Recently, I felt frustrated that I was not able to persuade an individual to look at all the opportunities available to them. Why because they had not heard of the name.
Too often, people look to at a name, instead of identifying what their funding can support. Then they are met with disappointment and disillusion, instead of excitement at the opportunity of business ownership. While name recognition is one important aspect of franchising, there is so much more. It may just be better to start with an affordable franchise to build up equity.
As you probably know, the top reasons businesses fail is from lack of funding. Therefore it is most important to understand your funding capability before you look into a franchise. Once you understand what your capabilities are, then find a business that fits in your potential.
Here are a couple quick places to start to assess your funding capabilities.
- Funding Checklist – https://tcfranchise.com/funding-checklist/
- Funding Calculator- https://tcfranchise.com/funding-calculator-with-tenet-financial/
- Types of funding: https://tcfranchise.com/franchise-financing/