Jul 30, 2019
In this episode, Karen and Cadie bring back Commerical Real
Estate expert and franchise consultant Chris Harle to the Deep
Prompted by the article "Seven Questions To Ask Yourself If You're Thinking of Buying a Franchise" by Anthony Caliendo - Chris and the Cheers ladies deep dive into the ins and outs, and specifics in buying a franchise business. If your considering taking the big leap into the franchise business world, this is a must-hear Cheers To Business episode.
1. How much can you afford to pay for a franchise?
2. What industry do you want to be in?
3. How will you support myself until my franchise turns a profit?
4. Can you follow the rules?
5. Can you resell your franchise?
6. Do you have the right skills to own the intended business?
7 Questions To Ask Yourself If You're Thinking Of Buying a Franchise - by Anthony Caliendo
Domke Market - Facebook Page
You have to have money to buy the franchise. Then, also the money to start the business. How much is it going to take to get this thing going? - Chris Harle
If you're serving people, you got to have employees. So there's going to be training cost. Before a dollar comes in you're going to have to pay employees to teach them how to do the job. - Chris Harle
If you don't like people not go into retail yes business yourself, so you're not going to do well. - Karen Simmons
Find your business fit and your passion. - Karen Simmons
Do you have the money to support yourself because you're not going to be making money on day one? - Chris Harle
Have money for at least six months because some franchises or businesses take longer to get off the ground than expected. You've got to think about the expense of promoting that business, marketing, and advertising. - Karen Simmons
It's not about eating today. It's about eating next month and the month after that, and the month after that. - Karen Simmons
Some franchises are stricter than others. Some have more stringent guidelines some are more flexible. - Cadie Gaut
If you knew more about a business, you would be the franchise owner, but you're not. You're looking for something to be successful, and you joined up with a franchise because it already is. - Karen Simmons
The franchise knows what works. Or else they wouldn't be franchising. So listen to them. They have already work the bugs out. - Cadie Gaut
A lot of franchises say they want to sell multi-unit deals where you buy a whole area and you're going to open three or four stores. - Chris Harle
Make the business about the business, not about you. - Karen Simmons
Get a lawyer to read the franchise agreement those things are two feet tall. - Karen Simmons
The creative partner is not necessarily the one that needs to be meeting with the lawyers going over the franchise contracts. - Karen Simmons
Just because you wear a hundred hats in your business doesn't mean that you can do everything. - Cadie Gaut
Partnerships have got to be a flow, a yin, and yang. - Cadie Gaut
Franchises can be great, especially if you've never been in a business, you know. But be ready to follow the process, know what you're passionate about and make sure that it meets all of your requirements. Figure out those requirements before you figure out what you think you want to do. - Chris Harle
Learn more about Karen Simmons & Cadie
Karen C. Simmons, P.C.
Payroll Vault - Mobile & Baldwin Counties