Business Bootcamp | Taking Into Consideration The Differences With A Business
Business bootcamp will stop at nothing to guard you against considering simply one franchise without comparing other franchise options. Often times will happen is you will talk to a franchise representative and they will say you have to buy this quick quick quick otherwise the opportunity will be disappearing within days, hours, minutes.
That is simply not true and potentially that business has been on the selling market for months, says business bootcamp. It is a ploy for them to get you to buy the business as soon as possible. The reason for that is because if you buy the business they make money too. You don’t buy the business, and they don’t make money.
Do not consider customizing too many franchise processes. These franchises have very stringent processes and procedures in place and they might not necessarily allow you to change them and put your proverbial fingerprint on them. If you want to work in a business with a little bit more flex ability, and you can make more choices by yourself, franchising may not necessarily be the idea for you, on the other hand, consider opening your own business from scratch in that case.
A charter professional accountant can definitely help you test the reasonability of the numbers because hopefully you have retained one that has had lots of experience with front franchises and working with businesses in the past. These are businesses of all different types, sizes, and themes. These are businesses hopefully that your charter professional accountant is work with that is dealing with all budget different types of occupations as well. They will be able to have seen the reasonability and the feasibility of success from within the franchise that you are interested in buying.
It is a wonderful idea and a very efficient idea for you to ask for financial data from additional locations. The reason for that is because there might be one of your franchise locations in a very affluent part of the city. Where as there might be another location that is not necessarily in a very popular or traffic driven part of the city that will see less customers and less revenue. As well, in working with your charter professional accountant they will be able to get the numbers on that for you as well.
Keep in mind that is you go through this process with your charter professional accountant that the numbers and statistics of success versus failure rate for franchises and all businesses are not necessarily glowing numbers. For example, says business bootcamp, 40% of businesses go out of business in just five years. As well, 50% of small businesses will fail within five years. You may be able to go through all of these numbers with your charter professional accountant and again, formulate a plan… Before you have committed yourself to a small business or a franchise. Consider the fact that you are concerning your life savings and you don’t want to make a mistake with your future.
Are You Looking Forward To The Business Bootcamp?
Business bootcamp says do not wait for you to put your name on the dotted line and spend all your money before you have a business plan in place. That can immediately be the nail in the coffin for you in terms of your future financials and maybe potentially your time and financial freedom.
Also, keep in mind, says business Boot Camp that if you do in fact get involved with a franchise, to make sure you absolutely do your homework first. They are in the business of aching money and selling franchises. That’s not to say that they are not being honest with you. That is simply the fact that they might necessarily be omitting the negative aspects of engaging into a business relationship with the parent company of the franchise. They want you to see only the good parts of that franchise so that you immediately handle your money and they can make their commission.
Make sure that you are doing most of the homework by yourself, says business bootcamp. And not allowing the franchise to get in the way of skewing the numbers for you or influencing you in either way or any way. Likewise, make sure that your relationship with your charter professional accountant is an impartial one and make sure that your charter professional accountant does not have any affiliations or associations with the potential franchises that you may or may not be interested in. You want a fair and impartial opinion and work on behalf of your charter professional accountant. New in terms of financing your franchise idea, you may be able to get a loan from the Canadian government. This loan is called the Canada small business financing loan, and is, by all accounts great system. The most that they ever will be able to loan you was $350,000. However it is not absently guaranteed and they may as well not give you the full amount. Do not bank on you receiving the full $350,000. However, there are ways with which you can potentially secure the loan with the government.
Business bootcamp says one way with which you can potentially secure that loan is to have put in some collateral of your own on behalf of your new business venture. That will show that you are serious, and that you have some quotes can of the game.”. That will not put all of the burden on the government’s shoulders to finance your endeavour.
Another way is that you can show that you have had a past history with successful franchises. That you have not failed in the business or that you have not claimed bankruptcy because of a poor decision with a business endeavour that you have had in the past.
If the can government sees that you have had a history of success and that you have a history of determination. Your chances of getting that loan are a lot better.