Embarking on the path of franchise ownership is a decision marked with excitement and potential. However, it’s crucial to approach this journey with a cautious and informed mindset.
You need a balanced perspective to ensure your steps towards franchise ownership are both confident and prudent.
We care deeply about the people we serve. We will only ever connect you to a franchise if we believe it will be good for you. Here are some of the reasons why we turn away potential clients.
Your Liquidity is Too Low
If your current -liquidity isn’t sufficient to cover both your personal expenses and the potential costs associated with running a business, it may be financially risky to invest in a business. Typically the clients we help have a minimum liquidity of 50 thousand dollars. We don’t want to put our clients at risk by setting them up with a business they can’t really afford to buy. So if your liquidity is too low, right now may not be the time for you to work with us.
Your Spouse or Partner is Not On-board
Support from your spouse or partner is crucial when venturing into business ownership. If they are not in agreement or supportive, it can lead to personal conflicts and added stress, negatively impacting both your personal life and the success of the business. We’ve seen too many clients struggle beyond what they need to because their partner isn’t ready to buy a business. There are conversations you can have to prepare yourself and your spouse, but we don’t want to add to the stress. We want to help you be richer.
Your Debt to Income Ratio is Poor
A high debt-to-income ratio can be a red flag, indicating that taking on additional financial commitments like a business purchase might not be wise. This ratio is a key factor that lenders consider when you apply for business loans. But having a poor ratio can also leave you at risk of becoming over-extended. We are all about equipping and empowering you to make more wise business decisions.
You’re Looking for Fast Food or Convenience Store Opportunities
If you’re specifically interested in fast food or convenience store businesses, those are not businesses we deal with. They often involve long hours, high competition, low margins, and require specific knowledge about retail and food services. As such they tend to not be the best investments for the people we help. Every franchise we share has been vetted carefully to ensure that it is a quality franchise with decent margins so our clients can know they are buying a good business.
You’re Not Even a Little Bit Afraid
A healthy dose of fear or respect for the challenges of running a business is normal and can be beneficial. It keeps you cautious and diligent. Overconfidence, on the other hand, can lead to underestimating the difficulties involved in starting and running a business successfully. That’s why we want all our clients to be realists. There are no guarantees, so a little fear is a good thing. But don’t worry about your fear overtaking you. We’re here to help you distinguish good fear from bad and to keep your fear in check.
Still ready?
If you’re still here, and you’re still interested in finding the right franchise for you. Let’s chat.
