People Really Do Make These Mistakes
It never ceases to amaze me what people think are good reasons to buy a franchise business. I thought I would share a few I have come across over my 18 years in franchising. Excuse my tongue in cheek humour.
- I want to buy this one food franchise because I eat there every day. That sounds inexpensive!
- I love to cook. Oh boy! Do you really believe a food franchise is going to let you cook what you want?
- It is a hot idea, and look, they are everywhere. I watched a category heat up and burn in less than two years. Trendy business is generally doomed business.
- I can get the perfect location for that brand and just make money like crazy. Are you a real estate expert? Just asking.
- I will make lots of money right away. Oh yeah that means you are not going to work at it and are likely underfunded. That is not good.
- I will not have to face my boss anymore so that is why I want a business. May be you need to think that one through more.
- I have children now and I want a business about children. Yes, so what are you going to do when they are older buy another business for teenage children when your children are teenagers?
- I know a lot about franchising my uncle had one and he told me all about it. Right that makes him a resource but not an expert. What worked for him probably will not work for you.
There are many more I could share with you but the point is this. Do your homework think it through and park your emotions at first. Share your plan with people that support your journey. Get a skilled adviser.
But do follow the dream but do it right. Make the smart investment in yourself.
Joe G. White is Owner of MFR Inc. “The Franchise Rainmaker”. He provides professional advice to people looking to engage in franchise ownership He can be reached at 888-296-9250 or firstname.lastname@example.org.