Should I Buy a Franchise This Year?
You’ve heard the phrase, “New year, new me”. Well what about the phrase “new year, new career”?
If you’ve been interested in switching careers, coming out of retirement or just trying something new, Franchise ownership might be the path for you!
So to answer your question, “Should I buy a franchise this year?,” YES, you should!
However, that yes has caveats. You don’t just decide to climb Mount Everest one day and umpire on the next flight to the Himalayas. No, you train and you learn and you gather all the tools and resources you need to reach the top. Even those who are climbing experts take Sherpas who help guide them up the mountain.
Here at MVision Franchising, we are here to help you succeed and reach your goals. Think of us as your Sherpas guiding you to the summit of Everest.
In order to reach that goal and buy a franchise this year, let us provide you with some helpful information and insight into the world of franchise ownership.
Tip #1: Take Time & Think
Buying a franchise might be something you’ve thought about doing for years but this year you really want to go for it. Like we said, you don’t just climb Everest without training first.
So the first thing you need to do is think about it. Think and write it all down. Ask yourself, “Why consider a franchise?” And write down why you’d like to own one.
Are you currently employed elsewhere and looking for a change? Check out our article, Career Transitioning Into Franchise Ownership for more information.
Regardless of how you are starting your franchise journey it’s always important to sit down and understand what it’s all about.
Do you believe you would be a good fit to run a franchise? Read our article on the Top 5 Attributes of a Franchisee to see how you match up!
Once you’ve got the franchisee mindset, the next step is to figure out finances.
Tip #2: Review Your Finances
Even though owning a franchise can make you more money than you have previously, it doesn’t mean you should go completely broke in order to buy one. Don’t just go right into thinking you are going to buy a McDonald’s level type franchise. Unless you have millions of dollars in spare assets, you need to understand all the costs involved.
There are different costs that come with owning a franchise and every franchise is different. What you need to do FIRST is examine your finances and review your budget to see what you have available to put into your business. Even though buying a franchise means you’re part of a larger puzzle, at the end of the day it is still YOUR business and YOUR responsibility to ensure its success. Our article, 3 Steps To Business Ownership, can also help you understand the importance of knowing your full financial picture.
Pro Tip: We have a handy funding calculator that can help you figure out how much you have available to spend and what is a good price range for a franchise.
Tip #3: Still Want To Buy A Franchise? Call MVision Franchising!
Like we said above, think of us as your Sherpas guiding you to ultimate franchise success. Here at MVision, owner Marc Camras and franchising consultant Nancy Williams can lead you on the right path to become a franchise owner.
As they work with you, you’ll decide what type of franchise to buy, what is needed to fund the purchase and the business and get you connected through the largest database of franchises and startup companies.
The last pro tip we suggest is to read our article, How To Set Goals To Own A New Franchise in 2022. This will help you set yourself up for success and get you ready to start the journey to owning your own franchise.
We are here and ready to help you reach your Everest and become a franchise owner. Call us today to get started!