Should I Buy A Franchise? 5 Pros and Cons You MUST KnowApril 5, 2022
Should I Buy a Franchise? Pros and Cons of owning a Franchise directly from Franchise Owner Tariq Johnson. Should you buy a Franchise? Buying a franchise or starting a business is scary. Many people consider starting a business or buying a franchise in retirement or various stages of life. Having a successful franchise business is possible, but is not always easy. Franchise City.
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#1 WHY DO YOU WANT TO OWN A FRANCHISE?
When my wife and I decided to open our first franchise we wanted to create an additional income stream, so that at some point I could leave my career as a Financial Advisor. We figured having an additional income stream would be a way for us to plan smart.
The average franchise cost $250,000 to get up and running.
That number should scare you. People have lost a lot of money investing in franchises and made a lot of money with franchises. Ultimately your financial situation will determine what your options are.
Now if you don’t have any money- I’ve made a video on exactly how you can invest in a franchise with no money. I’ll link the video in the description below, and you can check it out.
The lower the start up costs in a franchise typically means the more work and effort you have to put in.
# 3 New or existing Franchise Location?
Are you planning on starting a brand new location, or buying an existing one?
Many times the franchisor may know of franchisees in the system that want to sell their location. Make sure you ask about that
Franchisors may not always want to share that information without being asked.
Existing locations could provide immediate cash flow, and stability and be a great training ground for you to open additional locations.
STEP #4 YOU
What are your skill sets?
What are you good at ?
It’s important to align your skill sets to the business.
Can you handle your current lifestyle being disrupted because you own a business?
Can you follow a system? You are buying a franchise for the system and the process.
You have to follow the process.
If you are someone who doesn’t like to be told what to do and do things your own way than a franchise probably isn’t for you.
Make sure you are prepared to follow the system and talk to other franchise owners about their experience of how flexible and open minded the franchisor is about new ideas to help move the business forward.
#6 Franchise EXIT Strategy
I’m a firm believe that you should be committed to what your doing but your exit strategy is really important.
Beginning with the end in mind is SUPER important, it will affect all of your decisions.
Do you plan on just receiving an income for as long as you can?
Do you plan on getting the business profitable, or growing profits and then selling it?
What happens if the business is going how you planned or you don’t like it? What’s your exit strategy?
Take a look at the franchise and industry your interested in, how much are existing locations selling for? How does that compare to the cost to open a new location?