Business

Six Deadly Traps to Kill Your Franchise Business

Published

6 years ago

August 20, 2019

Have you ever considered joining a franchise like XIMIVOGUE, Subway or 7 Eleven? Franchises provide many advantages such as industry-specific training and hardware support, which can be extremely beneficial for newcomers. However, traps are also everywhere in this business battlefield, and today we are going to share six deadly actions you can take to destroy your stores.

1. Research on only one franchise

Making no comparison and not allowing yourself to have more selection may be the worst thing you can ever do in starting a franchise business. You would like to have at least three companies in the same industry you prefer, and each of them should be researched in great detail that allows you to make informed decisions. For instance, if you are into the fast fashion department store, put more efforts in researching XIMIVOGUE, MINISO and Daiso and find out which one suits you the most.

2. Not having sufficient capital/Overshooting

Although you may be working with a franchising giant, financial risks in running the business are possible. Some newcomers could run out of money quickly because of the underestimation to the store’s overhead costs. Under-preparation for cash flow can also result in capital deficiency, which causes problems in the short run.

There are two solutions without borrowing any money and in debt at the beginning of your career. Firstly, conduct thorough research on the capital investments on your preferred franchise firms. Make sure you consult your franchisor once you are engaging with them for financial advice to manage your cash flow more efficiently.

3. Ignoring your staff and store capacity

A grand opening is desirable for every new franchisee; however, you should consider your staff capacity in handling customers.

Some owners pushed their marketing efforts to the maximum before the open day and hoping to attract as many local consumers as possible. If your staff and store are not capable of serving that many customers, influences on your store can be harmful. Comments such as ‘bad customer experience’, ‘over-crowded’, ‘too messy’ are bad for getting your business rolling. Therefore, being patient and striking for a balance is vital for success.

Secondly, assess your financial capacity and avoid overshooting. As an entrepreneur, you could be aggressively investing your money and hoping the store grow exponentially. Things would not go as ideal in reality, and you should always have a backup plan and capitals if anything goes wrong. There is no such thing as being too prepared.

4. Believing that you know everything

Overconfidence can be the stupidest thing that happened to you as a business person. Even though you could have experienced background in business, it does not mean you know all industries, let alone being the best franchisee.

Modesty and consistent learning are the keys. Ask the franchisor and your fellow franchisees for their view in making your business better. Since you are all in the same group with a shared goal, it should be reasonably easy to consult them when you are unsure about making a crucial decision. XIMIVOGUE like to assign a manager from the headquarters to assist owners and provide advice and strategy on your decisions. You cannot imagine how valuable those conversations and guidance could be, and how significant they are to push your business to be successful.

5. Thinking a franchise model fits everyone

Although being in a franchise has fewer risks than establishing a personal business, the model may not fit your management style. Once you are in it, you have little to say how the store can run. The franchisor requires their investors to maintain consistency across all store; the best way to achieve this goal is to control as many aspects of its franchise stores as possible. Therefore, you need to be one hundred percent sure that you can play by franchisor’s rules.

6. Over-investing into the franchise

Even if you are in love with your business, avoid investing too much as it can be risky, and the effect may be irreversible. There are two primary conditions where people can over-invest: over-confidence and ego to take over.

Firstly, they are too confident in the market reaction at the beginning of the cycle. Initial consumer curiosity can cause a positive sales performance during this period; once the trend is gone, your sales would also be gone. Secondly, the attempt to take over the market by dumping a considerable amount of cash at once is dangerous. Make sure to have a solid budget plan that can carry your business in the long run.

Conclusion

In addition to these six traps we discussed, you also need to choose your financial sources carefully and reading their Franchise Disclosure Document thoroughly with a third-party consultant. As an entrepreneur, managing each step with due diligence ensures your business runs in the long term and protect it from any unnecessary loss. Furthermore, investing in growing and large franchises like XIMIVOGUE can reduce the risks as well.

For more info, Please visit https://www.ximiso.com/.

Business

Remote Professionals Getting More Value for Their Work Thanks to Borderless Banking

Published

6 hours ago

July 10, 2025

Matthew Wiles

Not too long ago, the idea of working remotely from an island in Thailand or a co-working space in Berlin sounded like the kind of fantasy only tech moguls or backpacking freelancers could afford.

Fast forward to today, and it’s as good as a global reality. Millions of professionals have cut the cord from traditional office life in exchange for flexibility, freedom, and a work-life balance that fits their personal rhythm and not their employer’s timezone.

However, as remote work has reshaped how people earn a living, it’s also pointed out the existing limits to most of the world’s financial systems. Traditional banking simply wasn’t built for a workforce that’s always on the move, operating in multiple currencies, and getting paid across borders.

Thankfully, that’s where borderless banking like Black Banx have proven vital, and has quietly transformed the way money is managed for people vacationing and working overseas alike.

The Rise of the Remote Work Economy

Remote work isn’t just a pandemic-era trend that faded with Zoom fatigue—it’s become a defining feature of the modern workforce. A recent survey revealed that over 39% of Gen Z and Millennials planned to live and work abroad for extended periods this year, many staying six months or more in a single location. That’s beyond a short trip, and can be considered as good as a sabbatical with a substantial lifestyle shift.

