Buying A Franchise. Why?
So you are thinking about buying into a franchise
Why would you want to? I wouldn’t again!
You probably think who am I to say don’t buy into one.
Well I was a franchisee for 7 years. Find out more about that on my about me page
Yes I looked into it before I bought and all the reasons why a franchise business is/was a good idea.
Turn key operation
Someone to help and guide you as you get going
A proven operating system that works
An exclusive area
Bulk buying discounts
Advertizing done for you
These promises are all well and good but not always the whole truth
What’s the Cost of a Franchise?
The cost of a franchise starts at around $10k for a lawn mowing franchise. I have seen a lot rangeing from $100k to $350k with the likes of McDonalds well over the million dollar mark.
How long is it going to take to get a return on investment?
They say at least 3 years and often times longer. But a lot of the time you have just bought yourself a job in which you do long hours because you have invested a lot of money into it so you want to make it work. And it is often a low paid job at that. The bonus is that you can claim some of your living costs as business expenses. (I no from experience having been there and also knowing a few people that have also been there)
A good friend of mine bought into a lawn mower franchise. He said the only advantage with his was a lot of clients paid cash. But the franchise free was a fixed weekly amount.
These are always written in the favour of the franchisor and generally any disputs end up costing the franchisee.
Hey there are good franchises out there and sometime you can do very well out of it. So be sure to do your due diligence.
Another option is building an online business.
The advantages of an online business are:-
You can work from home
You can target people all over the world
All you need is a laptop and an internet connection
No where near the same financial outlay as a Franchise business or off line business
Not stuck to a geographic location
have a fabulous day