What are the three riskiest franchise investments? I could say FITNESS, FOOD, and ANY business that got crushed in 2020… but I’m not going to! Watch this video and learn.
#1 Risky Investment: The Business You Can’t Afford
Sometimes, candidates want to invest in this amazing franchise brand like the Orange Theory or the Massage Envy, these big brands that we all know and love, but they don’t yet have the financial capability to afford an investment like that. You don’t have to put your entire dream on hold. Doesn’t it make more sense to then find a franchise investment that you can more comfortably afford as sort of like a stepping-stone business that helps you build your confidence as a franchise owner, build your cash flow, build your net worth, and then you can build that business and sell it and then maybe eventually get into the next big American brand? Set yourself up from the beginning by getting into a business that you can more than comfortably afford, where you have enough money for the investment and a lot of cash reserve. Just in case it takes you longer to cash flow positive. Just in case it takes more money than you thought it was going to take. But most importantly, so that you have that feeling of abundance.
#2 Risky Investment: The Business Where You Don’t Trust The Leadership Team
The #1 reason to invest in a franchise business is for PEOPLE. We are not buying widgets. We are buying people. Your due diligence process should be entirely focused around the people that you are going into this relationship with. Does the franchisor leadership team inspire a culture of abundance? Does the franchise leadership team encourage people and lift people up? Is this a place where you feel you can thrive, where you can grow personally and professionally? Where it’s safe for you to ask for support? To teach you what you need to know to help you grow as a business owner?
#3 Risky Investment: The Investment In Which You Don’t Include Your Spouse/Partner
After 19 years of franchise consulting, I do sometimes feel like a marriage counselor! If the spouse that is more risk averse is not part of the due diligence process, how do we expect that person who is risk averse by nature, to get to the point where they’re going to be comfortable and give the blessing to have a family business. If you do not have the support of your spouse, this is a disaster in the making. But the riskiest franchise investment of all, the one that could absolutely take you down the fastest, is the franchise investment that you make without the help of an experienced franchise consultant! My services are free. I am here to help candidates make informed investment decisions. I want the opportunity to help you get clear and specific about what you’re trying to accomplish through this business. I want to outline with you your goals: personal, professional, and financial. I want to educate you about what your money buys so that we can find an investment that you can comfortably afford, that matches the skills that you have. I want the opportunity to meet your spouse and bring them along through all of our coaching calls so that both of you can hear and learn and make decisions together. I want the opportunity to lead you to franchisor partners that I believe in, but that through your own due diligence, you have the opportunity to also believe in. I want to be your Daly Coach.
If you’re ready to explore your future in business ownership, please contact me directly using the form below!