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Why Franchisees Fail |
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Excerpts form Richard Gibson’s Article on the Wall Street Journal Online.
“Franchising makes owning a small business easy. One buys into a proven business model, follows the instruction manual and, voila, presumably experiences financial success.”
According to the author of the article this is myth. The truth is that hundreds of franchises fail every year. The most frequent causes for franchisee failure are: “lack of funds, poor people skills, reluctance to follow the formula, a mismatch between franchisee and the business and … an inept franchiser.”
“A franchise is still a business”; “it is not a guarantee of success” the article continues quoting Lawrence “Doc” Cohen owner of 24 franchises and former chairman of the International Franchise association.
You can find the complete story at http://www.startupjournal.com.
At Synapsis, we will soon begin to conduct franchisee searches for selected businesses. At the same time we will be available to assist prospective franchisees in their search for a suitable franchise and also in avoiding these frequent causes for failure.
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