How Risky Is Franchising?
You take risks every single day. Ordering a sandwich, choosing to drive on one road instead of another, picking out what you’ll have for dinner. Those are all risks, albeit low ones, but still risks.
Higher risks are skydiving, bungee jumping or doing something you’ve never done before. They are considered higher risks because they are “scarier” than your everyday tasks.
When you want to do something new you always consider the risks involved but are they truly risks if they never happen or is fear of failure or a negative outcome what you are afraid of? You might not order a new food item at your favorite restaurant at the “risk” of not liking it, but you never know unless you try!
Risks are just “what if” statements that you tell yourself to make a choice feel easier. When you choose not to do something you say “it wasn’t worth the risk.”
What does this have to do with buying a franchise? Everything.
Franchising has its “risks” just like everything else in life. But are they really risks or are they choices you make because you are afraid to fail?
Franchise Risks
How risky is franchising you ask? It all depends on YOU!
When you choose to purchase a franchise you need to do your due diligence and research. Some may choose to jump the gun and make decisions based on what they think they know and want.
However in the end you could risk:
- Choosing the wrong franchise for your area
- Investing in a franchise that doesn’t have a great track record
- Working with a franchisor who doesn’t really understand franchising
- Spending too much money on a franchise and not being able to keep up with the capital
This is why people choose to say that franchising is risky. They have “what if” statements that are made out of fear.
But again, like any business, there are risks. Choosing the right location, the right name, products, services, and more. When starting a business from the ground up, rather than opening a franchise, you have even more risks because you have no guidance or fail-safe processes that keep you from going under.
Let’s talk about how to eliminate the fear and “risks” involved in franchising!
Eliminate Risks In Franchising
If you’re truly interested in purchasing a franchise, you need to take the proper steps and time to think about exactly what you want.
You need to understand the costs involved, the work you will need to put in, and what guidance you will have from the franchisor.
Pro Tip: Read our latest article on franchise financing for more information!
It’s overwhelming, but it doesn’t have to be if you work with a franchise consultant.
Franchise consultants know everything about franchises, can tell you what works with your budget, help you find one that will flourish in the location of your choice, and more.
What would you do if you knew you could not fail? With the help of an industry professional, those risks go away and in turn you get statistical insight and information that show how you can SUCCEED.
Want To “Risk” It By Purchasing A Franchise? See MVision Franchise!
If you’re still asking, “How risky is franchising?” Don’t worry, we can help you turn those “what if” risks into thoughts of success!
With close to 2 decades of franchise industry experience, we here at MVision Franchise can help you choose the right franchise based on your needs, wants, location and budget!
Founder of MVision Franchise, Marc Camras, has curated the largest network of franchise and startup opportunities to choose from and works hard to match you with the right business!
To learn more about Marc Camras and how to start your franchise journey, schedule a call today!