How affordable is franchising to you?
If you’re looking into franchising and preparing to make a great leap forward, there are a number of things you need to consider and size up before you jump. A big one of those is affordability.
Chances are, you’re looking at franchising as an opportunity to take control in your life, and to earn money doing something that is both enjoyable and challenging. And yes – franchising will give you all that and a whole lot more besides!
But you’ll only reap the benefits in the long term if you’re properly prepared when you set out on the journey. First and foremost, you need to know that you can afford the initial franchise fee along with anything else you need to outlay at the beginning – any start-up costs, stock or materials that you need to invest in to get things moving.
Cost is likely to be a huge factor in choosing the franchise that’s right for you. Be realistic and truthful with yourself. Can you actually afford the franchise you’re looking at? Is it something you can fund entirely off your own back, or do you need to look at funding?
Is funding an option?
Of course, how much you can afford to spend and how you get that money together is up to you and your personal situation. If you’re looking into funding from your bank, you need to look closely into how much money they’re prepared to put your way, and how you’ll be expected to pay it back, how quickly and under what terms. Every bank or lender is different in this respect, so be sure to speak to a variety of them to find out the best deal for you, and again – be realistic! Make sure you’re going into something that you afford to pay back with minimal risk to yourself and those who depend on you.
Lenders will decide on whether to support you – and to what extent – based on evidence of how successful the franchise is. So, do your research…
Get the facts
Finding out how much you need to invest (which will then inform your decision on how to get that amount of capital together) involves a bit of valuable and well-spent research time on your part. The best place to start is with the franchisor themselves. Don’t hold back: find out if the costs they quote on their website or in their brochure cover everything you’ll realistically need to invest, and that there aren’t any hidden extras. Are you looking at just the initial investment fee? How is this fee calculated? Will you need to invest further in materials, stock or other assets?
To get the facts – ask. You’ll be able to find the relevant contact details on the franchisor’s website or in their brochure. Get all the information you need, and weigh up the cost options and implications against each franchising opportunity that you’re looking at. Take a look on the internet for any evidence and feedback provided by franchisees out there – what kind of experience did they have?
An affordable franchising opportunity
Here at Raring2go! we have an affordable and hugely rewarding franchising opportunity that’s already been proven to succeed, (great for when you are talking to lenders). We’re completely transparent when it comes to costings and would be only too happy to talk you through what’s involved, how much you’d need to invest, and when.
Our franchisees all started from the same position as you: looking for a franchise that they could afford to get off the ground, one that offered flexibility to suit them and their lifestyle and gave them the opportunity to take control while earning money doing something enjoyable. So why not start your research here, and get your hands on our Raring2go! information pack It’s totally free and comes to you with no obligations attached whatsoever – but it’s packed with useful information and will give you a valuable and exciting insight into how our affordable franchise could be just what you need to take that next, positive step in your life!
Question is, can you afford to miss out?