If the idea of being an entrepreneur strikes your fancy, but you’re still hesitant about taking the plunge consider buying property inspection franchises. Such a move gives you a low-risk entry into the world of being your own boss.
In addition to marketing a renowned brand, you have an assurance of continued support from the parent company until you are on solid footing. Best of all, such an opportunity has lower entry barriers compared to other business.
For starters, you don’t need a physical location as the job entails going out to inspect your client’s properties. However, to make the most of their opportunity, you need to take a few precautions.
Carry out cost benefits analysis
In many ways, buying a franchise is like starting a new business if you look at the initial costs of investment. Only this time, you have a big brother watching your every move and dictating terms. Therefore, you need to be sure that you are indeed getting value for money.
Make a spreadsheet with the total costs you’re likely to incur and contrast them with the expenditure. Crunch the numbers to get the expected return on investment. Naturally, you want to pick a franchise that offers great returns for your time and resources.
Talk to other franchisees
Who is best suited to give you a clear, and almost, unbiased insights about the franchise chain other than a current franchisee. The franchise disclosure document has the names and contact details of all the people on the network. Pick at least ten names from the names and initiate contact.
Make a list of the questions you need to address to avoid wasting their time and to ensure that they answer all your concerns. Be sure to ask about the profit margin, the break-even timelines, dispute resolution, business management, anything.
By the end of the exercise, you want to have a clear picture of what you’re getting into.
Before taking the plunge and buying a franchise, you need to be certain that you’re making the right decision. Crunching the numbers and talking with current franchisees can offer great insights.