Entrepreneurship: Finding Balance between Freedom and Risk

All brokers have to find a balance between “the deal” and “the right placement.” Many online articles, as well as TV/radio journalists, have identified the broker as being the culprit of financial ruin. This is true in many industries, where the “expert” really has his or her own self-interest in mind. I have heard many horror stories, and I cringe every time a prospective candidate tells me how a broker led him/her down the garden path

How can you avoid this risk, and get into business for yourself without destroying your retirement? Well, first, let’s focus on the positive – how can you enter into business ownership confidently, knowing your investment is better controlled by YOU, and not the whims of the stock market?

As a consultant, my role is to work with an individual or investor group, to get to the heart of their motives and goals, and then find the right concept at the right investment level. I work with my candidates to assess their financial strength, and then delve into the decision about how to finance their franchise investment.

I work closely with a small number of different funding companies whose sole focus is franchising. There are specific guidelines implemented by the FTC and the IRS, and working with funding companies that are aligned with those rules and regulations saves a lot of heartache and avoids costly mistakes.

Going into business, whether as self-starter with your own idea, or as a franchise owner inside a gold-standard concept, is risky business. You should work with someone who acknowledges those risks, can guide you to find answers that make you feel completely informed and comfortable with your decision, and aligns with you as a strategic, long-term partner. Your success should be foremost in the minds of your consultant (me), your funding/financial resource for loans and your franchise company of choice.

You may not know this, but every franchise concept MUST report failures. Franchise companies that have “sales breath” or are too eager to sign you up don’t realize the damage done by reporting you as a failure. That information goes into a public document that you have access to. So use a consultant, take it slow, and make sure that you and the franchisor are in alignment about “right-sizing” your investment for both short- and long-term success.

Ready to take first step toward making your dreams of business ownership a reality? Contact me to set up an initial appointment.