Tough Questions to Ask Yourself Prior to Starting a Business

Published On: Monday, May 1, 2017

Businesses succeed – businesses also fail.nnnWhy?nnnIn his book Small Business Management (published by West Publishing Co.), Michael Ames gives us the following reasons for small business failure:nn· Lack of experiencenn· Insufficient capital (money)nn· Poor locationnn· Poor inventory managementnn· Over-investment in fixed assetsnn· Poor credit arrangement managementnn· Personal use of business fundsnn· Unexpected growthn nnGustav Berle in The Do It Yourself Business Book (published by Wiley Co.) adds two more reasons to Michael Ames’ list:nn· Competitionnn· Low SalesnnnA 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.nnnOf 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. nnnThat first, most important question; “IS a franchise business right for me?”nnnThe answer is simple. For some people it is – for some people it isn’t.nnnIf 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:

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