Will You Have Enough To Retire

Will buying a franchise provide you with the right income security?

Potential franchise buyers typically have two things in common: they have always wanted to own a business, and they don't know where to start.

But what many fail to realize is that buying a franchise is like starting any business. Prospective franchise buyers should apply the same level of thorough research and reflection they would for any entrepreneurial or employment venture. 

With that in mind, a great place to begin is by evaluating the business itself, as well as your own objectives, skills, resources, and limitations.

Here are three elements to consider during this first step:

 1.   Budget: Most franchise buyers only consider the initial investment of buying the franchise, but what it takes to purchase and open a business is only part of the total expected investment. Consider the full picture when examining your budget.

2.   Risk: Understanding the risk involved is absolutely crucial. Decide how much of your own money you want to invest and how much you could obtain from other sources.

3.   Strength of the Company: One key question to ask yourself, and the parent company, is whether you would place a family member in the business. This is a good test to identify your level of comfort.

These three research elements, when implemented correctly, can save prospective franchise buyers a lot of time, money, and heartache in the long run. If you'd like to learn more about budget, risk, and the strength of the franchise company, let’s connect! Reach out to me on LinkedIn or via email, and I’ll send you a copy of The Franchise MBA, the bestselling book about franchising on Amazon.

Regards,

Rick Morgin, [email protected]