5 Big Mistakes to Avoid When Buying a Franchise
Article
LOOKING TO BUY A
FRANCHISE?
Six Big Mistakes to Avoid! by Daren Coudriet
Canadian Franchise Opportunities www.CAfranchiseOpportunities.com SIX BIG MISTAKES TO AVOID
So, you’re looking to buy a franchise and you are wondering where to start. One of the most important principles you need to adopt is
“learn from the mistakes of others”.
There is no need for you to go into this blind and repeat someone else’s mistakes.
Page 2
Canadian Franchise Opportunities www.CAfranchiseOpportunities.com SIX BIG MISTAKES TO AVOID
Mistake #1: Follow Your Passion
This one may seem strange at first. After all, aren’t you supposed to follow your passion? Isn't that what everyone’s says, "do what you are passionate about"? Here’s the twist - passion is great and it is sometimes the only thing that separates you from failure, but to succeed in business, you need a passion for starting and running a business.
Here’s an example to help explain - say you have a passion for golf and your friends and family encourage you to follow your passion. That’s great, but there is a huge difference between becoming a professional golfer and starting a golf retail store. In this case, striving to becoming a professional golfer to fulfill your passion for golf makes perfect sense. On the other hand, starting a golf retail franchise store would be a recipe for failure. To succeed in running a retail store, you need a passion (and experience) for retail operations, not golf.
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Canadian Franchise Opportunities www.CAfranchiseOpportunities.com SIX BIG MISTAKES TO AVOID
Mistake #2: Buying the “Hot” Franchise
It’s amazing what crowd mentality (following the herd) can do to a person when making a decision. It is easy to fall into that trap where you think just because everyone else is buying it, it must be the right franchise to buy. But you must be careful to avoid that way of thinking, for a couple of reasons:
1) The franchise could be
LOOKING TO BUY A
FRANCHISE?
Six Big Mistakes to Avoid! by Daren Coudriet
Canadian Franchise Opportunities www.CAfranchiseOpportunities.com SIX BIG MISTAKES TO AVOID
So, you’re looking to buy a franchise and you are wondering where to start. One of the most important principles you need to adopt is
“learn from the mistakes of others”.
There is no need for you to go into this blind and repeat someone else’s mistakes.
Page 2
Canadian Franchise Opportunities www.CAfranchiseOpportunities.com SIX BIG MISTAKES TO AVOID
Mistake #1: Follow Your Passion
This one may seem strange at first. After all, aren’t you supposed to follow your passion? Isn't that what everyone’s says, "do what you are passionate about"? Here’s the twist - passion is great and it is sometimes the only thing that separates you from failure, but to succeed in business, you need a passion for starting and running a business.
Here’s an example to help explain - say you have a passion for golf and your friends and family encourage you to follow your passion. That’s great, but there is a huge difference between becoming a professional golfer and starting a golf retail store. In this case, striving to becoming a professional golfer to fulfill your passion for golf makes perfect sense. On the other hand, starting a golf retail franchise store would be a recipe for failure. To succeed in running a retail store, you need a passion (and experience) for retail operations, not golf.
Page 3
Canadian Franchise Opportunities www.CAfranchiseOpportunities.com SIX BIG MISTAKES TO AVOID
Mistake #2: Buying the “Hot” Franchise
It’s amazing what crowd mentality (following the herd) can do to a person when making a decision. It is easy to fall into that trap where you think just because everyone else is buying it, it must be the right franchise to buy. But you must be careful to avoid that way of thinking, for a couple of reasons:
1) The franchise could be