The Pitfalls of Franchising
Many baby-boomers eyeing a second career like the idea of running their own business. Yet the risk and work involved in starting a business from scratch can be daunting. One way to ease into entrepreneurship is to purchase a franchise.
Many franchise companies provide a full range of support services, including site selection, training, product sourcing, marketing plans, and even assistance in obtaining financing.
Evidence of their persistent popularity: The number of franchise businesses in 2014 is expected to rise by 12,915, bringing the total number to 770,368, up from 736,114 in 2011, according to the International Franchise Association.
But it can be a tricky and expensive road. An initial investment can range from $200,000 to $500,000. And it's not unusual to hear franchisees gripe about ongoing royalty and advertising fees. For example, the total investment to own a Subway franchise store can be as low as $78,600, including a $15,000 initial franchise fee. Individual costs, however, vary by location, restaurant size, build-out costs and more... Read more
I can share some insight on how to increase your odds of success and how to avoid the pitfalls. Contact me today to learn more by calling 813-758-8883.