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Going into business can be scary. Buying a franchise is no different.
Franchising is possibly the most maligned business system for a couple of reasons: A) The media love to make headlines when a franchise goes to the wall. The estimated failure rate for independent businesses is 82%, whereas for franchise operations, it is under 4%. But there is no value in the media highlighting the demise of an independent business. B) No one likes to take the blame when things go wrong. If a franchise fails, the Franchisee will blame everyone but himself, and the Franchisor is the perfect fall guy. This is bad for two reasons - telling untruths is bad for the soul the enterprise, and those who may have benefited from being part of the system, and the other is that if you never take responsibility for your actions, you will never be wise and you will be doomed to repeating the same mistake.
franchising is the perfect system for people with a desire to own and operate a business, but lack the confidence and skills to go it alone.
FRANCHISING IS NOT FOR EVERYONE.
This small guide is essential reading for those with limited knowledge of franchising, for those considering the franchise business option, and students of business.
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