Buy Now? R U Crazy?

Posted by Tom Scarda, Certified Franchise Executive on Aug 8, 2022 8:00:00 AM

In franchise consultant, life decisions

The best time to plant a tree was 20 years ago. The second best time is now. ~ Chinese Proverb

23 years ago, when I told my parents I was buying a franchise called Maui Wowi Smoothies, they thought it was a phase, and it would pass before I signed on the dotted line. It wasn't a phase. After following through with the investment, my dad, a retired New York City Police Officer, said, "Are you nuts? Who's going to buy frozen drinks in New York in the winter? The fact is, we sold more in the winter than in the summer. We operated indoors in the dry and stuffy convention center during the winters. The options for beverages were only soda, water, or coffee. Smoothies were a treat. (Plus, smoothies cost the same as a bottle of water). In the summer, we did fine but had lots of competition. My dad didn't know that. He was a cop and didn't do the investigation I did. 

I hear it every day... "I just don't know about starting a franchise now." There are a million reasons one could point to so they can justify staying in their comfort zone, including that a family member sowed seeds of doubt in their mind.

I have been working with people to help them start businesses for the past 17 years. Here are some other reasons I have heard from people as to why they have decided to postpone starting a business and controlling their lives:

  1. Getting married.
  2. Getting divorced.
  3. A child getting married.
  4. A child graduating.
  5. Need to save a little more money first.
  6. Want to think about it and ask my friends, family, neighbors, friends of neighbors, etc.
  7. Want to wait until the economy gets better.
  8. Wants to wait until the economy slows down and competition shrinks.
  9. Selling a home.
  10. Buying a home.
  11. Waiting to see if they lose their job.
  12. Waiting to see if they can get a new job or if the new boss is better than the last boss.
  13. Waiting for the kids to get a little older.
  14. Waiting to pay off the house first.
  15. Wait to see if the stock market improves or what the analysts think

The fact of the matter is, I've heard a lot of "Maybe I should wait until..."

Now, let's look at some reasons to start a business now:

  • According to the SBA, entrepreneurism is on the rise across America. According to the United States Census Bureau, Americans registered 4.3 million new businesses in 2021 — a 24 percent increase from 2019. A year later, this trend has continued, and it's not slowing down soon. In November 2021, Americans filed 432,034 business applications. The message here is clear: if you've ever wanted to be your boss, 2022 is a great time to build your business. 
  • Many Americans may not know that 99.9 percent of U.S. businesses are small businesses, and 46.8 percent of U.S. employees work for these 32.5 million businesses. In fact, in 2019, small businesses were responsible for exports of goods worth nearly $460 billion. 
  • Not only are franchises more likely to succeed than traditional businesses, but franchising is becoming a more popular route to business ownership. The International Franchise Association (IFA) released its annual report, which anticipates franchise growth of 2.2% in 2022.

The worst mistake anyone can make is to wait until it's a good time to start a business. The only good time is NOW because you see, life will continue, and things will always happen. The economy will get better, and it will get worse again. You will sell a house, buy another one and probably sell it, too. People will get married, and people will get divorced. You will save more money and end up having to spend it on something else.

If you decide to wait, the odds are huge that you will never end up owning a business. At some point later in your life, you will wonder, what if I started that company back in 2022? Elders who have the most wisdom in society say they regret things they didn't do, not the things they did do.

If your dream goal is to own a business and build a lifestyle of freedom, start investigating your options now. I can help you sort through the different types of franchise models. I can assist you in organizing your thoughts and your goals and point you in the right direction to help you achieve your dreams. There is never a perfect time. There is only a limited amount of time each of us has to achieve the lifestyle we want.

#FranchiseOpportunities #controlyourdestiny #changeyourlifetoday