Don"t Go in Blind

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Whatever business enterprise you're a) thinking of starting yourself or b) thinking of joining up with, you have your own reasons for doing so -- and whether it's for the money, personal satisfaction or realizing a life-long dream, you have to have realized at some point that knowledge is power.
The more you learn, and the more experiences you acquire, the better you can steer your life towards successfully attaining your goals.
Now, this isn't a call to avoid perfectionism or deal with procrastination.
Neither is it a call to action, either.
You know what needs doing better than anyone else.
If you have your own vision and you're on your way to making it real, you're old enough to decide for yourself what you want, what price you're willing to pay for it, and where you want to go with our life.
This is just a quite reminder to know what you're getting yourself into.
This way, you can take steps to ensure that your dreams don't go up in smoke.
Let's play with this.
Here's one scenario: Say you're interested in starting a business.
After thinking of the impact on you and your family, the time demands and fit with your life, you choose to go with a well-known franchise.
It'll be okay.
After all, they wouldn't be successful if they didn't provide the goods now, right? Generally speaking, we can break down the pros and cons of franchising this way: Pros:
  • There's already an established market base (meaning, you don't have to hunt for customers) due in no small part to the franchise's reputation and earlier success.
  • If they're as good as they're supposed to be, the equipment and inventory's part of the deal.
  • There's immediate revenue compared to having to babysit your business and wait for it to pay off.
  • You don't need to start from scratch.
    Any reputable company would have procedures, infrastructure and support systems (licensing and permits, training, for example) in place to help you succeed.
But are you sure? Don't just take anyone's word on something that would decide how your life will go, ultimately, you'll be the one to hold the bag after the dust has settled.
Cons:
  • Location - what is there isn't an actual customer base for what you're selling? People are cutting back on expenses every chance they get.
  • Competition - you can't be the only one in the neighborhood to think of joining up with a franchise.
    And what about the local market? Who else will you be competing with?
  • The equipment may be outdated, the product quality and support may run counter to what you expected.
    Or the operational requirements may be so strict that you can't opt for cheaper, locally-based alternatives sources for supplies or even uniforms.
  • Plus, the legal contracts can prohibit you from using any legal recourse against the mother franchise in case things go wrong, and even if you are in the right.
Read the fine print, do the paperwork and make eye-ball inspections.
Whatever you invest your time and life in, don't go in blind.
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