Are you ready to start to venture into entrepreneurship this 2019? Should you start your own business and bootstrap everything or would it better for you to buy a business model that works. Franchising has its merit and I have seen a lot of people do well and have established a good stream of cashflow by buying established brands and businesses. The question you need to ask yourself is if franchising is for you or not.
Make Money Grow, Money this February 13 (quick plug)
Catch me and super rich CEO at 22 Sean Si as we give you principles on how you can Make Money and Grow Money via business and investments.
Sharing to you the basics of franchising in the video below along with Sean Si’s tips on the pros and cons of franchising. Please remember there’s no such thing as a perfect business that won’t have any problem. That’s why it’s very important for you to find something that fits you and something that you like very much. Because it’s you having the will to slug it out that will make the difference in the very demanding world of business.
The disadvantages are also double edged from the advantages
1) no room to be creative as everything is dictated by the franchise owner
2) you are getting the outlying locations and not the prime ones as the franchise owner usually got the prime ones already
3) if the franchise owner does anything to damage their brand, you are also affected.
4) you are required to pay royalties as long as your business exists – on top of taxes
5) if there are no innovations from the franchise owner, you are stuck with a stagnant franchise
I’m excited to share my 5th book overall and the 4th book in the Stock Smarts series, Stock Smarts: Breaking the Resistance – How to time your traders perfectly. The heart of this book is to teach you strategic ways on how to come in and buy and sell stocks in a way where you come as the market is headed up and come out as the market is headed down. The book is now out and exclusive via Marvin Germo Book Orders.