I feel that buying a franchise can be safer than starting a business from scratch, most of the time. There are franchising opportunities galore being offered to prospective franchise buyers, 24/7.
But, is buying a franchise really safe?
Is it safe to drive around at 3:00 in the morning? Is it safe to quit your job, before you have something else lined up? (Personally, I never believed in that theory. I always left a job before I had something else going on. It pissed my Dad off to no end.)
I think that everyone has a different “safety valve.” It’s really about risk, and the ways we use to level the playing field-reduce that risk.
“This nation was built by men who took risks – pioneers who were not afraid of the wilderness, business men who were not afraid of failure, scientists who were not afraid of the truth, thinkers who were not afraid of progress, dreamers who were not afraid of action.” ~Brooks Atkinson
Lower Your Risk
One way to lower your risk is by obtaining the knowledge necessary to make a fact-based decision. Knowledge is power, right? In franchising, it’s not only important to learn all you can about the business model of franchising, but it’s also important to figure out if becoming a franchise owner is right for you. You may be interested in the hottest franchise south of the Mason-Dixon line, but if you’re not cut out for franchising, it is risky to move forward with it.
If you’re serious about becoming a franchise owner, (even if you’re already looking at a few opportunities) take a little step back, and make sure that you know exactly how a franchise works, and then take the time to find out if it can work for you..
That’s how buying a franchise can be safe. (Or at least, safer.)
Here’s 3 franchise due diligence tips.