News, Pros and Cons Of Buying A Franchise. (financial, profit, millionaire)

[John1960]

Information on how to jump start your franchise career.

Pros and Cons Of Buying A Franchise - ABC News

[mbuszu]

I'll tell you as someone who started up a few businesses from scratch - I love being able to call all the shots and keep all my profit.

That said, I've always been willing and able to put forth 110% effort and time towards getting things going and profitable. Upon start-up there are always a massive number of unexpected expenses and unanticipated obstacles to overcome. It is because of that I always budget twice as much money and time to start up as my calculated estimate (and truth be told, I am usually on target for both because of that simple formula).

When you purchase a franchise you can bet that the parent company has already thought of all the details and indeed for good ones you are usually handed a turn-key operation which if you just do the job as given to you, you'll make profit. You essentially buy yourself a job in most cases. For people who aren't creative problem solvers, this is a godsend and you can be very happy. For people like me (I consider myself a professional problem solver), I really have a distaste for being told what to do, how to do it, and when to do it.

You can make a lot of money buying into a franchise, that's for sure (I know of a few millionaires who did just that). You can also make a lot of money starting your own business and then selling it or franchising it or going public (I know a couple mega-millionaires who did this one or more times each). Each person when they related their stories to me had one commonality in telling it... they said financial success is as much about planning and execution as it is about luck. You really need to be in the right place at the right time to get the massive economic windfalls a couple of them had.