What are the Key Things you Need to Know at the Very Least, to Quickly Understand if the Franchise you are Considering is a Good One for you?
Episode Timeline
- 0:00 – Intro
- 0:21 – 5 important points encouraging people to think through in a structured manner
- 0:53 – First thing to know ‒ how much is the franchise going to cost
- 2:48 – Additional components to cost is not just the ‘up-front’ purchase cost, but also the ongoing costs
- 3:38 – Second thing to know ‒ how much can I earn
- 5:19 – The ‘how much can I earn’ question differences between a new franchise and an existing franchise
- 7:08 – The frustrations people have with franchisors not answering ‘how much will I earn?’ question
- 8:30 – Third thing to know ‒ can I afford it
- 10:39 – Structuring finance for a franchise deal
- 12:06 – Fourth thing to know ‒ Is the franchise business a good fit for me and my lifestyle
- 13:53 – The importance of days in the field and talking with franchise owners BEFORE they buy
- 15:17 – Fifth thing to know ‒ do you like and trust the franchisor
- 17:47 – Ignoring red flags and separating emotion from business purchase
- 19:03 – Wrap up
Peter Knight is the Franchise Account, and he has advised countless people around their franchise investment, and he zeroes in on 5 key things to know.
You have so much information coming at you if you’re considering investing in a franchise. There is so much documentation placed in front of you, that it can feel overwhelming on where to start, which is something w know leaves people shortening their due diligence to just get a deal done faster.
We asked Peter Knight to give some thought to, and spell out in detail, five things you must know to figure if a franchise is a good investment for you. A good investment someone else, may still not be a good investment for you personally.
In the discussion, the key things are broken into;
How much is the franchise going to cost
How much can I earn
Can I afford it
Is the franchise business a good fit for me and my lifestyle
Do you like and trust the franchisor, the person you are getting into business with
These are the questions covered in detail and put into context for your decision making process.
