Are you thinking of Owning a Franchise? Buying a franchise or starting a business is a BIG decision! Many people consider starting a business or buying a franchise business. Should you Buy A Franchise? Learn from a Franchisee on pros and cons, and benefits of owning a Franchise.. Having a successful franchise business is possible, but is not always easy. Franchise City.
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#1 You need to know your why.
Why do you want to buy a franchise business? Is it money? Do you want to leave your job? Do you want to supplement the income from, from your job?
#2 Get a Franchise Consultant or Business Broker.
It’s important to make sure that the franchise that you’re looking up matches up with your skill sets, your personality traits, and with the things that you like doing, or you can tolerate doing and that it also matches up with your schedule and what you’re looking create for your family.
A franchise consultant can help figure that out in an organized structured way.
#3 Know your Budget
You must know your current financial situation and be very, very clear about that.
So one of the reasons why is because any time that you start working with a franchise consultant and then the franchise consultant passes your information along to the franchisor.
How much money do you have in your checking account? How much money do you have in your savings account? How much money do you have in CDs ? Investment accounts? Your 401k old IRAs.
Do you own property? Do you own real estate? What do you own? Get a list of what your assets are. One of the reasons is because the franchisor is going to need to look at that and then the second reason that’s tied to that is that the franchisor usually has requirements around your net worth.
#4 Get Clear on the Lifestyle that You Want to Live.
What are the pros? What are the cons? How could that affect your current lifestyle? What are you willing to give up? What are you not willing to give up? Do you have young kids?
Are the weekends, the time when you get to spend family time? And if you open up a franchise that’s open on the weekends, what happens if an employee calls out? If you’re the one that runs that business, you’re going to have to be there on the weekends.
#5 Research and Due Diligence.
Do your research and due diligence.
This is a really big decision, you’ve got do your research, you’ve got to look at the franchise disclosure document, you’ve got to talk to other franchisees. You’ve got to create or look at what’s called a pro-forma, which is creating a financial analysis and basically what the sales might be, what the expenses might be, and then what your return might be, and then you can do it by year and put a bunch of different calculations to figure out what you may make