372: Franchises 101: How to Find, Fund, and Profit from Owning a Franchise
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Want to buy a business? If so, you’ll need franchises explained. At first, franchises seem like something only for fast food, gas stations, or hotel chains. But, in reality, a whole world of businesses are up for sale that have proven track records and could put profits into your pocket faster than starting your own business. But first, you’ll need to make sure you’re ready to own and run a franchise, as it’s not always the passive income stream investors believe it to be.
When done right, franchises offer an almost irresistible offer to young entrepreneurs or those trying to escape the corporate ladder. You can trade in your soul-sucking nine-to-five, receive top-tier support and training, and get paid a salary, all while your business grows in the background. But before you start window shopping for which hair salon, water restoration, or pool cleaning business you want to own, you’ll need to talk to someone like Greg Mohr, author of Real Freedom: Why Franchises Are Worth Considering and How They Can Be Used For Building Wealth.
Greg acts as a franchise consultant, helping match potential franchisees to a parent company that works best for their schedule, goals, and income-earning potential. You may think you know how a franchise works, what type you’d like to buy, and how much money you would make, but Greg’s in-depth, multiple-decade-long knowledge may tell you otherwise. So, if you want to run a business but don’t know where to start, Greg may be the perfect person to turn to.
In This Episode We Cover
The history of franchises and why buying a business often beats building one
The true profits of running a franchise and how much an owner can expect to make
How much franchise consultants cost (much less than you’d think), and why you need one
Most common franchise mistakes to avoid and why you should never look at JUST the franchise fee
Funding a franchise and how to use retirement accounts, HELOCs, and more to buy businesses
Business partnerships and who should join forces to buy a franchise together
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
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Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
The Benefits of Franchising vs. Starting a Business from Scratch
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-372
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