Today, David Stein explores the internal questions a potential franchisee needs to walk through before choosing a specific franchise to invest into. Let’s see what the inputs are to create your own initial self business plan.
1) How much money do I need to make on an annual basis?
2) What is your level of risk/reward?
3) How much wealth are you looking to acquire?
4) Does the company provide a suitable exit strategy, and does that exit strategy match up to your expectations?
5) How does the cash flow look over a 5 year financial proforma?
Other considerations David will help you explore before you buy a franchise and go into business for yourself.
6) Do you personally have the management expertise to successfully run an enterprise?
7) Is there an opportunity to grow?
8) How will my being self employed affect my lifestyle expectations?
BONUS Question from the FranBox Mailbox
Is is it wise to be looking for a franchise investment during an economic downtime?
Send your questions for the FranBox Mailbox.
David Stein – Franchise Investing Insider
Laurean Callander – FranVesting Producer