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OmnivoreInk wrote:I remember hearing that most new businesses fail in the first year...usually due to money issues.
(I've been hearing that for many years, I suppose it's common sense that that would be the case.)
I suppose that's the same for franchises? Once you buy a franchise, it probably takes about 5 years before it becomes profitable...if you don't have the cash to keep running for all that time...you go under.
Nana wrote:Another reason franchises can fail is due to lack of effort on the franchisees part. If the franchisee does not give it their 110% and purely imitates rather than innovates they will increase their chance of failure.
However, it has been proven that chances of success are higher when buying a franchise rather than when you start your own business. Franchising provides a proven business model which is why the success rates are higher.
David Castro wrote:You have to know what you are getting into, have to be patient and have perseverance. You will fail when you stop trying.
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