372: Franchises 101: How to Find, Fund, and Profit from Owning a Franchise

Want to buy a business? If so, you’ll need franchises explained. At first, franchises seem like something only for fast food, gas stations, or hotel chains. But, in reality, a whole world of businesses are up for sale that have proven track records and could put profits into your pocket faster than starting your own business. But first, you’ll need to make sure you’re ready to own and run a franchise, as it’s not always the passive income stream investors believe it to be. When done right, franchises offer an almost irresistible offer to young entrepreneurs or those trying to escape the corporate ladder. You can trade in your soul-sucking nine-to-five, receive top-tier support and training, and get paid a salary, all while your business grows in the background. But before you start window shopping for which hair salon, water restoration, or pool cleaning business you want to own, you’ll need to talk to someone like Greg Mohr, author of Real Freedom: Why Franchises Are Worth Considering and How They Can Be Used For Building Wealth. Greg acts as a franchise consultant, helping match potential franchisees to a parent company that works best for their schedule, goals, and income-earning potential. You may think you know how a franchise works, what type you’d like to buy, and how much money you would make, but Greg’s in-depth, multiple-decade-long knowledge may tell you otherwise. So, if you want to run a business but don’t know where to start, Greg may be the perfect person to turn to. In This Episode We Cover The history of franchises and why buying a business often beats building one The true profits of running a franchise and how much an owner can expect to make How much franchise consultants cost (much less than you’d think), and why you need one Most common franchise mistakes to avoid and why you should never look at JUST the franchise fee Funding a franchise and how to use retirement accounts, HELOCs, and more to buy businesses Business partnerships and who should join forces to buy a franchise together And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget The Benefits of Franchising vs. Starting a Business from Scratch Click here to check the full show notes: https://www.biggerpockets.com/blog/money-372 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices