Weighing Up Franchises
When I needed to find a new income stream a Franchise Business seemed like it might be the answer.
Where to begin?
There were so many to chose from it was confusing and hard to know where to begin.
Fortunately before I did that, I decided I'd make a list of the advantages and disadvantages as I saw them, of the franchise business model and go from there.
- A Proven Blueprint
- Reduced start up risk
- Coaching & Training
- Exclusivity of area
- Economies of scale (in purchasing)
- Potentially easy to obtain finance
- Was I just buying a job?
- Lack of flexibility/set business hours
- Lack of individual creativity - could I stick to their rules?
- Geographical Restrictions
- Lack of Control
- Restrictions on growth
- Risk Associated With Experience/Integrity of Franchisor
Franchising Didn't Do It For Me
I decided it just wasn't for me. I felt disappointed, it had appeared to be a potential solution to my 'needing a new business problem' but for me the disadvantages outweighed the advantages. I was used to being my own boss & I couldn't work traditional business hours.
One day when watching Youtube videos about business, I came across a video that solved my problem.
You're probably wondering how a guy on a pedalo in the middle of the ocean could solve my 'find a new business' problem, but he did.
Have a watch because this might just be what you've been looking for. It doesn't suit everyone but if you're interested you can get the free training series Stuart mentions in the video, by entering your email below.
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