UA-130601786-2 UA-130601786-3 UA-130601786-4 UA-130601786-5 UA-130601786-6 UA-130601786-7 UA-130601786-8 Tough Questions to Ask Yourself Prior to Starting a Business
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Tough Questions to Ask Yourself Prior to Starting a Business

May 1, 2017

 

Businesses succeed - businesses also fail.

Why?

In his book Small Business Management (published by West Publishing Co.), Michael Ames gives us the following reasons for small business failure:
·         Lack of experience
·         Insufficient capital (money)
·         Poor location
·         Poor inventory management
·         Over-investment in fixed assets
·         Poor credit arrangement management
·         Personal use of business funds
·         Unexpected growth
 
Gustav Berle in The Do It Yourself Business Book (published by Wiley Co.) adds two more reasons to Michael Ames' list:
·         Competition
·         Low Sales

A franchised business will address a number of these reasons because you are buying a business model that (if it is a quality franchise) has already gone through these challenges and has a professional management team to help their franchisees.  Think of how important a guiding hand is in the beginning of opening a business to address the reasons for failure as articulated above.

Of course, all of this is predicated on one very important question that you must answer prior to engaging in a franchise investigation of WHICH franchise is the right one.  

That first, most important question; "IS a franchise business right for me?"

The answer is simple. For some people it is - for some people it isn't.

If you are feeling like you should question yourself about starting a business, the article below is an excellent place to start.

If you would like to discuss how to articulate your vision, how to structure a business investigation based on FACT or how to help shape your goals and if franchise ownership is a viable medium for you to achieve the American Dream, reach out email to me:

 

 Where does a business fit into your plan?

 

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