Episode 155: In response to listener questions, here are my thoughts on buying a franchise.
- Does the franchise have a good business model? [Something you couldn’t duplicate on your own and worth the 5%+ yearly royalty that you’ll pay them?]
- Can you sustain yourself until the business produces a livable income? [Need large capital reserves and/or spouse with income & medical benefits.] [Also, consider buying an existing franchise that is producing a verifiable profit rather than a startup.]
- Does it fit your personality? [Retired military and mid-level corporate executives do well.]
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