‘Very dangerous truth’ about owning a franchise
. We’ve seen it at 7-Eleven, Subway, Chatime, Domino’s, Michel’s Patisserie and many more.
Very few owners of a non-franchise business said it was their worst life decision – even if the business failed. But franchise owners? A huge majority of them said it was the worst decision of their life – even if the business survived.This blows my mind. It’s obvious there is something very, very dangerous about owning a franchise.“you’re three times more likely to be successful with a franchise than you are going to be on your own”, think about the above graph.
“I’m great with people, but I just couldn’t make it work. And you know, since I’ve lost the business, I’m seeing a psychologist. I’ve suffered agoraphobia, anxiety attacks and depression … I don’t really understand this as I have always been such a strong person. We had two houses, an investment property and a good lifestyle. We have nothing now. I’ve gone bankrupt and this is after working so hard … so many hours trying to make things work … I really regret my decision to buy .
If business turns bad, they are stuck implementing the failing business model they paid for and it’s usually around this time that head office starts “helping”, which sometimes involves making sure the owner is implementing the business model perfectly, even if it costs a fortune. This makes owning a struggling franchise one of the least pleasant activities in modern capitalism.Source:Supplied
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