With a franchise you have a higher chance of success. According to the US Department of Commerce, after completing a 7 year study, over 90% of franchises are still trading profitably.
So why am I saying that it might not be right for you?
A franchise is not right for you if:
1) You are the type of person who does not like following guidelines
2) You believe that you know better then everybody else
3) You can't accept other people's advice
4) You want to change the look and feel of the product
5) You want to do things your way
6) You expect others to take responsibility
7) You don’t believe in hard work
8) You are aggressive and can't control your temper
9) You are not ready for commitment
10) You can't work with people
The limitations to a franchise are that you will not be able to deviate from procedures. You will have to buy from predetermined suppliers and use the computer systems and software that has been chosen by the franchiser. You will also be limited to where you can operate the business as the franchiser will not allow you to endanger his reputation, in a location, where he believes that there is little chance of success.
When people choose to go it alone, 80% of business start ups fail within 5 years. This is because they are entering a market where their business knowledge is usually poor, although their product knowledge might be good. All their experience comes from trial and error, and the banks are quick to pull the plug if cash flow projections are not met.
Now a franchisor has been through a period of trial and error. They have found a system that works and suppliers who deliver. Why would they allow you to change this proven system?
Although the chances of success in a franchise are much greater then if you choose to start your own business, only you can decide if you can live within the confines that have already been determined by others….
Irrespective of which road you choose to go down, always take professional advice.
Naz Daud is the founder of CityLocal. This Franchise Opportunity is for people who would like to work from home and be their own boss.
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