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Inenceba
Student
Aggeneys, NC
1
Question
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How can i do a franchising business
I am a very caring person with goals of being successfully in life. #qualifiedaccountant
#professional ?
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1 answer
Hassan Al
Product Management Professional
398
Answers
Austin, Texas
Updated
Hassan’s Answer
I'd start by identifying what industry you're interested in and get an entry level job to gain experience as well as save money.
https://www.entrepreneur.com/franchise500/2021 has one of the most influential lists of top franchises but those will cost between $100,000 to $5mil to start. Without experience in the industry, you may not be able to obtain a franchise nor the financing to start it. The more experience and savings you have, the easier it will likely be to get started.
I bought and a few years later sold two top national gym franchises and barely broke even. If I'd worked as a greeter at Walmart, I'd have made more money in that time. This was totally my fault for not understanding the business better. I'm not sure that I'd do it again since many Franchisors have too much control over Franchisee's business and can impose significant costs that may not result in extra profits. Also, having a commercial property landlord can be a real challenge.
https://www.entrepreneur.com/franchise500/2021 has one of the most influential lists of top franchises but those will cost between $100,000 to $5mil to start. Without experience in the industry, you may not be able to obtain a franchise nor the financing to start it. The more experience and savings you have, the easier it will likely be to get started.
I bought and a few years later sold two top national gym franchises and barely broke even. If I'd worked as a greeter at Walmart, I'd have made more money in that time. This was totally my fault for not understanding the business better. I'm not sure that I'd do it again since many Franchisors have too much control over Franchisee's business and can impose significant costs that may not result in extra profits. Also, having a commercial property landlord can be a real challenge.