Factors to Consider (and Mistakes to Avoid) When Starting a Franchise or Business
In a recent article in the Wall Street Journal‚ 10 Mistakes That Start-Up Entrepreneurs Make‚ Rosalind Resnick provides readers with what she believes are the most common mistakes made by start-up entrepreneurs.
Ms. Resnick reports that‚ in her experience‚ the following mistakes appear to be "the most common mistakes that start-up entrepreneurs make":
- Doing it alone
- Asking too many people for advice
- Spending too much time on product development‚ not enough on sales
- Targeting too small a market
- Entering a market with no distribution partner
- Overpaying for customers
- Raising too little capital
- Raising too much capital
- Not having a business plan
- Over-thinking your business plan
Although Ms. Resnick acknowledges that some mistakes are inevitable she does remind prospective entrepreneurs (Franchisors and Franchisees) to utilize the extensive books and articles available. According to Rosalind Resnick although there are many books and articles that have been written about entrepreneurship it is unrealistic to start a company without making a few mistakes along the way.
When starting a business or franchise it is critical to arm yourself with the necessary tools and information. If you are considering the purchase of a business or Franchise‚ find out how to receive a complimentary copy of Charles N. Internicola's "An Entrepreneurs Guide to Purchasing a Business or Franchise". If you are a successful business owner and looking to Franchise your business find out how to receive a complimentary copy of Charles N. Internicola's "Franchise Formula: A Guide to Franchising Your Business in the New Economy".
By Charles Internicola September 22, 2010
Franchise ChannelWhat Our Clients Say About The Internicola Law Firm
- Business Transactions
- Buy a Franchise
- Corporate Counsel
- Firm News
- Franchise Your Business
- Grow Your Franchise
- Intellectual Property
- Partnership Disputes
- Start a Franchise
- Do You Need to Have Multiple Locations to Franchise Your Business?
- Don’t Hire a Franchise Consultant if you see these Warning Signs!
- When is the Right Time to Franchise Your Business?
- How to Improve Your FDD Item 19 Financial Performance Representations in 2021 and Beyond (With COVID Impact)
- Should You Create an Education and Training Business Instead of Franchising?