What’s better? An Original Startup or a Franchise? How About an Existing Franchise Location? How To Buy a Business

Bruce and Sara want to know about whether I think its smarter to buy a new franchise or an old one and how this compares to a startup.

Wow, there is so much to cover on this topic that I wrote a book about it in 2015.  Franchise Warnings is available as a .pdf at www.FranchiseWarnings.com or from Amazon.com or Amazon.ca.

The big message I try to get across to people is that starting a new franchise is just as risky as a new startup because you’re still relying on being able to draw customers away from established competitors.

Some franchisors like to say that the success rates of franchises are better than those of startups.  For example: 90% of startups are closed within 5 years while far more franchises are still operating. 

There are some big reasons why those franchises would still be operating even if they were losing money.  I explore several of these in my book and a big one in this video: https://youtu.be/Fi6f2fknDR0

My advice though is always the same; buy something that already has sales and profits.  This way there is no question that people will buy from the business... they already are.

Learn how to buy a business at www.BusinessBuyerAdvantage.com where you can access tons of information and enroll in my online course.

In fact, it’s so awesome that people all over the world buy it even if their local currency makes it seem expensive.  (The course works out to about $20/hr. and comes with a 30-day money-back guarantee!)  You can see how my whole buyer system works in this video from a few weeks ago: https://youtu.be/ooixMSaFf6Y

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I’m coming to Saint John, NB on March 1^st, Moncton, NB on March 30 and Toronto on May 10.  Seats are already filling up.  Find all my live events here: http://davidbarnett.eventbrite.ca .    

The Centre for Entrepreneur Education and Development in Halifax will be having me do two workshops in Halifax, NS on April 10.  Visit http://www.CEED.ca for more info.

Thanks and I’ll see you next time.