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I really have sincere admiration and deep respect for folks that take the route to business ownership through franchising. Franchising works. The plain and simple truth is that the odds are favorable from the get go. Franchise owners stay in business with over 85% remaining viable once opened. This statistic beats the old rule, hands downs, that three out of five business startups fail.
Franchising is full of positives: training, business plans, marketing strategies, ongoing support, and brand affiliation. With all the favorable press why don’t more people get involved?
Well, be prepared for the wake up call. You will have no free time or personal freedom for three to five years. Your family and friends must buy in to this idea and be totally supportive, or you may find yourself spouseless, childless, and friendless. That isn’t much of a lifestyle. It is, however, just the territory that comes with franchising. Yes, there is light at the end of the tunnel, but there is no instant gratification in this tunnel. So, you must involve yourself with a franchise opportunity that you can be passionate about forever.
Also, no small change is involved in getting started. If you have a poor credit history and the banks frown upon you and/or you have unfavorable relations with wealthy family members, be prepared to cough up $50,000 to $100,000 for a recognized and reputable franchise. No, you can’t buy less, because you will get less in most cases, and then you’ll blame me for your disappointment.
While I’d say go for it, weigh the whole idea heavily before you do. If essentially you are more dedicated to the dream of a real lifestyle, consider below what worked for me.