When most people think of risk, they only think about their risk. That’s completely normal.
When someone contacts me about my franchise advisory services, I can usually sense some apprehension on their part.
A. They really don’t know who I am.
B. They’re nervous about business ownership
As they should be.
Becoming the owner of a business–any type of business is risky. But don’t worry.
Do you think that it’s risky to turn a business into a franchise business? It’s real risky. One reason that it’s risky to franchise a business is that there’s no guarantee of success. (Kind of like when you become a franchisee.) Another reason has to do with the person or the firm that’s actually doing the necessary work needed to put an entire franchise package together. They’re not all good. Read about pond scum franchise development firms.
There several things that need to be done before one can “franchise” a business.
In addition to the financial investment needed to do it right (well over $100,000), there’s an operations manual to write (and perfect), the right technology (software and computer systems) to be purchased and customized, the legal requirements-state by state, plus the new concept has to be marketed.
I’d like you to read this post I did a while back about The Other Side of Risk in Franchising
When you buy my book, you’ll read even more about risk…all types of risk, and ways for you to lower it that have been proven time and time again to work.