Comments on: Have you Ever Looked at a New Business Venture and Thought “Oh No…”?

By: David

David — Sat, 21 Mar 2009 02:47:21 +0000

I think the main focus before going into a business should be research on the business itself and other areas like you mentioned location, finances, market. Franchising is a great option, came accross this website http://www.franchisefordads.com would like to share it with others, great site with loads of franchise opportunities and advice to help you start up.

By: Sherlock

Sherlock — Fri, 20 Mar 2009 05:11:44 +0000

I guess that is one of the main points I was making. Another one, maybe even more important, is this: Before you jump into a new business venture, be very careful in your assessment of the risks. It’s easy to bcome over entusiastic about the positives and just turn a blind eye towards the negatives. I think a common mistake is the famous LOCATION. It is so hard to find a location which is excellent, quite hard to find one that is “quite good” and somewhat easier to find one that “should be OK”, yet for a restaurant or a retail outlet location can easily be difference between excellent success and dismal failure. In the excitment of wanting to get the business moving it is tempting to go with a less than perfect location simply because finding a really good one is really hard.
If buying into a franchise system, at least the franchisor should be able to offer some experienced guidance in location and investment required, time to break even and the amount of cash on hand required. You should still be careful though, franchisor marketing executives are under a lot of pressure to “meet their targets” and may brush aside some of concerns you may have because they are eager to close this deal and move on to the next.

By: Stanley

Stanley — Thu, 19 Mar 2009 15:44:01 +0000

Is the point you are making that had these two business owners run with an existing fanchise, they may have been sucessful? Rather than coming up with their own concept, I mean…