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44-Buying a Franchise--It's Not the Proven Playbook to Riches

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Manage episode 354287253 series 3419195
Content provided by Randal Wimmer. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Randal Wimmer or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

There is nothing more sought after than finding a roadmap to riches...Or a Playbook that guarantees you success if you just follow the checklist.
And that is how franchisors prey on aspiring entrepreneurs! The old saying that if it's too good to be true, then well...it usually is. Franchise Disclosure Documents provide real up-front costs. And these costs are usually BRUTAL. However, people are will to pay them for the "secret roadmap to riches" because Franchise Disclosure Documents will frequently list estimated potential annual income like this
Estimated Income: "3,000 to $300,000."
Here's the FACTS:
The AVERAGE income of all franchises is $66,000.
The crown jewels of the franchising industry are restaurants...OVER HALF of all food service franchises make LESS THAN $50,000. I'm not going to disparage $50K, but restaurant franchises frequently require up to $1 MILLION just to have less than a 50% chance of making $50K.
If franchises were SOOOOO profitable, why don't the franchisors keep them to themselves? Why do many franchisors only own a few of their own companies?

_________________
To get on the fast track to government contracting success, visit our website at:
https://governmentcontractingacademy.com/
_________________
Follow us on other platforms to stay up to date on the latest GovCon tips and tricks:
GCA’s Linkedin ▶ https://www.linkedin.com/company/governmentcontractingacademy/
Randy’s Linkedin ▶ https://www.linkedin.com/in/randal-wimmer/
The Entrepreneurial Times ▶ https://theentrepreneurialtimes.com/
Our Podcast ▶ https://open.spotify.com/show/4T2hq4ymWn4v9hI2hmdxuk?si=0e2aa77541b34b45
Our YouTube▶ https://youtube.com/@GovConAcademy

  continue reading

82 episodes

Artwork
iconShare
 
Manage episode 354287253 series 3419195
Content provided by Randal Wimmer. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Randal Wimmer or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

There is nothing more sought after than finding a roadmap to riches...Or a Playbook that guarantees you success if you just follow the checklist.
And that is how franchisors prey on aspiring entrepreneurs! The old saying that if it's too good to be true, then well...it usually is. Franchise Disclosure Documents provide real up-front costs. And these costs are usually BRUTAL. However, people are will to pay them for the "secret roadmap to riches" because Franchise Disclosure Documents will frequently list estimated potential annual income like this
Estimated Income: "3,000 to $300,000."
Here's the FACTS:
The AVERAGE income of all franchises is $66,000.
The crown jewels of the franchising industry are restaurants...OVER HALF of all food service franchises make LESS THAN $50,000. I'm not going to disparage $50K, but restaurant franchises frequently require up to $1 MILLION just to have less than a 50% chance of making $50K.
If franchises were SOOOOO profitable, why don't the franchisors keep them to themselves? Why do many franchisors only own a few of their own companies?

_________________
To get on the fast track to government contracting success, visit our website at:
https://governmentcontractingacademy.com/
_________________
Follow us on other platforms to stay up to date on the latest GovCon tips and tricks:
GCA’s Linkedin ▶ https://www.linkedin.com/company/governmentcontractingacademy/
Randy’s Linkedin ▶ https://www.linkedin.com/in/randal-wimmer/
The Entrepreneurial Times ▶ https://theentrepreneurialtimes.com/
Our Podcast ▶ https://open.spotify.com/show/4T2hq4ymWn4v9hI2hmdxuk?si=0e2aa77541b34b45
Our YouTube▶ https://youtube.com/@GovConAcademy

  continue reading

82 episodes

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