Purchasing a franchise can be a lucrative option for entrepreneurs.
Buying into a thriving restaurant or automotive repair chain, for example, offers you instant brand recognition and can deliver an immediate revenue stream thanks to the chain’s client base and accompanying sales and marketing support. That means less time struggling to turn your start up into a going concern.
But buying a franchise can also be a risky endeavour that can deliver lacklustre financial returns—and in the worst case scenario, outright failure.
One of the essential success factors in your franchise purchase is ensuring you get the right business loan. Investing in a franchise requires a strategic approach similar to starting any business, including willingness to assess different options for financing your purchase.