10 Secrets To NOT Losing Money in a Franchise Business

Do you want to be a business owner, but you’re looking for tips to avoid financial risk? Here are 10 secrets to NOT losing money in a franchise!

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00:00 There are things that you can do to protect yourself and the capital that you invest. It’s important you understand that you are the only one who can control whether you lose money or not. Before we talk about losing money, let’s define what I mean when I say losing money. For this video’s purposes, I am not talking about showing a loss on paper due to tax advantages or needing to sell a business prematurely due to a divorce, health reasons, or unforeseen circumstances. In this video, I’m talking about losing money as in failing, closing your doors, walking away.

1:44 #1 – Create a powerful WHY

Why do you want to own a franchise investment? Get clear and specific and write it down. Why do you not want to go back to a W-2 job? Why is ownership so important to you? The more clear and specific you are about what’s motivating you to make this change in your life, the easier it will be for you to own this moment in good times and bad.

3:20 #2 – Have big, clear goals

Who do you want to become? The business is the pass-through vehicle that’s going to drive your life to a new place. The more clearly you can communicate to yourself personally, professionally, and financially what you’re trying to achieve through the business, the easier it will be to define the right business for that journey and the easier it will be for you to stay true to that business when times get tough.

4:02 #3 – Work with an experienced franchise consultant who can lead you to the right franchisor partner

Not all franchisors are created equal. If you work with an experienced franchise consultant like The Daly Coach, you will be leveraging 19 years of relationships and experience with these franchisors. Selecting the right franchisor partner could make all the difference to you between winning and losing, between succeeding and failing.

5:02 #4 – Don’t lose money in a franchise because you invested in a widget or a brand

The number one thing that you are investing in when you invest in a franchise is people. If you want to do it yourself, go be an entrepreneur. If you are investing in a franchise, you’re buying down the learning curve of starting that business because you’re partnering yourself with people who’ve already figured out how to make money in that particular type of business. They’ve created a toolbox, including training, marketing, and technology, and they’re going to support you.

7:07 #5 – Follow the franchisor’s lead

The number one reason that franchise businesses fail is that people don’t follow the system. Don’t let that be the reason that you lose money and have to close your doors. Follow the franchisor’s lead.

7:54 #6 – Invest in a business that you can comfortably afford

If you’ve done proper due diligence by talking to the franchisor and validating with franchisees, you really shouldn’t run out of money. But then again, nobody can control how you are spending money other than you.

10:48 #7 – Create your daily (Daly!) plan

The Daly Plan allows you to break down your annual revenue goal into daily goals so that every day that you come to work, you come with a purpose.

11:45 #8 – Be consistent

The momentum that you’re building is so incremental that often, it doesn’t seem like you’re getting anywhere, but don’t lose hope and do not quit. If you keep your head down and trust the process, one day, your consistency is going to pay off.

12:37 #9 – Find a mentor

Don’t lose money in your franchise because you tried to go it alone. The whole idea of investing in a franchise is that you’re in business for yourself but not by yourself. Franchising is very collaborative. There are people all around you who want to support you, but you have to reach out and ask for help.

13:42 #10 – Develop an abundance mindset

We get what we focus on. If you are constantly focused on losing money or fearful that you’re going to fail, how can you create an abundant, successful business? The law of attraction will work in your favor once you become deliberate in using it to create the results that you want.

If I can teach you more about the law of attraction or how to build a daily plan, I want to be your Daly Coach. Please leave a comment or reach out to me directly at http://thedalycoach.com/contact.

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