Your Journey to Franchise Success

“I think I'll see if this might work.”

If you hear somebody say? those words, do you think they have the confidence to make something work? I certainly don't.??

Sometimes that is how people approach looking at a business. The bottom line is this is going to require an investment of time, money and effort.

Time Investment: Your First Step to Success

The first step in looking at a franchise is research which requires an investment of time. When you work with me, you're not going to pay anything for my services, but you will need time, so you can do that research to find out if the franchise is a good fit.?

There's none of this kind of “dibble, dabble.” You need to commit and do the research and find out if this business is something that you can see yourself in and something that you can commit to fully.? This is your investment.?

You also need to think about the number of hours you might need to do the research. I'm going to estimate between 5 and 15 hours a week, depending on where you are in the process of researching the franchise. If you're thinking about a semi-absentee franchise (one that you can do while still holding a flexible job or owning another business), you're going to need at least that much time and probably more once you get the business started. So investing the time to do the research, it's a good test to determine if it makes sense to run a business on a semi-absentee basis. You may find that running a business as a full-time endeavor may be a better option for you. Or you may decide to stay where you are - in a job or another business - instead.

Financial Commitment: Skin in the Game

The second thing you’ll need is money.? You have to have some money, because you're going to be investing in this business, and you can't get a hundred percent loan unless you want to pay super high interest rates. So you need to have skin in the game. You have to have a cash injection even if you get a loan.?

When you’re looking at a franchise, each franchise has a minimum amount of liquid capital and net worth you’ll need. But a good rule of thumb is if you have at least $250,000 in net worth (assets minus your debts), then you’ll be able to qualify for some franchise options. Keep in mind that if you have home equity, portfolio investments and/or retirement accounts or other investments such as real estate, you’ll likely be able to get some liquid capital. In fact, there are ways to get liquid capital using retirement funds without taxes or penalties. I can help you understand how that would work and refer you to companies that can provide those services.

Effort and Dedication

The third important thing you’ll need on your journey to franchise success is effort. You need to dig in and spend time.? You can't just sit back and let the franchise work. It doesn't work that way. You need to exert your effort into the business and if you find the right business and the investment is right for you, then if you're going to be in, be all in.?

You need to be all in, if you're going to be in at all. No more “I’ll see if it will work.”?

If you are interested in finding out more about the process, come to my? Question & Answer session that's coming up. You can hover over the QR code, or go to www.bizbuyown.com.?

As you know, all of my services are always free of cost to you.