Franchise Investors: How to Minimize Your Risk When Investing in a Franchise
by Seth Lederman
Luckily, opportunities like franchise ownership can help reduce the risk of going at it alone. However, with every new opportunity comes inherent risk. If you are ready to start down the path to franchise ownership, these are the best ways to mitigate your risk.
5 Ways to Lower Franchise Risk
Don’t head to the computer to find an opportunity: dig deep inside and ask yourself the tough questions about what you want and hope to achieve with your new venture. What does a new venture for your future look and feel like to you? Ask yourself why you want to be the owner of a business: is it for wealth? The freedom? If you have other people in your life, how do you want it to affect them? Is it something you hope to pass down for generations, and if so, will your children be excited about the prospects themselves?
Single out all of those things that you like and don’t like about what you do. That way, you can pinpoint a type of franchise in tune with what motivates and drives you internally. The whole idea behind opening a franchise business is to achieve your goals; just make sure you understand what they are: to find success and satisfaction.
Although it might be foreign, slap yourself on the back and brag a little. You want to figure out what you will bring to the table to make your business a success.
In reverse, make a list of those things you are not so good at or aren’t interested in. If there are daily tasks that you dread, there is a reason why. Your objective at starting down the path of franchise ownership is to find satisfaction in doing what you want in the long-term. So try to eliminate franchise opportunities that won’t let you shine. It is hard to be successful if you don’t have the passion or motivation to hit the ground running every day.
“You don’t have to believe in coincidences because they happen every day. The trick is to be able to discern when something is more than coincidence.” –Glenn Jones
Now that you have settled on becoming a franchise owner, that is only half the battle. The first step is not to hit the internet; it is to dig deep inside and find the opportunity that speaks to you. By doing that, you can drastically limit the inherent risks of business ownership!
The Frannexus team is here to help!
DISCOVER A BETTER WAY TO EARN WHILE LIVING
Profits are Better Than Wages
In “Profits are Better Than Wages”, experienced franchise advisor, Seth Lederman answers the “how” and “why” of going into business for yourself.
Get the News that Franchise Investors Want
Sign-up for FranBlog
Sign-up for occasional updates on the latest opportunities in franchising
CONTACT THE EXPERIENCED ADVISORS AT FRANNEXUS
Your franchise search just got easier with Frannexus
NO COST TO YOU
OUR FEES ARE PAID BY THE FRANCHISE BRANDS