ADSENSE Link Ads 200 x 90
ADSENSE 336 x 280
My Bad Franchise Experience
As many of us are looking to start our own business in this poor economy, I was too. I looked in magazine and on the internet, read books. I found a company that specialized in matching people up with the right business. They were a free service. They asked many questions including my financial information, brief information about my self.They brought to me three different business that they felt met my interest.
The business I had decided on was a decorative glass franchise. The franchise had been in business for more than 20 years so I felt they were stable. They supplied you with the training.They contacted me and assured me that with their help my sales would be 2000. a week within the first ninety days. They even had suggested to me, a company to go thought that would write a business plan and find a bank to finance the business for a small fee. So I paid the franchise a deposit and called the company they had suggested. This company was very determined and sent my business plan to many banks, many turned me down. I should have taken this as a warning sign. After mistake #1, I securing the loan with my home and I had the funds needed. I paid the rest of the fees for the purchase of the franchise.
I went to the training that they offered in California. Learned how to make the product. How to order supplies,very basic installation skills. no training on book keeping but did suggest computer program to purchase, no marketing suggestions. I went home found a building and started my business. Their support team called me every week for 3 weeks, then my main contact person had adopted a baby and took a three month leave of absents. They then assigned me a new temporary person whom owned a franchise in Canada. Contact with him was hit and miss until the first person came back three months later. Then her husband had a heart attack and she was off again on leave of absents. So to say the least their support I was to have was not there. Neither were my sales.
I would ask for suggestions on advertising, they would say every town is different what works for one does not work for others. I was just going to have to see what worked through trail and error and lots of time and money. They did have one suggestion Cold Calls but in Missouri there is a no call list. I would ask other owners that had been in business for 10 to 20 years. They would tell me the same thing the Corporate office would say. you would think someone who had been in business for 20 years could tell you how to market their product after all it is a franchise.
After 2 years I was really struggling I had tried newspapers ads. home shows, television commercials, magazines, supplied samples in local businesses talked to builder you name it I tried it. Oh yes I had some business but not enough to pay the up keep, you know rent, phone, etc.
I would call the corporate office they would say do you have any equity in your home maybe you could get another loan, Well I did but was not going to take money out of my home to invest in a business that was going under. I was smart enough to know that.
After 4 years of struggling I closed the doors and filed bankruptcy, along with many other owners. Corporate was being sued by other owners for fraud and many other issues. I had no money left to sue and neither did many others. Corporate lost the lawsuit and was found guilty. But they are still in business out there.
Several of us went from perfect credit to bankrupt. And the company never even said good bye.
Long story short franchises are not all secure businesses. They require lots of investment and capital. Business goes bad they have nothing to loose. They have your money from your purchase and you have invested a lot into advertising their name.
Do not make the same mistake. Hold onto your money! Learn from my experience! If I only knew then what I know now, internet advertising was and is the thing to do!
Now when I am choosing who to do business with I try to stay away from franchises.
I have owned a franchise, been a sub contractor, and have a internet business. If I had only known all the advertising options of the internet that may have saved my business. Now I have all the tools and support,training to keep me growing. I have not had to invest what was left of my life savings, I have time with my family. I can now live the life I dreamed of.
Article Source: https://EzineArticles.com/expert/Rebecca_Lyon/516427
Article Source: http://EzineArticles.com/3720781
business phone service,small business phone service providers,business loans,small business loans,small business opportunities,business software,small business plan,business plans,small business grants,online business,business opportunities,
0 Response to "My Bad Franchise Experience"
Posting Komentar