Are You Ready? Four Financial Questions to Ask Yourself Before You Buy a Franchise
There are many questions you should ask before investing your money on a franchise. I’m not talking about questions you ask the franchisor, although that is a very important step. I mean questions you should ask yourself. Before you delve into a new business venture and put down a ton of money, you should be absolutely sure that you are ready to be a franchisee. Here are some financial questions you should ask yourself before you buy.
1. Do I have enough capital to buy the franchise?
If you do not have the money saved, do you know how you will get the capital? You can look into borrowing from friends and family or applying for a small business loan.
2. Will I be okay without traditional company benefits?
When you are the business owner, you may have to sacrifice normal company benefits, at least until you are making a profit. Things such as retirement plans and medical insurance may have to be sacrificed, or paid for out of savings.
3. Do I have enough savings to fall back on?
You should have enough money saved up to help you get through the first year. Hopefully, one year should give you enough time to start turning a profit.
4. Do I have additional sources of income in case my savings isn’t enough?
Not all franchises will be in the red the first year, but you need to plan for it just in case. If your savings should prove to be inadequate, can you borrow from friends and family? Take on a part time job?
Buying a franchise is a huge investment, and you need to be prepared financially before you commit. Contact the Arizona franchise attorneys at Gunderson, Denton & Peterson, P.C. today!
Written By Brad Denton
1930 N Arboleda #201
Mesa, Arizona 85213
Email: [email protected]
40 N Central Ave #1400
Phoenix, AZ 85004
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