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Do You Have What it Takes to Buy a Franchise

Are you looking for a change? Do you want to leave your job to pursue your dream of owning business, or are you being “pushed” out of a career due to a corporate decision to cut back and eliminate your job and think that being your own boss is the solution? If there is a loud, “yes,” echoing in your head right now, then you are who we’re looking for.

We help people, like you, pursue their dreams of owning a business. We provide the guidance and support you need to be able to make an informed franchise buying decision.

What we ask nearly everyone that we work with is a few financial questions to make sure they are in a position to actually buy a franchise. While the mind might be “ready” to start a franchise, the wallet may not be “able.”

You will need to be able answer “yes” to all of these questions to be in a position that propels you to success.

1. Do you have at least $25,000 liquid and expendable capital? Liquid capital is cash that you can access today. It needs to be expendable, meaning that you can continue to live at your same standards without depending on the money.

2. Do you have a FICO credit score of at least 680? If so, there are potential funding sources available that will lend you start-up capital to start your franchise.

3. Do you have a plan to cover both living and business expenses until the franchise starts producing a profit? I not, you will quickly burn through your reserves and potentially starve your franchise by not having any growth capital. Also, you might go hungry in the meantime.

If you did any “yes” to the above questions and you want a change and think owning a franchise business might be in your future, contact one of our franchise consultants. We’d be happy to assist you in your search.

About the author

Rob Bennett

Rob had served in the corporate-world for 18 years filling various technical capacities, from structural design to project engineer. His experience lends to FranFinders strategic planning, systems design and optimization.

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