If you’re thinking about making the jump from working in a job to being your own boss, one big question is whether you should start a business from scratch, or invest in a franchised concept.
Recently, while on vacation with my family, I saw an ad for one of those ‘Escape Room’ experiences. You know, the ones where you get locked in a room with your friends and you have to perform a series of tasks or solve various puzzles within a set period of time in order to gain release.
So, imagine this scenario. You’re locked in a room AND there’s a limited amount of air! You’ve got to find your way out before the air runs out. Scary huh?!
So, what’s the analogy? Well, being profitable in business, is much like escaping the room, it’s your ultimate goal. The air in the room — that’s your business capital. Cash, funding, money in the bank. It’s the lifeblood of your new business.
So, there’s only so much air and you’ve got to escape the room before you run out. For your business? Hit profitability before the money’s all gone.
Now imagine you’re in the same scary scenario, except sitting on a table in the middle of the room is a manual with the answers to almost every puzzle or task that’s required to successfully escape the room. This is much like what it’s like to be a franchisee. The franchisor gives you the manual that has most of the answers. Just follow their instructions and you have a much greater chance of reaching your goal of being profitable before the money runs out. Without the answers, you’re in for a lot of trial and error. Who knows if you’ll be able to solve all of your problems before the deadline?
Knowing the answers in advance is also a much more efficient use of your capital. Chances are you have worked really hard saving that money or convincing a lender to take a risk on you and your new business. That capital should be used to grow your business, not be wasted making rookie mistakes, but you will be surprised to know how many who try and fail - Forbes - Five reasons 8 out of 10 businesses fail.
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