Tuesday, July 18, 2006

Barriers to your franchise business

How often have you had a franchise business fabulous idea that you could strike it rich from? How often have you said to yourself “man, I could definitely do a better business”? How often have you turned these thoughts into thriving franchise businesses?

Forget the 90% of Businesses Fail Statistic - Most Never Even Get Started!

I bet you have come up with some pretty darn good reasons for why those terrific ideas in your head have remained there.

These are the major reasons people don’t start their own franchise business, or to put it more bluntly, here are the reasons people think they can’t start a franchise business:

1) “I don’t have the time because I have a fulltime job, school and family”

Lack of time is a very common excuse but rarely valid. Most of us don’t really use all of our day effectively, so by trimming down on the time spent lying around bored and numb, it’s very possible to squeeze in an extra couple hours a day. If working all day wears you out, try waking up earlier. It’s all about time management, and a book like the excellent Getting Things Done is a great starting point to learn how easy it is to become much more effective at making things happen.

2) “I can’t afford the RISK at this stage of my life”

Starting a franchise business can involve a lot of risk if you choose to immediately run a capital intensive franchise business fulltime. But it doesn’t have to be done this way! Not every franchise business is suited for every lifestyle and level of involvement, but there are many opportunities that are right for you. The reality is that if you are willing to start small and build methodically you can begin on a shoestring budget. This also affords you time to learn so that the mistakes you make don’t cost you your house.

3) “I don’t know anything about business”

I love bringing up my very first real foray into franchise business. It was going to be a computer repairs and sales business, and with no franchise business knowledge or plan it was sure to be an astounding success.

Business is not an obvious or easy subject despite rumours to the contrary. On the other hand it’s not rocket science and is mercifully free of differential equations. After my first failure I picked up a book and started reading.

4) “Maybe one day, but for now it’s just a dream”

This is my favorite and should really be labelled “fear of change” or “fear of the unknown”. You think you have the ability and if you examine the situation really close you see you also have the resources, but you are just too paralyzed by the idea of straying off the beaten path. ”All my friends are working normal corporate jobs, why should I be any different?”
Our society is built to breed workers and consumers, not visionaries. Anytime you wish to achieve something truly remarkable and different then you will have to face the discomfort of doing something that is frowned upon by your (former) peers who are really just masking their own discomfort of seeing someone trying something different and wishing to achieve more.

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