For the past 6 weeks I`ve been looking to buy out a local franchisee. I`ve done my due diligence, talked to the franchise CEO, looked at their numbers, run my cash flow projections and everything checks out. Financing the purchase will be a stretch but doable.
After years (almost 10) of reading about running a business I am ready to make leave my day job for this opportunity. The hangup is that I can`t decide if this is the business to leave for. I`ve looked at 5 businesses over the past 6 months and this has been the best opportunity so far. The hangup about this franchise is 1) It`s a franchise with 8% royalty and 1% ad fee + a few other misc. expenses. 2) I`ll be taking out a loan and might possibly need some immediate credit for the first year.
After reading up on franchises I don`t know if they are for everyone or for people with limited businesses experience. One of my reasons for getting into business for myself is so I can call the shots and have creative direction. I`m also seeking flexibility in my schedule. I don`t mind working 12 hours a day but I want to set when I work those 12 hours.
Sorry if this seems like rambling. I`m stuck on this being 60% against buying it. I am confident I can make it work if I get up but I don`t know if I will have the freedom and flexibility I want in having my own business.
Has anyone been in a similar situation? What did you do and how did it work out for you?