If 2007 is like the past several years, over 65,000 new franchises will be sold in the U.S. and Canada, one every 8 minutes! More and more displaced, outplaced, disgruntled or disappointed people are looking at franchising as a solution to their Career Pains. Whether insecurity, financial limitations, corporate politics, life balance or any one of many such pains, they feel There must be something better out there. And they may be right.
However, too many people who take the step to business/franchise ownership find out too late that their problems as business owners are more serious than any they faced as employees. No income, a constant drain on savings, a disappearing vision of success and long, long hours are just a few of the factors that make some new business owners wish they had never taken that step. Franchise ownership offers no guarantee of success.
In my business, working with people who are considering buying a franchise, I am often asked What are the biggest reasons people fail? And some of these people listen intently, then go off on their own and completely disregard what they have been told. I have actually had people say to me, Well, I can see...
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