by a rather angry ex-franchisee of Quiznos.
My guess is that if you weren’t too nervous about franchise ownership before, you may be now. But, franchise ownership really doesn’t have to be a risky endeavor.
Keep reading to find out how to lower your risk.
Franchise Ownership Risk Is Real
“Starting a business, whether you build it from the ground up, purchase an existing company, or buy a franchise, is a risky proposition. Run as fast as you can from anyone who tries to tell you differently. Buying a franchise does not eliminate the risk of startup. But if you approach franchising the right way—the smart way—by reading this book, doing your research, checking out the numerous opportunities out there, then the risk is somewhat mitigated.”
What Rieva wrote is super-important. Anyone that’s contemplating leaving the “security” of a cozy corporate job to start their own business needs to understand the risk factors involved in a new business venture.
Any new business venture, including franchise business ownership, is a risky endeavor, but it doesn’t have to be. Wait…let me rephrase that:
Franchise ownership is a risky endeavor, but if you stick with me, I’ll show you how to lower your risk.
So, if franchise ownership is something that you’re seriously considering, it’s important for you to see it for what it is: Franchise ownership is an investment of time and money that’s not guaranteed.
Kind of lick getting “Free government money for a business start-up“. It’s not guaranteed.
Important: Your success as the owner of a franchise business has more to do with you…and the choices you’ve made, than it does with the actual franchise business model.
What choices am I referring to? I’m glad you asked.
Franchise Ownership Doesn’t Have To Be A Risky Endeavor
The choices that you make-before you even go online to look for the franchise of your dreams, will greatly impact your chances of franchise ownership success. Owning a franchise doesn’t have to be risky. You just have to know how to do a lot of things right.
If you want to make franchise ownership less risky, there are certain things that you need to know. The more you know, the better off you’ll be. It’s your choice; you can take the time needed to learn about the things I’ve listed below, or you can just skim through them and do your own thing.
Here’s a list:
- You have to know if you’re even suitable for franchise ownership
- You have to know what your top transferable skills are
- You have to know when it’s time to start your search
- You have to know when it’s time to request information from franchisors
- You have to know how to get the facts from your franchise representative
- You have to know how to do great franchise research
- You have to know what questions to ask existing and former franchisees
- You Have to Locate at Least One Unhappy Franchisee
- You have to know when to attend one of these
- You have to know about franchise financing
- You have to know how to create one of these
- You have to know when it’s time to hire a franchise attorney
- You have to know when it’s time to make a yes or no decision
- You have to feel confident about your decision
And you will feel confident about your decision to buy a franchise…the franchise of your dreams, if you know what needs to be done.
The things that need to be done are all included in my comprehensive franchise course.
If you’re interested in learning specific ways that you can lower your risk when buying a franchise (so you can put your mind at ease) I have them listed for you.
You’re welcome to bookmark this post-and the one I linked to above. That way you can refer back to them again and again as you go through the franchise exploration process.
If you have any questions about a franchise that you’re interested in, or a question about the franchise purchasing and financing process, contact me.
I’d love to help you improve your chances of success as a franchise owner just like I’ve been able to to do for countless others all across North America.