Top 3 Things You Should Consider Before Investing In A Franchise
16th May 2023
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By Emily Ainsworth
Being your own boss (aka franchise owner) is an amazing opportunity. But before you invest, there are a few things to digest! Here are our top three points to consider before investing in a franchise.
- Learn everything you can about franchising. No, seriously, Choose Franchise is your BFF.
Ok, first up is to learn everything you can about franchising. Yes, we mean everything. Do as much research as you can before you take the leap. Choose Franchise is your one-stop shop for all things franchise-related. Aside from a stack of trusty resources at your disposal, you can readily search any franchise opportunity Australia-wide and filter your options based on criteria such as budget, location and industry. Google, YouTube, heck, even Tik Tok might also help you become a franchise know-it-all. Whatever helps you to understand what goes into franchising, the better. Becoming an information sponge will help you prepare for the journey ahead.
- Know how much cash you’ll need before, during and have a buffer.
Next up, we’re talking cash money. Yep, it’s a reason why we see people get into franchising, but before you get to go rolling in dough, you have to understand the numbers. You should have a solid grasp of how much cash you’ll need to invest, what your capital and operational costs are going to be, and make the smart move of having a buffer. Your 'buffer' is some set-aside cash in case shit hits the fan. Your air conditioner breaks, and you need a new POS system; these things you don’t plan for, but having some extra cashola set aside will save you potential pain.
- Talk to us, duh.
On the last point, talk to us! Yes, we’re totally tooting our own horns (toot-toot)! But for real, we’ve been in the franchise game a while, and we know how to play the game. As one of Australia’s leading franchise directories, we’re here to help you find the right business for you, so you can be the boss you’ve always wanted to be.
