How to Set Yourself Up For Failure
1. Choose a franchise for yourself in which you have industry experience. Example: Early on in Sylvan Learning Center’s growth, a large number of teachers invested in this franchise. Certainly made sense...familiar business, love of teaching, love of children etc. The problem was the new franchise owners {the teachers} spent all their time “teaching”, not running and growing their business.
2. Positive/strong emotional ties to product or service are main decision making criteria. Example: Dairy Queen. You LOVE ice cream, and have been to a DQ or similar concept, and have seen how busy they can be. Invested in one, but did not realize how the hours etc. could affect your quality of life. Also, did not realize the expenses associated with this business.
3. Misplaced passion for the business. Example: Pet shop. You love animals of all types, and believe that pets are real important part to our society. That is great…. But what is the “end result” you are hoping for in this business? Passion should be on the end results…..not on the biz! Question to ask yourself; “Can this business get me where I want to go? Does it matter WHAT the business is, as long as it CAN get me where I want to go”?
