Several Really Bad Things Are Going To Happen If You Buy The Wrong Franchise
“What if I buy the wrong franchise?”
That question, along with several others, is always top of mind when you’re getting close to buying a franchise. And it’s one that needs to be asked. Because
You Could End Up Buying The Wrong Franchise
As smart as you are, it could happen. You could end up buying the wrong franchise. And if you do, there are several really bad things that are going to happen to you.
Reasons Things Can Turn Out Bad
Let’s say the franchise you purchased is turning out to be an absolute disaster- for one or more of the following reasons:
You picked a horrible location for your business
Your skills don’t match the kinds of skills needed to run the business
The “support” you were promised to receive (from franchise headquarters) is almost non-existent
You chose a “hot” food franchise that’s quickly becoming cold in your local market area
Those are just a few of the things that can go sideways if you end up buying the wrong franchise.
A List Of The Bad Stuff That Can Happen As A Result
You need to know what can happen to you if you buy the wrong franchise. Here’s a list.
- You may have to go into debt-way more debt that you anticipated, just to save your business. Borrowing money isn’t cheap. Debt is bad.
- Your credit score could go down-a lot, if your debt increases significantly. Other things that will affect your credit score include; making late payments and/or missing payments to credit card companies, the bank that lent you the money to start your franchise business, auto lenders, and more.
- Your high-stress level (because of how bad your franchise business is doing) may start affecting your health. Check out the list of things that long-term stress can cause, courtesy of WebMD:
Mental health problems, such as depression, anxiety, and personality disorders
Cardiovascular disease, including heart disease, high blood pressure, abnormal heart rhythms, heart attacks, and stroke
Obesity and other eating disorders
Sexual dysfunction, such as impotence and premature ejaculation in men and loss of sexual desire in both men and women
Skin and hair problems, such as acne, psoriasis, and eczema, and permanent hair loss
Gastrointestinal problems, such as GERD, gastritis, ulcerative colitis, and irritable colon
4. Embarrassment. I added this one to the list because it’s something you may not have thought of.
When you were experiencing the excitement that comes with starting something new-like starting a business for example, you undoubtedly told lots of people about your new venture. And, why wouldn’t you? All of us like sharing good news…good things that are happening in our lives.
But if you end up buying the wrong franchise…one that turns out to be the biggest mistake you’ve ever made, you’re probably going to feel pretty foolish…pretty embarrassed.
Would you like to avoid being embarrassed?
Would you like to avoid (potentially) damaging your health because of the super-stressful situation you’ve put yourself (and your family) in?
Would you like to avoid getting into serious debt-the type of debt that takes years to climb out of?
Would you like to avoid damaging your credit, which can affect your future buying power?
Would you like to avoid losing your money because you bought the wrong franchise?
If so, do what I suggest below.
How to Avoid Buying The Wrong Franchise
There’s an easy way to avoid buying the wrong franchise.
All you have to do is learn how to buy a franchise. That’s all.
Because once you learn how to do it, your odds of buying the wrong franchise go down in a big way.
Are you ready to learn?
If so, go here to read my comprehensive article on exactly how to buy a franchise.
(The Franchise King®, Joel Libava, is a top franchise expert, the author of Become A Franchise Owner! (Wiley Publishing), and owns and operates Franchise Business University, where you can increase your franchise IQ with the online franchise courses offered there.)