MSNBC:

Most franchise owners will tell you that they could have easily saved quite a bit of money from the costs incurred opening their first units. This begs the question: If this is such a universal truth, then why didn’t the franchise companies show them how to save this money as part of their training? The answer is that they probably did.

The biggest money waster in terms of startup costs, by far, is impatience on the part of the franchisee.

Most new franchisees are thrilled and excited to get going, as they should be, and they can’t wait until their new franchise opens for business. If there are two ways to do something, and the faster one costs more money, most new franchisees opt for speed. Those kinds of choices can really add up to a lot of money and in many cases the time gained doesn’t really produce any long-term value to offset the increased costs.

The secret to reaching the best result in terms of startup costs is balance. If you picture the cost vs. speed quandary as a continuum, you don’t want to be at either extreme. Trying so hard to save money that you never open the business isn’t going to be any better for you than spending too much to open a little sooner than you otherwise would. Continue reading.

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