{"id":33617,"date":"2020-06-29T13:56:04","date_gmt":"2020-06-29T17:56:04","guid":{"rendered":"https:\/\/www.thefranchiseking.com\/?p=33617"},"modified":"2022-04-28T20:36:13","modified_gmt":"2022-04-29T00:36:13","slug":"franchisees-go-out-of-business","status":"publish","type":"post","link":"https:\/\/www.thefranchiseking.com\/franchisees-go-out-of-business","title":{"rendered":"The Top Two Reasons Franchisees Go Out Of Business"},"content":{"rendered":"

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Why do some franchise owners go out of business? And why does it seem to happen (a lot<\/em>) within the first year or two? <\/p>\n\n\n\n

Warning:<\/strong> The answers aren’t complicated. I promise you won’t need to pull up Excel and create spreadsheets. <\/p>\n\n\n\n

<\/p>\n\n\n

 <\/p>\n

Top Two Reasons Franchisees Go Under<\/h2>\n

<\/p>\n\n\n

1. They run out of money.<\/p>\n\n\n\n

2. They failed to do the proper research.<\/p>\n\n\n\n

Starting with #1…<\/p>\n\n\n\n

You may not know this, but one of the best things about buying a franchise is the fact that the franchisors tell you (in writing<\/em>) what your total upfront investment is going to be. There\u2019s no guessing. Heck, there\u2019s even a line in the documents you receive mentioning \u201cworking capital<\/em>.\u201d<\/p>\n\n\n

About Working Capital<\/strong><\/p>\n\n\n

In short, you need to have enough positive working capital to ensure that your franchise business is able to continue its operations and <\/strong>that it has sufficient funds to satisfy short-term debt and upcoming operational expenses. Except you\u2019ll need more<\/strong>.<\/p>\n\n\n\n

Case in point: the pandemic.<\/p>\n\n\n\n

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Looking back, if you owned a franchise during the past several months or so, unless you happened to have a working crystal ball within reach<\/em>, you had no way to predict a pandemic<\/a><\/strong> and its devastating effect on the economy.<\/p>\n\n\n\n

Now, obviously, a pandemic is an extreme example, but there aren\u2019t many businesses that have enough working capital on hand to make it through a pandemic.<\/p>\n\n\n\n

The good news?<\/strong><\/p>\n\n\n\n

A lot of franchisors have found ways to help franchisees innovate-and they\u2019ve made it through the pandemic economy because of it.  Here’s one<\/a><\/strong>. <\/p>\n\n\n\n

My point?<\/strong><\/p>\n\n\n\n

Always<\/strong> plan for something unexpected that could affect your franchise business.<\/p>\n\n\n\n

The way to do that is to have more money in the bank than you need.<\/p>\n\n\n\n

In other words, when you start a franchise, make sure you set aside more working capital than you think you\u2019ll need. <\/p>\n\n\n\n

One way to do it is to open a separate checking\/savings account at your local bank. <\/p>\n\n\n\n

Trust me, you’ll breath easier knowing you have extra cash<\/a><\/strong> available for your business.<\/p>\n\n\n\n

Of course it wouldn’t hurt to have one of these<\/a><\/strong>, too.<\/p>\n\n\n\n

Do it! You’ll thank me later. <\/p>\n\n\n\n

<\/p>\n\n\n

 <\/p>\n\n\n\n

The #2 Reason Franchisees Go Out Of Business<\/h2>\n\n\n

This one may surprise you.<\/p>\n\n\n\n

The second reason franchisees go out of business has to do with what they did (or didn’t do<\/em>) well before they bought the franchise. What am I referring to?<\/p>\n\n\n\n

Research<\/b>. <\/p>\n\n\n\n

Extraordinary, fact-filled, pretty-near exhaustive franchise research<\/strong>. <\/p>\n\n\n\n

Which happens to be easier to do than you think.<\/p>\n\n\n\n

Heck, just calling and asking questions<\/a><\/strong> of a dozen or so existing franchisees of the franchise opportunity you’re considering can help lower your risk<\/strong><\/a>. Unfortunately, a lot of people who call me to help them “get out of their franchise<\/em>” didn’t do it. <\/p>\n\n\n\n

But talking to (and visiting<\/em>) franchisees is only part of the franchise research process. There are several other things you need to do. <\/p>\n\n\n\n

But if you\u2019ve never researched franchise opportunities, how are you supposed to know how to do it? <\/p>\n\n\n\n

With this.<\/p>\n\n\n

\"guide<\/a><\/p>\n\n\n

Everything you need to know, all the steps you need to take, plus specific research techniques-including never before revealed ways to use the internet to find hidden franchise information, are included in my franchise research guide. <\/p>\n\n\n\n

Check it Out Now<\/a><\/strong> <\/p>\n\n\n\n

So you don’t end up with a franchise business you have to close down. <\/p>\n","protected":false},"excerpt":{"rendered":"

Why do some franchise owners go out of business? And why does it seem to happen (a lot) within the first year or two? Warning: The answers aren’t complicated. I promise you won’t need to pull up Excel and create spreadsheets.   Top Two Reasons Franchisees Go Under 1. They run out of money. 2. […]<\/p>\n","protected":false},"author":2,"featured_media":33625,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[33],"tags":[2006],"class_list":["post-33617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-franchise-research","tag-going-out-of-business"],"yoast_head":"\nTwo Reasons Why Franchisees Go Out Of Business<\/title>\n<meta name=\"description\" content=\"What follows are the top two reasons franchisees go out of business. Find out what they are from The Franchise King\u00ae. 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