Yes and No is our best answer. Most success stories seem to connect with a franchise. It’s said that about 90% of start-ups end in failure. Usually, there are valid reasons for a business to succeed and obvious reasons for failure, too.
With a franchise program there’s an upfront investment with the franchisor. Even after you put up your money, there is no guarantee of success. Not all franchisors are honest or fair, same goes for the franchisee. Some don’t want to pay the monthly fees agreed to in the contract when they purchased the franchise. Lots of room to have conflict.
Sometimes the franchisor is doing a poor job of training or leading. Frustration sets in with the franchisee, no support, lack of confidence. Business is not quite as good or profitable as you were lead to believe when the sales people were recruiting you and your cash.
Now your money has gone into the coffers of the franchisor. It’s important that you not rush into any agreement through fear of losing the opportunity. A usual sales ploy is to have 2 or 3 hot prospects about ready to grab the only territory available. You’ll miss out on this wonderful business if YOU don’t make a decision today.
Don’t worry about it! If you miss this one it’s ok. Let it go UNLESS you have done your due diligence on the company. Talk with other franchisees. Visit other franchisees in person not over the phone. What would I do today? Work for another franchisee for a few weeks, up to several months.
Being anxious about getting started in a new business is an emotional issue. You need to make your decisions about buying a franchise, buying a local firm, starting from scratch, etc. with a mastermind team, usually 5 or 6 successful entrepreneurs you trust who can help you evaluate the investment, the skills, the talent and all other issues important in the decision you’re about to make about any new business.
Have you done your due diligence? Have you knowledge in the particular business you are researhing? Can money or lack thereof be an issue? Are you skilled, have connections? Ask yourself and your MMT [mastermind team] about “what if” or “whom” and all the other questions that need answers.
Have you searched the Internet for answers? Asked questions that you have about the business at Yahoo Answers and other places on the net? There is NO rush in making a decision about a new business. Take your time. It’s your money, your future. Be sure the decision you make belongs to YOU, not some salesman/woman trying to earn a commission from selling you a packaged deal. DON’T DO IT in haste.
Be sure to spend time researching all the details. Talk to successful executives that you know…. ask “how it is” today and get their thoughts about your ideas for a business, too. Good luck!