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Friends, Family & Franchising: Beware The Free Advice

Those lucky enough to have the support of family and friends are truly lucky but it doesn’t always come without a price.

It’s not rare for an aspiring franchisee gets ambushed by a friend or family member.  Ambushed? Yes, Ambushed.

That’s the industry term for the well-intentioned, but ill-informed and at times unsolicited input, that crops up in just about every franchisor’s journey.  It’s almost inevitable, they are making a major life decision and should be talking about it with the people that matter most.  And those people will, 9 times out 10, urge caution.

The the concerns will probably sound like one of these:

  • Why do you want to own a business? Don’t most small businesses fail?

  • You’re investing a lot of money in this. What if you fail?

  • Starting a business sounds risky. Why don’t you just change jobs if you are unhappy?

  • But your [Aunt/Uncle/Cousin] lost so much money when he lost his/her [fill in the blank] business. Maybe you should just wait and think about it some more.

To help you answer these questions, see our suggestion below:

  • Yes, there is a high failure rate for independent small businesses.  And the way to mitigate the risk is to stack the deck in your favor with a proven business model, national brand recognition and marketing coverage, group buying power, training, and a peer group to help you through any rough spots.

  • People who invest in a franchise are not just buying a business, they are investing the money in themselves. This is not like investing in the stock market, a semi-passive investment, where you sit by and watch what happens. When you buy a franchise, you are investing not only money but also time, talent, experience, desire, and drive.

  • Americans today are finding that they work longer and harder and earn less. People not receiving the recognition and advancement they deserve, once you reach a “certain age,” you are likely to be laid off and replaced with a younger, cheaper employee. For those fed up with feeling disposable, business ownership allows them to take control of their future.

  • No one should make such an important decision in haste. That’s why people talk to experts in the field and go through a comprehensive process and an enormous amount of research before making a decision.

Advice from friends and family can do one of two things: They can exacerbate your fears and prevent you from achieving your dream of business ownership, or they can confirm that you’ve been thorough in your investigation and are ready to commit to your future.

Need more help on how to answer the tricky questions from loved ones? Let’s chat!

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