Recently the Roni Deutch Tax Center became a guest blogger for Franchise Business Review.com. The first entry explains the most common mistakes made by prospective franchises. You can find a snippet of the article below.
Opening up a franchised business is an exciting and momentous time for a new business owner. But with all the excitement, prospective franchisees may overlook some possible obstacles and are unprepared when the obstacles arise. To help the readers of the Franchise Business Review blog who might be considering a franchise, we have put together the following list of the 10 most common mistakes prospective franchisees make.
1. Over Investment
Over investing can destroy a project or business completely. Before investing any time or money into your franchise, create a basic budget plan to keep yourself on track. If you do not want to purchase software, there are plenty of websites – like Mint.com – that offer free budgeting tools.
2. Not Having a Plan
You never really know what's around the corner when you are starting your own business. Even so, having a basic plan can help you a lot in the end. Where are you hoping to open your store? How many employees are you planning to hire? How much (time, money, and patience) are you willing to sacrifice? These are all questions you should be asking yourself when you develop your plan.