“Hi, Phil Harvey here with Franchise Straight Talk. One important question that should be considered before you deeply dive into the exploration of any franchise is what is your financial position? Do you have the means? Can you invest and not only invest to fund the development and standing up a startup franchise or acquiring a resale franchise? and have adequate funds on hand to not only operate for a period of months, but also to survive and live. You know, if you have a regular job, a W-2 job, then if you’re going to have this business and make it your full-time endeavor, do you have the savings or the funds in your possession to survive without having to continue that W-2, if not, do you have a significant other who is able to support you in this endeavor so that you can uh pursue the business, not only the investment, but in fact, make it through the period of time that it takes to ~ become profitable, not just cashflow positive, but profitable to the point where you’re able to derive income.
That’s really important. And that discussion is one that should be had more in a sense of financial readiness versus any particular business. That’s just a starter point that I strongly recommend is a conversation that you have, perhaps with your financial professional, in terms of where you are. If you have a wealth advisor, financial advisor, and very importantly, have that same conversation, including the significant other, so that there are no surprises and there’s a full understanding and an understanding of the risk appetite and where things are at. Because the last thing you want to do is pursue a business, get really, really excited about it, and potentially pull the trigger on it and not have made yourself fully aware and gotten the support for those you respect the most and particularly need in your life to support you in your endeavor.
I hope that’s helpful to you.”
