Emergent trends can be alluring but can obscure the bigger picture of a business’s longevity.
Take Jordan. She’s an entrepreneur who started a VR gaming franchise. Despite her initial success, market volatility and the fleeting nature of trends left her without a business.
Hopefully, Jordan learned a few lessons from her business. Fortunately, we can benefit just from hearing it.
Here are the takeaways from my mind:
Avoid FOMO
You can’t avoid FOMO (the fear of missing out). However, you can avoid basing your decisions on it. Instead, I like to choose franchises based on what franchises people need in their lives.
Distinguish Between Long-term and New Trends
Immediate profitability doesn’t guarantee longevity. Focus on franchises with a proven track records with long-term demand unless you’re financially prepared for shortfalls.
Value Adaptability
A franchise’s resilience to market fluctuations will determine its longevity. You want to get a franchise that performs well in good times and bad times.
In short, channel your inner Warren Buffett. (You can hold off on the Coke and peanut brittle.)
- Base your investments on prudence, not novelty.
- Be cautious. Be methodical.
- Focus on consistent growth and sustainability.
Of course, it’s not as exciting, but you’re far more likely to outperform investors who roll the dice in the long term. It’s often the unsexy businesses that do well year after year. Most franchise terms are for 10 years so you need to ask yourself – will this service or product still be in demand in 10 years?
If you want to more insider insights and to learn more about controlling your time by owning a franchise, feel free to reach out by clicking this LINK. Be good to yourself.
Irving Chung
FranChoice
214-908-9791