Is a Franchise Right for You?
Before you go ahead and invest in a franchise, you want to sit down and be honest with yourself. You need to think about how much money you have to invest. Just as importantly, you should assess your personal skills and abilities. Finally, you need to determine what your goals and expectations are in owning your own franchise.Top Franchise Specialist has formulated the following questions to help you find those answers.
We suggest that you review this page and take the time to answer these questions.
In particular, you want answers for the following:
• How much money do you have to invest?
• How much money can you afford to lose?
• Are you purchasing the franchise alone or with partners?
• Do you need financing? Where will you obtain it? Do you have a IRA, 401(k), 403(b)?
• What is your credit rating?
• Do you have any savings or additional income to live on while you start your business?
Abilities and Skills
• Does the franchise require technical experience or special training – i.e. Auto repair, home and office decorating, tax preparation?
• What are your special and specific skills that you possess?
• What experience do you have as a business owner or manager?
• What is your personal minimum income requirement?
• What types of businesses are you interested in pursuing?
• How many hours do you want to work?
• Do you intend to operate the business yourself or hire a manager?
• Will franchise ownership be your primary source of income or a supplement to your current income?
• How many years can you commit to a business?
• Would you like to own several outlets?
New unproven start up businesses are irrelevant in today’s lending world. Unless you have strong capital (40%), experience (2+years), a solid business plan, get incorporated through your state and have a strong operating or Proforma Statements you are not likely to get funding approval. With 90% small business failure rate within the first 3 years it is not worth the risk for banks to invest their customer’s deposits. It is also unethical to gamble customer’s capital and stay government compliant at the same time. This is why franchise funding is a far better risk for banks because it has a better chance of proven success with historical data and is already set up with the best chance of success. Of course you can contend that your business idea is a good risk (and it probably is), but it is not established as a proven return on investments as most franchises. To fast track your opportunity to success you should investigate the opportunities of investing in a franchise. Get more training on getting incorporated here. To get more information on investing in a franchise send an email inquiry to email@example.com