The 6 Top Questions you should ask yourself before buying a Franchise

You might have different reasons, than the next person, why you are considering to buy your own 2nd Take small business Franchise. Your choice of Franchise, might be dependent on your passion, business expertise, maybe location, but most definitely it will be governed by the funds you have available to invest and the returns to be made.

There is no doubt that you will make a smart start with a 2nd Take Fashion Franchise.

You can benefit from our business success formula.

• Proven business concept – that excels in economic tough times
• Business Blue print to enable instant and ongoing business success
• Excellent and easy to use systems and tools that work
• Ongoing training and know-how transfer from also a business owner
• Effective Marketing – we can prove it
• Financial management support – so you don’t run blind
• Ongoing Business Development and innovation to stay ahead of competitors

However, these are top 6 questions, we feel you should find answers for, before committing to a new business venture.

The first two questions should be directed at yourself:

1. Do I have what it takes to start my own business and be an entrepreneur?

If you do, you are not alone, in South Africa. According to the ABSA SME index, there was an increase in self-employment in 2015, despite weak economic conditions.

As business owner you are an entrepreneur and an entrepreneur is defined as:

• “Someone who exercises initiative by organizing a venture to take benefit of an opportunity “
• “A decision maker”
• “A person who sees an opportunity and creates an organization to pursue it.”
• “A dreamer who attempt to turn an idea into a profitable reality.”
• “Anyone who takes the risk of starting a business for the purpose of making a profit.”

Entrepreneurs have a particular way of looking at life: 

 There are a number of advantages of owning your own business.

You will have:

• freedom and independence
• control over a major aspect of your life
• satisfaction and a sense of achievement
• self-esteem
• status and recognition
• flexibility
• job security, as you cannot be fired or laid off
• growth of initial monetary investment

But there are also potential risks. First of all you are taking a risk by starting a new business, you will have full responsibility of your business and will have to deal with the pressure and obstacles to overcome and you might experience income fluctuations.

1. Do I have what it takes to be a Franchisee?

If you have determined that you have the abilities, skills and desire to start your own business, you still have to determine if you have the necessary traits to become a franchisee.

• Can you follow 2nd Take’s rules, even when you think you have a better way?
• Are you prepared to accept coaching and advice on how to run your business from 2nd Take?
• If the we turns down your great idea for changing the system, can you live with that?
• Can you trust that 2nd Take is working for the benefit of the entire system, even when our decisions does not necessarily go your way?

The next three questions are equally important.

1. How much total investment will this franchise require and can I raise the funds?

You need to ensure that you take into account, the total costs involved, including working capital and then you need to determine if you can afford the 2nd Take Franchise.

1. How much will I need in operating capital reserves to cover losses after opening the 2nd Take Franchise until it reaches the breakeven point in terms of cash flow?

We will give you an income prediction according to location and economic climate. Some of our 2nd Take Franchises, make already a profit from their first month of operation, some do take a few months to achieve break even. Until your revenue grows enough to cover these expenses, you’re going to have to feed additional cash into the business to pay the bills. Make sufficient allowance for this factor in your plans.

      5. How much extra cash do I need to cover living expenses while I’m starting my 2nd Take    

           Franchise?

After becoming a 2nd Take Franchisee, there most likely is a gap in time before your new 2nd Take business begins operation and typically another gap before it starts making enough profit to cover your living expenses.

6. How much money can I make in this franchise?

We will give you our conservative income predictions in our 2nd Take Disclosure Document.

Make a smart start now in opening your own profitable 2nd Take Franchise business and e-mail us on [email protected] and we’ll call you back.

2nd Take is the largest consignment second-hand clothing retailer Franchise group in South Africa withboutique shops in Cape Town, Pretoria and Bloemfontein, as well as a convenient online store. 2nd Take stocks exclusive designer brands and high street labels, often not available for purchase anywhere else in South Africa. 2nd Take is your local one-stop international brands shop, saving you time and money!

For further information on 2nd Take, please contact us on 021 434 5878 or e-mail [email protected].