Question: I’m considering opening my own franchise and want to be aware of the most common mistakes.
Answer by Jeff Elgin
There are three main reasons why new franchises fail. Avoid these and you’ll greatly increase your chances for success.1. Capital Issues
The classic blunder for anyone entering a new business is to not have enough money available to cover all the needs. This not only means enough to get the business started but also enough to cover losses while the business is growing and to cover personal expenses while waiting for the business to afford to pay the owner. Make sure you’ve got significantly more than you think you’ll need and you will have a much safer journey. More.