Starting with the right approach is the key
There are two distinct approaches to becoming a successful franchisee. One is to choose the opportunity where others are already experiencing success and making money and the other is to think differently and opting for something drastically different. In the latter case, there is perhaps a lower chance of success, but it is a risk worth taking, of course, only if you can afford it or else you may wish to tread a more conventional path. Whatever your approach, the key to success is to start with the right definition of your franchise business. It should be defined in terms of achievable targets. This goal raises a logical and popularquestion, “What makes a lot of money?” and “What will make a viable target?”
Many budding business people try to answer this question in absolute terms such as making £50,000 every year. This is not the right way. It is wiser to define your targets in terms of return on investment (ROI).
For example, if you can invest £5,000 and get a return of £25,000 in a year, you are making ‘a lot of money’ on your investment by any reasonable standard of measure.