You’ve done your research and chosen a franchise to buy. Now, it’s time to get the blessing of your family so you can make your dreams of franchise ownership a reality.
Buying a franchise requires the support of those around you. As you open the door to conversation about your new business, be prepared for these questions your family will inevitably have about you buying a franchise.
How much will it cost?
Although you will turn a profit in your franchise, it won’t happen overnight. There are a variety of costs to consider when first starting your new business, including the franchise opportunity fee, marketing, real estate, and equipment. Your family will likely want to know how much you’ll be investing when all's said and done.
How will we pay for it?
There are many financing options, such as getting a small business loan or financing through the franchisor. Regardless, you will need to come in with some cash upfront. Where will you get the money to finance your franchise?
The amount of money you need to start your franchise varies depending on which franchise you buy. Determine the costs to know the best options for financing your new venture.
When will you start making money?
One of the scariest parts of buying a franchise is the upfront investment. Your family wants to know when you’ll get that money back. They want to know when you will move out of the red and into the black.
If you’re buying equipment for your franchise or hiring a staff, all of the money that comes into your business from day one will likely be reinvested to pay off debt or pay your employees. Your family wants to know when you’ll be able to bring home a paycheck. Chances are, it won’t happen right away. By anticipating your costs and projecting your sales, you can have a better idea of what to expect.
How many hours will you have to work?
Owning a franchise is hard work. Although you’ll likely hire staff members to support you, you’ll need to keep a constant pulse on what’s happening in your franchise so you never miss an opportunity. This means long hours away from your family.
In the beginning, you will need to work longer hours than normal to ensure your franchise is running as smoothly as possible. Prepare your family for these long hours by answering this question honestly. If you’re not sure how many hours you should plan on working, talk to other franchise owners in your industry or in the same business.
Keeping Your Family Happy
If your family is not sure about what it’ll take to start a franchise, it’s a good idea to speak openly and honestly about the doubts and hesitations they have. Answer their questions honestly and you will have a greater chance at gaining their support.
Susan Payton is the President of Egg Marketing & Communications, a marketing firm specializing in content writing and social media management. She’s written three business books, including How to Get More Customers With Press Releases, and frequently blogs about small business and marketing on sites including Forbes, AllBusiness, The Marketing Eggspert Blog, and Tweak Your Biz. Follow her on Twitter @eggmarketing.