Forums: Discussions for entrepreneurs and small business.

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?

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Hi there! Congratulations on getting to this point! However, one thing does concern me. You mentioned that the reason that you want to get into business for yourself is to `call the shots` and to `have creative direction`. These are not something that you will find in many franchise systems. Notice I said not many. There are some out there. I am not really sure what type of franchise you are looking for, but be sure to have a heart-to-heart at their Discovery Day to find out exactly how much say you WILL have in your new business. That visit and discussion should really help you make your decision. Best of luck!