Low Cost Franchise Opportunities

February 7, 2013 By Leave a Comment

money1 300x199 Low Cost Franchise Opportunities

You don’t have to spend $250,000 to open a franchise.

Unless you want to.

Most of the people that I’ve worked with over the years come to the table thinking that they’ll have to bet the farm in order to become a franchise owner. But, it’s just not true.

But, if you’re hell-bent on starting a franchise that requires a retail space-and along with it, things like inventory, fixtures, and signage, you will end up with a total investment that’s in the $250,000 range.

 

Low-Cost Franchise Options

Some very successful franchisees own low-cost businesses.

Some of these franchises are home-based, and some are small-office based.

And, if you have great sales skills, there’s a whole world of opportunities in franchising for you to look at.

 

WGN-Radio

If you’d like to learn more about some of the low-cost franchise business options that are available, I was just interviewed by my friend, Carol Roth.

Carol, an outspoken and influential businesswoman, has a radio program on Chicago’s WGN-Radio, a 50,000 watt powerhouse that can sometimes be heard as far away as Australia.

Take a listen to this 10-minute radio interview; you’ll learn about franchises that have a low investment.

 

Filed Under: Buy a franchise, cheap franchises, finances, radio interviews Tagged With: , ,

When Does The Money Start Rolling In?

January 6, 2012 By 1 Comment

money 300x199 When Does The Money Start Rolling In?

 

That question probably comes in at number #2 or number #3 on your Top 10 list of things that you really want to know when you’re looking at franchises. And, rightly so.

 

Now, I have a question for you;

 

Which way would you like me to answer the money question up above? 

 

 A. Like someone who’s trying really hard to sell you a franchise would?

 

Or

 

B. Like you’ve come to expect from me?

 

I’ll wait for your answer. Tapping. Tapping.. (I’m tapping my pencil…in anticipation of your answer.)

 

Really? You want the truth? You don’t want me to spin my answer?

 

Terrific. Here goes;

 

When you actually do open your franchise up, you’ll certainly have money coming in. But, it can’t go into your pocket right away. It needs to go back into the business. You’ll have expenses to cover…things like rent, inventory, payroll, advertising, and utilities. And don’t forget your loan payment.

Your goal needs to be breaking even. That’s the point in which your revenue pays your business expenses. Only then can you start thinking about drawing a salary.

 

If you’re in this for the long haul, (this being franchise business ownership) you should be fine with that answer.

 

If you’re looking to replace a salary after only a few months in business…it probably won’t happen.

 

Read what I wrote about Your Salary as a Franchise Owner over at SBA.gov

 
The choice is yours: $1500 hard drive recovery OR $59.00/year for unlimited backup. Choose the Carbonite Online Backup! Subscribe Today! When Does The Money Start Rolling In?

 

 

I offer franchise ownership advisory services 

 

Filed Under: Buy a franchise, finances Tagged With: ,

Only Look For a Franchise To Own After You Do This

October 25, 2011 By 4 Comments

 

If you’re serious about becoming a franchise owner someday, and you’re focused on lowering your financial risk, do this first;

 

iStock 000005929196XSmall 300x207 Only Look For a Franchise To Own After You Do This

(Future franchise owners)

 

Figure Out Your Finances!

 

There is no legitimate reason for you to start exploring all the different franchises that are available online—or offline, until you know exactly where you stand, financially.

 

As much as you may be tempted to “look around to see what’s out there,” I strongly suggest that you take the time right now to do a financial snapshot, so you can find out what you have to work with. To get all excited about an amazing food franchise before you even know if you have the financial wherewithal to invest in it, would be a massive waste of time and energy.

 

The only way to get that financial snapshot is by doing a net worth statement. Subtract all of your liabilities from all of your assets. The difference between the two is your net worth. In addition to the down payment required that will be required by lenders these days, don’t forget about your living expenses during the start up period. You should have funds set aside for 6 9-12 months, while your business ramps up.

 

Now, if you’ve already started your search for that “perfect” franchise, but you’ve skipped the part that I just mentioned, S T O P.  It’s time to wipe your slate clean, and start at the beginning. You’ll really save yourself some grief. The decision to buy a franchise–be your own boss, is a large enough one to move through the process slowly and steadily.

 

There are several things that you’ll need to do before you Become a Franchise Owner. Figuring out “the money part,” is only one of them. Here are some of the other things you must do before you buy a franchise.

 

You may say to yourself that, “This is common sense, Joel.”  In a perfect world it is common sense. But, our emotions have a way of creeping into big, and usually intense decisions like the one concerning becoming the owner of a business. Our emotions can easily overpower our logic…our common sense. I’ve seen it happen before. I’ve told many people that they should forego franchise ownership, and instead get a job in my role as a franchise advisor. But, their emotions got in the way…and they went ahead with their poorly laid-out plans anyway.

 

I write about all of the emotions that you’ll be experiencing in my franchise book.

 

And, I show you how to keep them out of the picture during the franchise selection and research process.

 

That way, your decision to become the owner of your own business will be an intelligent one, but more importantly, one that will let you sleep well at night.

 

“What I love about Joel Libava’s style is his sensible, honest-to-goodness demeanor combined with an expansive knowledge of the franchise industry. ‘Become a Franchise Owner! The Start-Up Guide to Lowering Risk, Managing Money, and Owning What You Do’ is a testament to knowing you’re in caring hands receiving the very best information so you can make your smartest decision!” —  Betsey Merkel, All Analytics

 

Filed Under: Buy a franchise, finances Tagged With: ,