Franchising

The FI Planner

While it's challenging to launch your own business, purchasing a franchise offers several potential benefits. As you explore potential money-making ventures along your journey toward financial independence, franchising may seem appealing since the basic outline of the business operations, branding, and menu are done for you. All you have to do is step in and run it well, right?

This week, Ben and Andrew talk about the contrasts between establishing your own business and owning a franchise and dissect what it’s like to be in both positions.

This option has advantages, including a proven business plan and training which can be done in a fraction of the time it would take to start your own business from scratch.

In this episode, listen for:

[6:38] Explanation of the upfront costs associated with buying a franchise

[10:03] Why obtaining a business loan for a franchise purchase might be easier than gaining funding for a DIY from scratch business

[25:00] Always consider the variables you don’t have control over

The question is whether you want to start from scratch or have an established business plan laid out for you. There are perks to owning a franchise, but be aware of the expectations, responsibilities, and how much control the brand has over how you operate your store. It’s imperative that before you put your money into a particular business, it’s necessary to do some in-depth research before going all in.

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