Jim Laganke: Planning to buy a franchise next year? Here are things you must do

Most people think that opening a franchise business is an easy and safe option. Therefore, today, many aspiring entrepreneurs prefer buying a franchise than starting their own business, as it has fewer risks. However, running a franchise business is not that easy, says Jim Laganke, the owner of Stewart’s All American. Of course, you have an added advantage when you connect with a well-established brand name.

To maintain the legacy of a franchise business, you require appropriate marketing plan, investment and many more. If you’re planning to buy a franchise in 2020, it’s the right time to get everything lined up so that it will be easier for you while purchasing a franchise.

Here are the things you need to do right now!

Get your finances ready - In most cases, people buying a franchise take out a loan to help their finances. So, it is important to be a good investment to a lender. Therefore, if you have some credit card debt, pay it off to increase your score, so that you will be qualified for a loan with better interest rate. Also, it is the right time to plan how you’ll cover your expenses if you get off the ground. This is because franchise business also comes with some risk.

Start your research - No matter whether you’ve already chosen your franchise brand you want to purchase or still searching for the most suitable option, start your search today. For example, if you know which franchise brand you want to connect with, you should know more about your preferred franchise business option, so that you know whether you’re making the right decision or not.

On the other hand, if you have no clue which industry to want to work with, it is always good to start with the industry of your interests.

Know when it is the right time to exit - If you’re currently working in a 9 to 5 job, this is the time you should start thinking about when and how to resign. For example, if you’re interested in buying a vending franchise, quitting your job isn’t necessary. This is because you can easily manage both your job and business.

However, restaurant franchise requires more involvement and efforts, which means you would need to quit your job.

In closing
Please remember, running a franchise business isn't as easy as it seems. In fact, when you buy a franchise, you might have a ton of things to deal with from marketing to managing customer flow, finances and more. However, by considering these few things now you can reduce work pressure in 2020.

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