It’s all a gamble, or is it?
This week a number of my friends have, well let’s say, turned their back on me due to a couple of recent tips I had for some horse races. Now we all know that gambling is not a good thing to get into, but the odd little flutter is OK surely, but this got me thinking about a conversation I had a few days earlier with a potential new franchisee.
I met this chap and his business partner who are looking to open a branch in the south and I went through the entire proposition in detail, after I ran through the model, I was told “umm..its still a gamble though”. Well let’s be honest about it every new business carries a degree of risk and I am not arrogant enough to think that our business model is any different, but considering the size of our network and the number of extremely successful businesses that trade in partnership with us, I am very confident. When I dug a little deeper, it became apparent why this chap thought it was still a gamble – as he didn’t want to be involved! It’s fine being a silent investor, we have many of them up and down the UK but, expecting to purely purchase a franchise and put a small team in the branch with minimal marketing budget is, well… stupid! Whether you are opening an estate agency, a restaurant, or indeed any small business you have to invest both time and money to get it off the ground. This country of ours is blessed with millions of small business entrepreneurs and the reason they are successful is because they all work hard (with long hours) and have continuously invested back into the business.
This franchise wont be opening with us as I have a duty to ensure only the right individuals with the right plan join.
As for the horses, sorry chaps I am sure the tips will get better and we will soon be millionaires!