They had seen an advertisement on the web to buy a franchise and were really excited at the opportunity. I think the direct quote was, 鈥淚t only costs 20,000 dollars to buy this franchise and they guarantee a six-figure income in less than twelve months.鈥?p>
Now, before getting into the fact that making such a claim on a website without referencing the FDD (Franchise Disclosure Document) is against the law and making my friend understand for actually believing on the income claim or before reminding him that NOT everything said on the Internet is true, I choose to suppress my natural sarcastic tendencies and be a little more diplomaticin this approach.
That鈥檚 why; I would ask a simple question.
How much does it cost to you in buying this franchise and funding your business operations?
OK, I asked again that how much is needed to fund the franchise business aspects like Working Capital and Advertising?
My friend said 20,000 dollars, which made me think that the cost might be this only to buy this franchise and fund the business and also for that investment you will make 5 multiplied with your money in 12 months.
Suddenly, he showed signs of not being sure that made me make me a pause over franchise brokerage and consulting business.
In all fairness to my friend Wholesale Tim Hardaway Jersey , this is not uncommon. We see something that seems so good, which makes us excited and it clouds our judgment. If you want to buy a franchise, or any other business, it is important to consider the BIG picture. This means mapping out your costs, preparing a detailed business plan Wholesale Draymond Green Jersey , reviewing the documentation and getting a COMPLETE picture of what it takes to run the business.
When you buy a franchise, there is more than just the franchise concept fee. It is better to think about inventory, employees, real estate and utilities, marketing costs Wholesale Nick Young Jersey , working capital and training. This is where many business failures occur, a lack of both understanding and having adequate capital to fund the business.
In my experience, everyone (including myself) makes the critical error of not appropriately determining the costs needed. In fact, I always say about being successful in a business. Even if you buy a franchise, it will take LONGER to achieve profitability that you think. In addition to this Wholesale Klay Thompson Jersey , it will ALWAYS COST MORE鈥?p>
I think franchise business ownership can be a great way to build wealth and financial freedom and while I think buying a franchise is a great option, independent businesses can work too. In the end, the key to your success is proper planning. It is necessary to take the time to understand the costs and capital needed. Also, take the time to learn the business, create a plan and prepare yourself for unexpected setbacks that are almost certain to happen. If you take this approach Wholesale Matt Barnes Jersey , you will not only make a better decision; but increase your chances for success
Author bio: The author of this article has specialization in Franchise Concepts. His enormous experience is summed up in the article 鈥楩ranchise Disclosure Document brings the master plans for the Franchise Opportunities鈥? Along with this he also provides franchise consulting, franchise development and brokerage services to both individuals and franchise systems.
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