If You’re Unemployed Or Insecure In Your Job – You Should Consider Investing In A Franchise
The current economy means that for no fault of your own you might find yourself unemployed or insecure in your job.
Your first reaction will be to update your C.V. and put it into the job market. Realistically, unless you have special or essential skills your chance of being employed in the short term is very limited.
So, what is your alternative?
You will need to buy yourself employment!
You can do it in two ways:
- Start a small business from scratch. This is great, but you will need to be entrepreneurial in nature.
- You can invest in a well-established, successful franchise. This is a PERFECT solution but comes with a warning. There are various unsuccessful franchises trying to sell you a franchise.
However, if you do your homework and select the right franchise it can be life-changing for you and your family.
So how do you go about selecting this franchise?
- Select a business industry that you believe will grow over the next 3 to 5 years e.g. online shopping, courier, storage, work from home etc.
- Select a industry that you have had experience in or would feel comfortable operating in.
- Do your homework to find out who the successful operators are in this industry. Try to discuss the concepts with banks, landlords, suppliers, existing franchisees etc.
- Once you have selected the franchise you require, contact them. They will ask you to complete and submit an application form. Make it as impactful as possible and try to set up a face to face meeting as soon as possible.
- Get a copy of their Disclosure Document and study it. If the document is outdated, it sparks a warning sign.
- Try to get professionals e.g. financial and/or legal advisors to help you evaluate the offering
- Contact and visit existing franchisees to discuss the concept and their experience and/or performance
- Discuss the opportunity with your bank’s franchise desk.
- The last thing you need to finalise is the sites available in your desired area or the area in which the franchisor suggests or requires you to operate in. Site selection is critical.
If all these are positive you are well on your way.
Tip for you is that the financial projections should give you a market-related salary and get your capital invested back in ± 3½ years.
Whichfranchise.co.za is a website designed to help you with this, especially important decision.
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