When is the right time to own a franchise? A lot of people are worried about the economy, which political party is in power, and various world events like what’s happening in Ukraine and China.
Here is my advice as to when the time is right for owning a franchise: when your financial house is in order. What does that mean?
– Your credit report is cleaned up and your credit score is good (above 740).
– Your living expenses are covered for the next year.
– You have at least $100,000 of non-financed money to invest.
Here are the main sources of this liquid capital:
– Savings or money market account
– Stock market investments
– Equity in your home (Home Equity Line of Credit or HELOC)
– Retirement funds (qualified ones can be used without tax or penalty for a business)
Connect with me and send a message to register for future Franchise Minutes.
