One of the questions we get asked all the time is, when is the best time to buy a franchise? There are several different aspects to look at when making this decision and today we’re gonna look at just a couple of them.
The first one is you’ve gotta think carefully about when you’re gonna be financially stable enough. Some franchises will take a while to build up momentum. You’ve gotta make sure that you have the savings in place or a strategy in place so that you can weather that storm. If it takes you six months to become profitable, you’ve gotta make sure that you have those savings in place. The last thing you want is to try and grow a business whilst racking up that credit card debt.
Is this the right company for me?
The next thing you’ve gotta look at is, what is the right company for you? Not all companies are the same. There are different skill levels involved, there are different training elements involved. Do plenty of research and try and spend some time with a few of the current franchisees. Make sure it’s a franchise and a company and a business and an industry that you’re still gonna love in three, four, five years time. A franchising agreement is usually a minimum of five years. Therefore, you wanna be extremely careful and make sure that you will still love this company in five years time. You don’t want to invest your life savings, build up a business and in 12 months time, turn around and think, “You know what? It’s not for me, I don’t like this anymore.” Do the research and ask those hard questions.
What is your long term goal?
The final thing to think about before you decide to buy a franchise is what is the long-term goal? You’ve gotta go into this looking at the long-term. Five years down the line where do you want to be? What do you want to be doing? What do you want out of this experience? Is it realistic that you can retire in five years time or is that more of a 10-year goal? Have a chat with a franchisor, have a chat with the other franchisees. Make sure everyone is very clear and honest with you. Make sure that you are happy with what you’re taking on. And make sure you can see what’s at the end of that tunnel.
Obtaining clarity on the points above will help you understand the best time to buy a franchise.
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