Making the Commitment to Buy Into a Franchise

Video Transcript

Now you're close to making that final decision, that you're going to buy a franchise. So what you have - based on the type of business or the industry that it's in, well they dictate probably the time length of which this thing will start up. So if it's a business-to-business, it will start up in a very short period of time; maybe in less than a month. But if it requires brick and mortar or inventory or assets of some sort, it could stretch out to six months or even a year. And this you have to then build into your schedule and figure out just how much time. And typically, also, if it is one of these business-to-business or business service, they're going to have you out for training, so you're going to have to spend a week or two weeks at their facility learning the business. So if you have a job, for example, you know now you're going to have to be pulling away from that job, and be able to dedicate the time to this business that you've decided on. So you've reviewed it with your accountant and you'll probably review the last pieces of paper with your lawyer, but you're ready to make this decision. And you have to have ready the money, because now you're going to be writing a check. If it's a business-to-business, say it's a thirty thousand dollar franchise, you're going to write a check for thirty thousand dollars. So you have to be ready to go, and you have to know you've got your mind set. Usually they'll give you a certain period of time, a few days - maybe five days - in which you can reverse your decision. But after that, they've got the check and you've made the commitment. And now you have to move forward with the business. And you'll be nervous, but everybody is. But you just have to go ahead and now you're going to go and you're going to make it a success.

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