Making the decision to start your own business in these days of economic downturn seems risky to most. Reliance on guaranteed income seems like the only safe and responsible option these days. Unfortunately, our own fears can sometimes hold us back from budding opportunities that are just beyond the horizon.
Security of Franchises
Many Americans have sacrificed personal comfort and security to find success in starting their own business. Granted, finding success with a new business seems hard to come by, but with a little help from proven successes, fears take a back seat to potential financial freedom.
Believe it or not, the success rate of owning your own franchises tops out at around 90%. With a statistic like that, it is difficult to call franchise ownership a risk at all, however; reasons for failure aren't as simple as a failing business idea, or lack of consumer traffic.
Avoiding Franchise Failure
Jumping into an entirely new career field with the hope of maximizing financial gains is an exciting concept for many potential business owners. But all too often, early excitement can lead to decisions guided by personal emotions, which can be a recipe for burnout and eventual disaster for many.
How do you avoid the pitfalls of franchise failure? Of course, the answer will be different for everyone, but there are a few rules you can follow if you plan on becoming a franchise operator. Take a moment to read through these general rules which could pave a smoother road to your successful ownership.
Love What You Do
Sure, it seems like pretty simple advice, but relying on the financial aspect of a potential business alone just might be the first step to failure. If you don't have a genuine interest and love for your business, it will become just another dead-end career. The only catch is, the option to walk away is much harder to make.
When considering what franchise you want, think about where your passions lie. There are literally hundreds of thousands of franchises to choose from. Don't make the mistake of jumping into a fast-food franchise when healthy eating is your passion.
Know What You Sell
Anyone would agree with how frustrating home improvement stores can be. The so-called, "experts" are often high-school age kids who can't even operate a ceiling fan, much less help you wire your basement. This is one scenario you want to try to avoid.
Buying a franchise with little or no experience lacks the same thing diving into a kiddie pool head first does: intelligence. Having a good amount of knowledge of what you'll be selling will get you ahead of the competition. Being the expert in your business will not only win you the respect of who you employ, but will also make your business renowned for knowledgeable service.
Personal Assessment
Knowing the hardships associated with owning a franchise is an important factor to consider before making that big investment. Just a few you might want to consider are:
- Longer hours
- Financial risk
- Unsteady income
- Unexpected responsibilities
These are just a few of the roadblocks you might want to ask yourself if you are ready to face. The only person that can truly decide if you are capable of overcoming unsuspecting trials is your honest self.
Before you make a final decision, create a worst case scenario you might face. Next, take a few days to think about how you would respond. The extra time taken to think about your scenario will give you an honest assessment and a more probable reaction.
The Opportunities Are Out There
Undoubtedly, if you want to become a successful franchise operator, there are opportunities waiting. Know that your success will ultimately be defined by your own contribution. Taking the time look beyond the dollars earned, and into your personal devotion will gauge the success of your franchise.
Bart Vale is a writer for various small businesses throughout the US. Much of his writing directs his experiences toward helping others. His personal study of franchise opportunities in Dallas is what led to this article.
