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?
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.
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.
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.
You Might Also Like
FRANCHISEE | February 21, 2023
Top 5 Reasons to Consider Career Change to Franchising a Business
Franchising can be an attractive career change option for individuals looking for a new challenge in 2023. It offers a proven business model and potential for long-term financial stability.
FRANCHISEE | December 2, 2022
What Characteristics Do Franchisors Look For In Franchisees During Recruitment?
Recruiting suitable candidates is critical to the success of any franchise business.
FRANCHISEE | November 29, 2022
How Franchisees And Prospective Investors Can Avoid The Pitfalls Of Franchising
Acquiring a franchise can be an exciting and rewarding journey. Or it could be an expensive mistake.
Latest on TFA
EXPLORE | October 10, 2023
The Impact of Technology on Franchising in Asia
Asia is one of the fastest-growing economic regions in the world, and the franchisi
SPOTLIGHT | September 11, 2023
How to Choose the Right Franchise in Singapore
Franchising is a popular business model in Singapore, and for good reason. It allows entrepreneurs to own their businesses while benefiting from the support and resources of a larger brand.
SUCCESS | August 30, 2023
Franchise Opportunity Summit: A Platform for Franchising Success
Astreem Consulting, a prominent franchise consulting firm and Top Franchise Asia took part in FLAsia 2023. The event was held from 17-19 August at Marina Bay Sands Convention Centre in Singapore.