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E-Myth – “Why most small businesses don’t work & what to do about it”

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Chartered Professional Accountants E Myth

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Business Coach | Into Business For Yourself For Time And Financial Freedom


Business coach states the 14% of franchises go out of business in five years. In the grand scheme of things you may think of 14% is not necessarily that bad. However 14% is still not 0%. Going a business is catastrophic for anybody who has to go and deal with it. If someone said, for example, there is a 14% chance of the sky falling or you getting a new car accident you might think twice.

You must take heed when you have to and consider yourself going into business for yourself. First of all the best idea would be to go visit a charter professional accountant and get their advice and get them on board with you as soon as possible. Even before you signed along the daughter long.

The number one thing that CPAs see these ethical the franchise information down and they automatically assume that they have made the proper choice and that is the single only franchise that there ever going to want. What these franchisees haven’t done is they haven’t spent a lot of time looking into certain other options and there are a lot of other options say business coach.

Make sure that you take your future into consideration and the future of your family and your time and financial freedom way in making this choice. You’re going to want to make as great a decision as you possibly can. This definitely includes doing a lot of homework in regards to if in fact that really is the proper franchise that suits you.

Business coach uses the analogy of potentially if you are moving houses. Do you buy the first house that you look at? Look at three different auctions and writing a short list. You should then proceed with them a call accordingly and get all the information you possibly can.

As a matter fact they are so many who gets paid a commission in terms of the potential franchisees and the owners. However, they will only get a permission a commission if you as a matter fact by the business. Their motivation is certainly not along the same lines as years.

Do not make the fatal mistake of starting your small business without a plan. Make sure that you again are retaining a charter professional accountant to walk with you through all of the trials and tribulations of starting a new business. This is actually what they will say in order to get your signature on the dotted line 1st. They will tell you that as soon as you get the money than the walk-through a business plan with you. That should not be the case and should be opposite as a matter fact. But, what if you do like that particular business plan? That could become a very big problem and then you can go ahead with it but use your charter professional accountants advice first.

It is all in your best interest doing your homework.

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Almost every time what happens is though be charter professional accountants will get a phone call from potential business owners and they will be panicked as they feel as though they have lost their chance to get the business of their “dreams”. As a matter fact, says business coach, it was probably that business who has been on the market for months and months months and is potentially not going anywhere. That is just a ploy for them that will get you to buy the business sooner than later. It is a very common tactic.

Consider the fact that are they going to give money to with which to buy the franchise right now if there are some tire kickers? Do you think it will be gone this week? Make sure instead of making a quick decision that you make the right decision as it again is in the best interest of yourself and your family. Usually the franchise owners are going to give you the locations and only the locations that are succeeding and doing well for you to see. It’s not necessarily a good idea about following in their plan, make sure you do your own homework as well. You can do a Google search and find out a happy medium. On average. Try and visit franchises that are doing very well for themselves, and trying visit franchises that are potentially struggling. They definitely will tell you that and neither will the franchisees themselves. But make sure that you try and do as much homework as you possibly can.

As well, says business coach, make sure that you are phoning on your own to get the information, even better would be personally visiting them. This is absolutely an excellent idea to learn about the business and not have any people beside you with a complete lead different motivation and yourself. Don’t just look at the ones in the documents that the franchisor has given you. Again, make sure that you trying get a broad average of the successful and the unsuccessful businesses.

What happens usually in franchise disclosure documents is you will also get plain paper documents. These plain paper documents are not just a whole bunch of empty pieces of paper. There is no involvement from an external accountant. It’s just the internally prepared financials that are called plain paper statements. Oftentimes with what happens is it is in fact incomplete documentation and documentation that is not necessarily the most truthful. It is just like there’s always adjustments at the year-end. So they are not really all that reliable says business coach. It’s a wonderful idea to try and ask for the external accountant prepared financials. Those of the various locations and those are the documents that go with those various locations.

Consider the fact that for a small business there are such things as small business loans. The Canada small business financing loan is usually pretty attractive.