Business Bootcamp | Eyeing The Qualities And Weaknesses Of Franchises
Business bootcamp urges you to look at the Michael Gerber, author of the email quote “if your business depends on you, you don’t own a business. You have a job and it’s the worst job in the world because you’re working for a lunatic!”
The statistics show that, sadly and maybe not surprisingly, 50% of all businesses are out of business in five years. However some stats suggest that only 14% of franchises the load of businesses in five years.
The reason for this, says business bootcamp may or may not be because with franchises, you technically have a “team” behind you. This potential team will definitely not want to see you fail in the franchise, otherwise they won’t make any money. They will be able to set up the business for you, or with you, they will be able to train you, and they will be able to tell you about maybe not necessarily the trials and tribulations but the accomplishments that you may be able to receive if you own this business.
Business bootcamp says generally are not going to get a good indication from anybody except if you do your own homework by yourself. You are going to definitely want to get out and get involved with those franchises by yourself in terms of booking meetings with the owners of those franchises to see what the trials and tribulations and accomplishments and qualities of those businesses are. Normally if you do this, without the glaring eyes of the parent company, or a representative of the parent company, you will be able to get very honest opinions about that particular franchise from its owners.
Speaking of which be very careful and be very cautious when you walk into a meeting with a representative of the franchise. Their sole task is to sell franchises. They get paid to sell as many as they can. The more franchises they sell, the more commission for them. That is their full-time job. If you by, they make money. However they don’t make money if you succeed in the franchise. Usually the person selling the franchise will only get money.
Be careful who you trust your business advisor to be as well when you are dealing with franchises. Your business advisors should be somebody who is outside of the franchise. It should be an impartial charter professional accountant..
Likewise, it would be a great idea to work on a business plan, before you even taught to a franchise about buying a location. This can also be done with a charter professional accountant who is impartial and outside of your interests. In saying outside of your interests, they still would have your interests at heart, but they would be able to give you a very impartial opinion. Hopefully that chart official accountant as well has experience with franchises and with small businesses so that you guys together can make a very prudent choice.
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Business bootcamp suggests that in conjunction with your charter professional accountant, make sure that you are making and booking meetings with prospective franchise owners so that you can get a good picture of exactly what’s going on from within that particular business, and from within that franchise altogether.
Likewise, your charter professional accountant will be able to tell you about certain ideas from the federal government, at least in Canada. They might tell you about the intricacies of the Canada small business financing loan. They will on the whole potentially allow you to think that it is a very attractive initiative. This initiative, is alone, and not a grant, so you do have to pay it back, with interest. However, this will allow you to start your dream of owning a small business, or a franchise.
In Canada at least, advises business bootcamp, the loan is at the most $350,000. Then at the point where you can get the notice to read the financials which is very important. Bear in mind to the $350,000 is the most that you potentially can receive from the government as alone. It can be less but it cannot be more. Usually, in solidarity with your charter professional accountant, you will be looking at the limit for the new franchise. Unless you have some collateral that you can put up yourself, which is a matter fact might necessarily be a very good idea if you want to get that dream off the ground. Or, if you have a history of success with small businesses. That also bodes well for you when you are applying for the $350,000 Canada small business franchising loan.
Once you have done your due diligence with retaining money, then you have to realize what kind of franchise you are looking for. Do not go into a charter professional accountant’s office thinking that you’re going to buy the first business that you see. That would be very foolhardy. Make sure you are doing your due diligence and doing her homework done and as there are thousands or even tens of thousands of small businesses that you can potentially buy.
You can liken this decision to buy a house. Do you buy the first house that you see and walk into? The answer obviously or at least hopefully is no. You have to do your homework and make sure to find out what kind of businesses are out there for you to buy.
As well, get your charter professional accountant involved in this process to, says business bootcamp. Hopefully your charter professional accountant will be able to have the insight and the experience with these particular small businesses. Make sure in fact you are looking for a charter professional accountant that has lots of extremes working with small businesses. Make sure that you see their past record and make sure that they have a better record of successful small businesses than failures. It is in your best interest to do as much homework as you possibly can.