3 Reasons Why You Passed On That Franchise Opportunity

Written by Editor

Running a successful business doesn’t happen overnight. And it also doesn’t happen with just thoughts and beliefs. What makes it happen is the actualization of thoughts to actions through effort and motivation.

But while most people have ambitions of being a business owner, they don’t actually work at it. Instead, what takes place is the creation of excuses to justify why they shouldn’t take the leap and stay in the safe zone. Not that avoiding risk is a bad thing, but the acceptance of risk is basically the first step of going into business for yourself. So if you can’t overcome that, you’re going to have to find a new dream to work towards to. Either way, here are 4 reasons why most people could pass on a franchise opportunity, even when it could be well suited for them. Will one of it be yours?

Related: 4 Reasons For Investing In A Franchise

You Don’t Have Enough Time

In recent years, young techpreneurs becoming instant millionaires might be headlining newspapers (and they just seem to get younger and younger). However, this might be skewing the notion that in order to start a business, one needs to be young, although not being necessary true. As a matter of fact, the biggest obstacle isn’t your age, rather it is your level of commitment to do what you want to do. Take the decision to push yourself one more time because it is never too late to give it a go. What’s more, franchisors already have everything mapped out so lots of time is saved trying to figure out what works and what doesn’t.

Related: Investing In A Franchise – For Now Or The Future?

You Don’t Have Enough Money

The basic pre-requisite to take up a franchise is having enough money. There really isn’t anyway way around it because franchisors aren’t going to let you in the system without the necessary funds. In the most practical perspective, your passion, skills and experience only become attractive factors after you meet the capital requirements. One way to maneuver around this potential obstacle is to look for franchise opportunities out there that require a lower investment capital - one that fits your current financial abilities. Besides, there are many financing options available, some of which franchisors might even be able to provide assistance with during the application process.

Having said that, you have to be realistic because you can’t expect a franchise opportunity with lower investment requirements to churn out the same profit levels as another franchise concept that requires higher financial commitments. For a start, the realistic expectations for a typical franchise investment is a return-on-investment period of somewhere between 18 to 24 months. 

Related: What Are The Initial Investments Involved With Taking Up A Franchise?

You Are Afraid Of Failure

Everyone is afraid of failure so you’re not alone. And being scared could be a good thing because then, you’ll likely be more careful about committing to any decisions. But this fear factor is also the same reason why most most ideas get stuck in the “just a thought” phase. While not a guarantee for success, franchising does alleviate some of the risks involved because your business will be associated with a known brand with proven products or services. In other words, you will be running a trusted business with a group of loyal customers. So muster up that courage and don’t let a fear of failure dictate your actions. Just be sure to look before you leap.

Related: 3 Mindsets That Set Up For Franchisee Failure

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