You have spent time researching franchise opportunities. You have even selected a franchise to invest in. You now need to seek your family’s blessing, so you can fulfill your dream of owning a franchise.
When purchasing a franchise, or any other kind of business, you need to get the support of those around you. As you discuss your new business with your family, get ready for the following questions they will surely ask about you purchasing a franchise:
How much will the franchise cost?
While your franchise is likely to make profits, that won’t happen within a couple of weeks or even months of starting operations. And there are many costs you need to pay when beginning your new business, such as the initial franchise fees, rent, equipment, and marketing. Your family will want to know how much money you will be putting into the business.
How are we going to pay for it?
As a prospective franchisee, there are several options you can consider to fund your franchise, including obtaining a small business loan or opting for the franchisor’s in-house financing. No matter which option you choose, you will have to put down some money before you can open a franchise. Where are you going to get the funds to finance your franchise?
The costs of operating of franchise business vary based on the franchise you purchase. So, find out how much a franchise you are interested in would cost, so you can figure out the best financing options for your new business.
When will you begin to make money?
The upfront investment is one of the most frightening things about purchasing a franchise. Your family will like to know when you can expect to get back the money you invest in the business. They will want to know when your business will start making profits.
If you have to employ workers or get equipment for your franchise, you are going to use all the money that the business makes in the early days to clear debts or pay your workers. Your family will want to know when you will be able to pay yourself. Surely, that won’t happen overnight. However, by estimating the costs and predicting your sales, you can know what to expect when your business begins
How many hours will you need to work?
Running a franchise requires a lot of hard work. While you may have employees to help you operate the business, you will have to monitor what’s happening within your franchise so that you don’t lose any opportunities. This might mean not spending many hours away from your loved ones.
When you are just starting out, you will have to work longer hours than usual to make sure your franchise operates smoothly. Be honest when answering this question to prepare your family ahead for these long hours. If you don’t know for sure how many hours you will be working, speak with other franchisees in your industry or those running the same business.
Ensuring that your family is happy
If your family is unsure of what your decision to start a franchise will mean for them, it is good to talk to them and honestly discuss any doubts and concerns they may have. . Be honest with your answers, and you will be more likely to get their blessing and support for your new venture.
