3 Common Franchising Questions

In the last few videos, I've been asking people to text me or call me to spend 15 minutes chatting.? But you might be wondering “What are we going to talk about?”?

What Franchises are Available?

Well, a common question that I get today is “What franchises are available, what's out there?” The franchise industry is made up of 3,500 different franchises and you can break it down to six basic categories;

1. Hotels?
2. Food?
3. Retail
4. Automotive?
5. Business Service?
6. Consumer Service

So, you take the 3,500 franchise companies and you break it down to types of investment levels, hours of operations, how much time you need to run the business, and the type of employees you will need. Where do you locate your franchise? Is it home based, retail location, office or warehouse based?? We will ask a lot of questions to get you to think about what types of franchises are a fit for you.

How Do I Find the Right One?

The next thing people will ask is, “How do I select just one? How do I find the right one for me?” FranNet has been doing this for 35 years, and I've been doing it for 28 years. We have an online assessment, which is a tool we've used 40,000 times to see what this person best fits with.? We have helped thousands of people, and have come up with solid recommendations for most people we meet with. These recommendations are based on what you and I think are the best fit for you. After our first meeting you will review the information from the franchise company and have an initial conversation with the franchise company.? If still interested we schedule a weekly call.

Do I Need a Lot of Money?

The third question I always get is, “Do I need a lot of money?” Some people don't have a lot of capital, so how do they know if they have enough?? Well, we take the basics and start with the service base. This can be a home-based or a small office and they cost somewhere between $50,000 to $150,000. For this type of franchise you typically need 30% down and you will finance the balance. You will also need living expenses to support your family for six to nine months of the first year of operations.?

If you get into retail, food or automotive, it depends on the inventory, the equipment and the size of the place. If you get a 10,000 square foot retail place with lots of inventory, you could be talking over a million or $2 million. Some of the bigger daycare franchises can be several hundred thousand to a couple of million dollars. So, the investment range for most franchises we work with is from $50,000 up to a $1,000,000 in your selection. You'll need about 30% down and can finance the balance. If you want to have the 15 minute call we can get into more detail on what is available and how to finance the purchase.?

I'm Jack Armstrong, give me a call, we will talk about this and a lot more in our first 15 minute conversation.