Should I Buy A Franchise? 5 Pros and Cons You MUST Know

Should I Buy a Franchise? Pros and Cons of owning a Franchise directly from Franchise Owner Tariq Johnson. Should you buy a Franchise? Buying a franchise or starting a business is scary. Many people consider starting a business or buying a franchise in retirement or various stages of life. Having a successful franchise business is possible, but is not always easy. Franchise City.

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#1 WHY DO YOU WANT TO OWN A FRANCHISE?
When my wife and I decided to open our first franchise we wanted to create an additional income stream, so that at some point I could leave my career as a Financial Advisor. We figured having an additional income stream would be a way for us to plan smart.
 
#2 MONEY
The average franchise cost $250,000 to get up and running.
That number should scare you. People have lost a lot of money investing in franchises and made a lot of money with franchises. Ultimately your financial situation will determine what your options are.
Now if you don’t have any money- I’ve made a video on exactly how you can invest in a franchise with no money. I’ll link the video in the description below, and you can check it out.
The lower the start up costs in a franchise typically means the more work and effort you have to put in.

# 3 New or existing Franchise Location?
Are you planning on starting a brand new location, or buying an existing one?
Many times the franchisor may know of franchisees in the system that want to sell their location. Make sure you ask about that
Franchisors may not always want to share that information without being asked.
Existing locations could provide immediate cash flow, and stability and be a great training ground for you to open additional locations.

STEP #4 YOU
What are your skill sets?
What are you good at ?
It’s important to align your skill sets to the business.
Can you handle your current lifestyle being disrupted because you own a business?

#5 System-

Can you follow a system? You are buying a franchise for the system and the process.

You have to follow the process.
If you are someone who doesn’t like to be told what to do and do things your own way than a franchise probably isn’t for you.

Make sure you are prepared to follow the system and talk to other franchise owners about their experience of how flexible and open minded the franchisor is about new ideas to help move the business forward.

#6 Franchise EXIT Strategy
I’m a firm believe that you should be committed to what your doing but your exit strategy is really important.

[TariqJohnson]

📘 FREE StarterKit - Zero to Profitable Franchise in Less Than 12 Months: Start fast in the franchising world.

[freddya.r.]

I’m in a position that, I’m well rounded in different aspects of life, and just working towards the dreams of someone else just isn’t an option any longer

[bgqyziv]

I recently found an interest in possibly owning a franchise. I just turned 30 and I have had 2 jobs over the last 14 years (Pizza Hut and AT&T) in both companies I started from the frontlines and worked my way into leadership roles. I am now an area retail sales manager of and have gained experience in so much aspects of running a business from sales, marketing, coaching, leading people, operations, hiring/firing etc. I feel that my work ethic, leadership, integrity and passion for learning has helped me tremendously throughout my career. I’m currently in the process of finding ways to gain funding to start a franchise, that I feel is the biggest barrier right now. Once I figure that out I am confident I can grow my selected business.

[bridgettemayer]

Glad you are sharing all of this information. I hope you share how you made our first franchise profitable in the first few months. Some people want to be entrepreneurs and own franchises and think because they are in a system they will make money but that is not always the case. Thanks for sharing!

[eliboatman]

I’m so happy I found this video. I’m currently 18 in my senior year of highschool and want to become a financial advisor hopefully leading up to owning a franchise. Do you have any tips?

[nathaniellynch]

After vetting many franchise opportunities and doing a massive amount of research, I am starting a franchise. With that said, Tariq is spot on. Listen to this advice

[floriangardner]

I just watched your other video, and now this one. It answered so many questions but now I have a lot to think about!

[TYPthePYT]

This is the 3rd sign I have had in 24 hrs about something I have wanted to do for years! I am an entrepreneur, author, speaker, actress, etc but I have a masters in Organizational management. I have had jobs that know my value, hired me for it and then resent me for it also. I do NOT want to work for anyone else and I had to be honest about that. I want something for my daughters, I want freedom, I want a business that is already established ( I am not trying to make changes). I need financial freedom and no stress.

[expresslawnmowing]

Great summary Tariq. The 'why' part is so often overlooked, but so important.

[JTclips-vq]

thank you for the video and after a year of owning multiple franchises like five guys and others could you be making ALOT of money passive income that’s what I heard for example shaq please correct me if I’m wrong though

[chillintm]

Thanks for this. I was recently laid off and I’m exploring buying a business or franchise rather than taking another job in a cubicle. A couple hurdles I’m having are: finding businesses that allow at least partial absentee ownership and actual profitability numbers. I don’t necessarily want to “buy a job” as they say.

[dontestrachan]

this was extremely an extremely insightful video, thanks for the knowledge!!

[LeoLandaverde]

Tariq, great video! I liked how you started with the "WHY." I think a lot of people get caught up on the hype of wanting to own a business without really knowing WHY they're doing it.

[B.Phill]

Thanks allot bro you're the BEST ! and you have a special gift when it comes to choosing the right words to get your point across FANTASTIC !👍

[anthonyserraneau]

This was very helpful information thank you

[FalhenStudios]

Thanks so much for the insight Tariq, I will be reaching out after going through the links you added. Thanks for sharing again

[PsychedelicPhD]

I am thinking of owning a franchise. It has always been my dream to own my own business and so i thought franchising would be a great step rather than starting up a small business first.

[Zo-hcfn]

I am thinking about a new type of restaurants : eating-spots,
in eating-spots, food keeps changing, chefs also rotate,
this is opposed to current restaurants,
thanks to this rotation of food and chefs, eating-spots are more powerful than restaurants
along with that, there is an app,
people vote for the food that will be cooked in the next days
menu is influenced by the live input of the people via an app

[Edwin-pjpt]

hello tariq. this is edwin. i live in the dc area. i've been doing my homework. AI franchise opportunities. would it be a good idea?

[slvshy]

super helpful video and the printer making random noises was hilarious lol.