014 - 10 Common Franchise Misconceptions That Can Lead to Failure
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Manage episode 277374780 series 2822445
In this show, Leh and Reid discuss 10 common misconceptions that can lead to failure when buying a franchise. They break down each one and explain how you can set yourself up for failure if you buy a franchise with the wrong mindset. They want you to build a successful business for you, your family, and the people you employ. The 10 Common misconceptions they explore include:
- You're guaranteed to succeed
- It’s the Franchisor’s job to find customers for me
- A “turnkey” business means that all you have to do is “turn the key.”
- I will be successful doing something I love
- If it feels right, it will work out
- I should use earnings claims to make an investment decision
- My chances of success increase with a well-known brand name.
- Buying a hot franchise that’s in a growth spurt is a good opportunity.
- Food franchises are great investments because they are recession resistant. After all, everyone has to eat.
- My town has no widget franchise. There’s no widget for 30 miles in each direction. If I open one, it will be successful because there is no competition.
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