Dear Fools, As my quest to reach financial freedom continues, I find myself pondering what seems to be a potential path - franchise opportunities. Are any fellow Fools out there franchise owners? How can a motivated young man with relatively little net worth successfully break into this arena? Where can I find relevant information? What other advice/insight from personal experience might you have? Any and all informative replies are welcome. Fool On! Thanks Much Mojojr
What other advice/insight from personal experience might you have?I've worked with a guy who has a couple franchised hotdog/burger joints in the NJ area. He's doing ok with them, but finds since he's started, he's working longer hours, and dealing with more problems then when he was just working for a corporation. Maybe it's just his personality, but he doesn't like dealing with the micromanagement that needs to be done with a franchise. (I'm assuming you meant a food franchise, and not like a MIDAS shop or something) People call in sick all the time, he's constantly interviewing for new hires, constantly dealing with scheduling issues, and when he can't fill the schedule, he does the work himself, driving his hours up even more. Then he complains about the paper work in dealing with all the different vendors, employees, gov't, etc.I'm not trying to dissuade you, as perhaps you have the motivation, personality, and capability of handling these issues. And also, not many people get rich working for someone else. I'm just trying to gear you up for some of the work you'll have to do to realize the potentially tremendous benefit.-- RevlisFool
I'd try working in one of the franchises you're considering. You'd better love it and be able to spend long hours at it.
I have sold to and consulted businesses of all sizes for many years. I've also owned 3 of my own. The folks that buy franchises usually have no good ideas of their own and feel safe there. I advise working up in a field you like before ever buying a franchise as you are really only extending their profit. Money making franchises cost big $$ and may be worth it but you could do better or same (without the headaches) to invest wisely. Investing Foolishly can be started small and grow to beyond any franchise and you don't have to fill a shift someone called in "sick" for!!
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