Last month I participated in a business forum where one of the panelists stated that owning a franchise is one of, if not the worst, the ways to open a business. He further added that if someone wanted to start their own business, they need to create their own idea, brand and proceeding further by taking steps carefully.
Considering the panel including entrepreneurs, bankers, a business and franchise broker (not me), an attorney and business coach, I will let you guess the member that made
But questions remain… Was this person right? Is that the owning of a franchise is a bad way to enter business?
Considering the fact that I have my own franchise brokerage and consulting firm, you might think I am biased in one way or another. Be this as it is projected, let me take a stab at these questions.
Regarding the first question, was the person right? The answer to the question is NO. Franchise concept is NOT the worst way to get into a business. Well, I guess that both the questions that are answered are right off the bat, but before you start thinking that as I have "franchise consulting and brokerage" and that is the reason that made me think this way. Here is the explanation:
There are a lot of horror stories regarding franchise development. If you search the web, you will run across countless stories regarding atlanta #22 blue jersey people that lost A LOT of money and failed miserably with a franchise. If you are curious; then, a careful research can lead to run across many examples. In fact, I have been viciously attacked by critics and former franchisees, when I provide any sort of argument regarding the viability of the industry and while I hate to see people fail; I know there are many poorly run franchise models, which does not clarifies the picture that mean owning a franchise is the wrong way atlanta #22 blue jersey to own a business.
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