Ep67 Is this franchise a good investment for you? 5 things to know, with Peter Knight

What are the key things you need to know at the very least, to quickly understand if the franchise you are considering is a good one for you? Peter Knight is the Franchise Account, and he has advised countless people around their franchise investment, and he zeroes in on 5 key things to know. You have so much information coming at you if you’re considering investing in a franchise. There is so much documentation placed in front of you, that it can feel overwhelming on where to start, which is something w know leaves people shortening their due diligence to just get a deal done faster. We asked Peter Knight to give some thought to, and spell out in detail, five things you must know to figure if a franchise is a good investment for you. A good investment someone else, may still not be a good investment for you personally. In the discussion, the key things are broken into; How much is the franchise going to cost How much can I earn Can I afford it Is the franchise business a good fit for me and my lifestyle Do you like and trust the franchisor, the person you are getting into business with These are the questions covered in detail and put into context for your decision making process.   0:00 Intro 0:21 5 important points encouraging people to think through in a structured manner 0:53 First thing to know - how much is the franchise going to cost 2:48 Additional components to cost is not just the ‘up-front’ purchase cost, but also the ongoing costs 3:38 Second thing to know - how much can I earn 5:19 The ‘how much can I earn’ question differences between a new franchise and an existing franchise 7:08 The frustrations people have with franchisors not answering ‘how much will I earn?’ question 8:30 Third thing to know - can I afford it 10:39 Structuring finance for a franchise deal 12:06 Fourth thing to know - Is the franchise business a good fit for me and my lifestyle 13:53 The importance of days in the field and talking with franchise owners BEFORE they buy the franchise 15:17 Fifth thing to know - do you like and trust the franchisor, the person you are getting into business with 17:47 Ignoring red flags and separating the emotion from the purchase of a business 19:03 Wrap up   Podcast Produced by: www.magneticbusinessmedia.com.au   Franchise Stories and Knowledge Base (our other website): www.franchisebuyer.com.au Listen or Watch on; Spotify:  https://tinyurl.com/4veaxvuv Apple Podcasts: https://tinyurl.com/2fcns48d Amazon Music:  https://tinyurl.com/bde3cbfs YouTube:  https://youtu.be/Uajmm92ykkU