According to recent estimates, the digital nomad economy now also contributes as much as US$787 billion annually to the global economy. And this isn’t just entry-level gig work. A third of digital nomads earn between US$100,000 and US$250,000, while another third take in US$50,000 to US$100,000 annually.

It is indeed evident that the manner in which many make a living has changed. Unfortunately, most financial systems haven’t kept up.

Where Traditional Banks Are Still Falling Short

For those who have ever tried to open a bank account abroad or receive payment from a foreign client, they already know the drill: the paperwork is endless, delays are frustrating, and the fees? So much to do, even for the smallest amounts of money.

Just to name few of the hurdles remote workers still face with conventional banking:

Account setup restrictions: Need proof of residence, tax IDs, or a local job offer—things many digital nomads simply don’t have.
Slow international transfers: Payments can take days to process, which is a nightmare when rent’s due.
High foreign exchange fees: Currency conversions often come with steep, hidden costs.
Limited multi-currency support: Most banks still force users to operate in a single currency, making financial planning chaotic at best.

And perhaps most tellingly, many banks have digitized their operations but haven’t personalized their services. According to Accenture’s 2025 Banking Trends Report, while digital transformation has improved efficiency, it often sacrifices the customer experience. That’s not great news for people who live outside the lines.

Borderless Banking for Professionals Across the Globe

The concept of borderless banking goes far beyond wiring money internationally. Fundamentally, it’s also about being able to eliminate the friction between people and their money, no matter where they are in the world, and maintaining an ecosystem where geography, bureaucracy, and currency don’t stand in the way of financial freedom.

A working example of this is Black Banx, a Toronto-based fintech founded by German billionaire Michael Gastauer. Since launching globally in 2015, it has grown to serve over 78 million clients in 180+ countries as of Q1 2025, proof that people take to digital banking solutions when it is accessible, affordable, and is useful in just about any locale.

In the first three months of this year, Black Banx had also earned US$4.3 billion in revenue and US$1.6 billion in pre-tax profit, more than double from the same quarter the previous year and showing it has consistently delivered tangible value to global customers—remote professionals included

How Borderless Banking Maximizes Value for Remote Workers

1. Instant Account Access—No Strings Attached

The times of hunting down local branches or collecting endless documents just to open an account are finished. With borderless banks, users can open an account in minutes using just a photo ID—no proof of address or income required. That’s a lifesaver for anyone living outside their passport country or hopping from one location to another.

2. Multi-Currency Mastery

Managing money in multiple currencies used to mean juggling several accounts—or worse, losing money on conversions. Borderless platforms like Black Banx support 28 FIAT currencies and allow real-time currency conversions at competitive rates. That means remote workers can:

Invoice clients in one currency
Spend or save in another
Hedge against local currency fluctuations
Avoid excessive conversion fees altogether

3. Seamless, Real-Time Global Payments

Getting paid late, or paying others late, isn’t just inconvenient; it can damage relationships and disrupt your cash flow. With real-time payment support, remote workers can receive funds instantly, no matter where their clients are. This is particularly valuable for freelancers and entrepreneurs juggling multiple contracts across time zones.

Plus, bulk payment features and API integration streamline processes for those running teams or businesses.

4. Built-In Crypto Options

It isn’t surprising that many digital nomads are already deep into crypto. Whether it’s for investment, faster transactions, or avoiding traditional finance red tape, crypto is becoming essential.

Since 2016, Black Banx has allowed users to send, receive, and convert crypto (like BTC and ETH) within their accounts. That integration saves users from having to manage separate crypto wallets, and adds another layer of flexibility to their financial toolkit.

5. Secure Transactions

Remote workers often log in to work from cafés, coworking spaces, and airports, to name a few. Of course, this flexibility of being able to work almost anywhere should never come at the cost of security. Borderless banks like Black Banx use end-to-end encryption, AI fraud detection, and two-factor authentication to keep accounts safe from risky elements.

Financial Freedom, Not Just Convenience

Perhaps the most overlooked benefit of borderless banking is the freedom it provides. Not just to access money, but to fully participate in the global economy. For millions of professionals in underbanked regions like Africa, Latin America, Southeast Asia, borderless banking has become a gateway to financial inclusion and a way to take on opportunities that typically wouldn’t be available to them if not remote.

By removing barriers to entry, platforms like Black Banx empower underserved individuals to both take control of their finances and increase their earning power by working with companies from higher paying markets. This democratization of finance isn’t just good for individuals, it’s good for the global economy as a whole.

As Black Banx CEO Michael Gastauer put it: “Our multi-currency solutions enable businesses to tap into global talent without worrying about payment complexities. We make cross-border transactions as seamless as local ones.”

The Road Ahead

By 2030, the number of digital nomads worldwide is expected to soar past 60 million, according to the Forbes Technology Council. That means tens of millions of workers will be navigating foreign currencies, time zones, and financial systems—all while expecting the same seamless experience they’d get at home.

Indeed, remote professionals aren’t just looking for places to work—they’re looking for systems that work for them. In a lifestyle built on flexibility, traditional banking is proving too rigid, too slow, and too expensive.

Borderless banking services like those offered by the likes of Black Banx, on the other hand, offer exactly what today’s global workforce needs: instant access, multi-currency support, real-time payments, crypto integration, and enterprise-level security—all in a streamlined experience.