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November 1, 2019 at 12:10 pm #999845sumitkMember
- Total posts: 4
My name is Sam , I have been working in IT for the last 12 yrs; My wife is a Nurse Practioner with 15 yrs of experience.
We are thinking of buying a Health and Beauty franchise. Are there any specialized services available to get Financial & Legal advice to buy a franchise.
SAMNovember 1, 2019 at 10:01 pm #1221596Jason RamageParticipant
- Total posts: 3,161
Welcome, and this will be a BIG change for you from your professional background.. Are you intending on retaining said professional jobs and add this to the portfolio, or completely operate the franchise only?
IMO, a franchise is a rather restricting enterprise.. Again, just my opinion… You will need to ensure you are comfortable with the operators that they will maintain the focus and drive moving forward.
But re your Financial and Legal advice, i would recommend independent operators to what the franchisor is recommending… A good (great) accountant, and there are a few on here [USER=5318]@JamesMillar[/USER] or [USER=12942]@NickKaro[/USER] , could review to docs and guarantees and so forth…
Also, a lot will take into account your current financial standing.. whilst you have a great career, as does your wife, it will also depend on have you saved – bought a home etc etc… The guys above can also guide.
All the best
JasonJason Ramage | Lucas Arthur Pty Ltd | E: email@example.com P: 61 3 8324 0344 M: 61 412 244 888November 2, 2019 at 4:42 am #1221597bb1Participant
LucasArthur, post: 267655, member: 34537 wrote:IMO, a franchise is a rather restricting enterprise.. Again, just my opinion… You will need to ensure you are comfortable with the operators that they will maintain the focus and drive moving forward.
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I agree, and yet disagree with Harry on this one, they are definitely limiting, as an example don’t even consider adding some pineapple to a big mac which would make it a number one seller for me.
But having said that, from what I have seen I would say that a lot of people need the discipline and rules of a franchise, and the lack of really needing any business knowledge.
I personally looked at about 10 different franchise options before setting of on my own business, but I could not operate under you must do it this way, and you must do this, and you must do that. But a lot of people need that, I would have gone stir crazy.
It’s horses for courses really, just because you are great at your profession it doesnt mean you can start and run your own business, thats where a lot of small business operators get it wrong, they are the greatest at manufacturing widgets, but they can’t run a business. Franchises may be the way forward for you if you want to get away from a boss, but remembering the franchisor is still really your boss.
Also remember anyone providing advise on purchasing a franchise or even starting you own business, doesnt really have any investment in which is the best option for you, they just want the dollars for the advise, and they don’t know you, your capabilities, your strengths or your weakness.
Hope it goes wellNovember 4, 2019 at 5:26 am #1221598sumitkMember
- Total posts: 4
Thank you for the advice, Bert and Jason. Really appreciate your input. Yes, we understand Franchise business is a restricting enterprise. We both don’t have any experience driving a business; neither we have anyone in family/friends to guide us. A franchise model, in my uninformed opinion, gives us an understanding working of a small business. And it is similar to a regular Job( with a Boss and structure), so maybe we will need that at start.
We are thinking in particular about a franchise of Skin clinics or similar specialty business; these generally require costly specialty equipment + training. Both of which I would not know where to source from. I am also hoping as an established brand will get us clients at start. But I am open to more discussion around these points
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