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I have been an employee for 18 years. My salary is not enough to provide for my kids. But we get through as the whole family is working hand in hand. My aspirations for the family is that all my kids can finish college and will have a good job. But on second thought i am thinking what if i start a new business. Maybe a franchising business. It will help us all to have a steady income. But sadly when you enter a business then you should have a personal eye on it. Don't you think it's the right thing to do?
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[quote quote=1730]I have been an employee for 18 years. My salary is not enough to provide for my kids. But we get through as the whole family is working hand in hand. My aspirations for the family is that all my kids can finish college and will have a good job. But on second thought i am thinking what if i start a new business. Maybe a franchising business. It will help us all to have a steady income. But sadly when you enter a business then you should have a personal eye on it. Don’t you think it’s the right thing to do?[/quote]
Thinking the future of your family is one of the wisest thing a man can do, but since the world is full of uncertainties we cannot tell on how long we will stay in the company as an employee and we cannot tell if the amount we are receiving will be enough still in the future. Your method of thinking franchising will be a good idea of starting a business of your own, and yes every business has its own risk to take part of. But I suggest that before you start franchising which business which is the one you want. I would like to recommend you to attend some seminars regarding franchising so that you will be make sure and be guided of by some professionals that have been also in the same thinking as yours.
Because in terms of franchising and we all know that franchising is not that easy as 123 and simple as ABC it takes a lot of courage and effort and a lot of money especially if the business you will purchase is high enough or well enough. Aside from this I think the place or location must be considered too. I am hoping for your future success in the world of businesses.
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thank you so much for your advice, i will try to look on this matter before starting. It is not just an additional knowledge but it will guide me through.
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A lot of the better franchise options cost a lot to set up. You'd need to have saved a significant portion. Also some franchises can be operated in ways which make it hard for you - you have little control or decision making power, you are forced to buy different things, you pay franchisers a percentage of revenue (not profit) sometimes. They can set up other stores close to you and cannibalise your sales. Also, for things like McDoanlds, there is a year long training program you have to partake in before you can even set up the store.
I think franchising can be good, but you need to heavily research into the specifics of your contract with the business you decide to go into and see what others are saying.
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