Franchise Opportunities

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Dear Dharma,

I am a single woman living in Vancouver, and the housing market is making it very difficult to even dream about being able to afford property one day.

With wages dropping and real estate rising, my friend and I have been brainstorming ways to earn extra money, one of which is to start our own business. Do you have any advice for novice business owners to-be? I understand we may be putting the cart in front of the horse, but we are excited and ready to start planning.

The Next Frozen Yogurt Place

Dear Frozen Yogurt,

Yeah, we really missed the boat with that whole choose your own topping yogurt thing, didn’t we…

Congratulations on the possibility of starting your own business.  It’s a big thing, and a little scary, so good for you for even entertaining the notion.

The advice I’m about to give has very little to with starting a new business and everything to do with going into business with friends.

The first thing you need to do is read BBHMM.  This was a 30 year friendship, and at the end of the day with nothing in writing, it all went to hell very quickly.

So, whatever venture you pursue, make sure everything is in writing.  Communication is going to be key between the two of you, so be up front about your expectations.  Run through some possible worst case scenarios to see if you are on the same page.  Don’t be shy to voice any concerns you may have…the more you work through in advance could save you a world of heartbreak and lawyers bills down the road.

This is not to say your friendship is guaranteed to go up in flames if you go into business together, of course not…  I just look at it the same way I look at the notion of carrying an umbrella.  Leave it home on an iffy day, and you know that 10% chance of showers turns into a monsoon pretty damn quick.  Take that umbrella with you and you’ll end up carrying it around like an idiot all day long in the blazing sun.

Be the idiot in the sun.  Make sure you’ve both voiced the unvoiceable, and you’ll stand a much better chance of success.

Good luck!

Dharma

 

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