Before You Buy a Franchise Or Any Other Business | Formula One Racing

Before You Buy a Franchise Or Any Other Business | Formula One Racing

July 17th, 2010 | Author: admin

In today’s troubled economic times of layoffs, downsizing, and outsourcing of jobs, many individuals find themselves unemployed without enough resource to live out their years. A quick review of their retirement plans, savings and home equity paints a bleaker picture than ever expected. Most of these individuals had expected to continue in the use of others until retirement.

This growing group includes individuals from all walks of life, tradesmen to highly educated professionals. In my practice I find as many people that once commanded multi six figure salaries as tradesmen in a quandary they never anticipated.

With small hope of finding a job working for others, some have turned their attention to owning their own business. Sounds simple Never worry about layoffs again. Set your own hours. Set your own pay. Just simply use your life’s savings, work thousands of hours, and never worry again. Some would lead you to believe this, but it is not that simple and does carry risk. Any person who says it is simple, anyone can do it, and you will make terrific money should be place at fantastic distance and not believed.

Remember when you bought your first car? First house? You probably consulted with close friends and family about these issues because they had preceded you and “knew the ropes”. Has anyone close ever bought/sold a business? You only have enough money to try it once. How can you be sure?

The first choice you must make: Is owning my own business excellent for me? Some people make fantastic employees, work hard, and are quite bright but struggle making “all the decisions”. Reckon about yourself and your life to date. Do you make decisions at home? Are you a planner? How do you handle adversity? What part of your past jobs did you like/dislike? Are you the kind of person who needs a place to go every morning and a time to be there? Do you ever wake yourself with things you simply must do tomorrow? How do you rate your self confidence? Would you be pleased telling those you meet socially and professionally about your business (networking)? Are you an optimist? Are you willing to work long hours should duty call?

And of course- With what I have to invest, what can I expect to earn from what I buy? Time and again I find displaced executives who seek to buy a company large enough to replicate their past positions and responsibilities but only enough funds for something much smaller. On the other hand, some businesses have substantial income potential for a relatively small price if the buyer has the aptitude and skills to operate it.

Our motto is “An informed Buyer is a excellent Buyer. ” Not everyone we speak with should own their own business. We help prospective buyers to answer all these questions and more before making any choice.

In our next newsletter we will discuss: Who are the players? What is a business Broker? What is a Franchise Broker? Whom can I trust? What should I expect from any Broker? Is it better to deal direct with Franchise companies and businesses I find on the Internet? Follow The Money (your money) to see who gets paid if you make a choice.

Posted in Formula 1 Live | Tags: Before, business, franchise