Entrepreneur Soundoff!
Your first source for UNvarnished, politically-INcorrect information about how to launch a startup and manage a profitable small business!
Podcast host, Randal Wimmer, is a serial entrepreneur who has stepped on EVERY landmine in the startup minefield, at least once and some of them more times than he cares to admit! However, these hard-learned lessons were instrumental to his success.
Randal's companies have made hundreds of millions of dollars in revenue, been listed on both the INC 500 Fastest Growing Companies List and the Washington Tech Fast 50 List on multiple occassions, and culminated in successful market exits. Randal is also the author of the Amazon Bestselling book, GOOD ENOUGH! To Launch Your Company. (Author website: RandalWimmer.com )
Presently, Randal is helping aspiring entrepreneurs launch successful companies. He helps people avoid the "franchise trap" by providing entrepreneurs with franchising alternatives with all the benefits of a franchise and none of the royalties, constraints, and hassle. ( ReadyforRevenue.com ) He helps GovCon companies rapidly grow in the FedGov contracting space. ( GovernmentContractingAcademy.com ) Plus, he helps startups and small businesses obtain the corporate credentials to achieve market penetration and rapidly grow. (ISOCertificationGroup.com )
Entrepreneur Soundoff!
44-Buying a Franchise--It's Not the Proven Playbook to Riches
There is nothing more sought after than finding a roadmap to riches...Or a Playbook that guarantees you success if you just follow the checklist.
And that is how franchisors prey on aspiring entrepreneurs! The old saying that if it's too good to be true, then well...it usually is. Franchise Disclosure Documents provide real up-front costs. And these costs are usually BRUTAL. However, people are will to pay them for the "secret roadmap to riches" because Franchise Disclosure Documents will frequently list estimated potential annual income like this
Estimated Income: "3,000 to $300,000."
Here's the FACTS:
The AVERAGE income of all franchises is $66,000.
The crown jewels of the franchising industry are restaurants...OVER HALF of all food service franchises make LESS THAN $50,000. I'm not going to disparage $50K, but restaurant franchises frequently require up to $1 MILLION just to have less than a 50% chance of making $50K.
If franchises were SOOOOO profitable, why don't the franchisors keep them to themselves? Why do many franchisors only own a few of their own companies?
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