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While there are some minimum requirements to open a franchise, over 80% of new franchise owners use some sort of funding. Either an SBA loan, a personal loan, using money from their 401K, or money from an investor. We work with a funding lender who will be able to help you understand your financial options.
There is a large variation for the investment required based on which franchise you’re looking at. You can start all in with as little as $100K or invest multi-million dollars to open your franchise(s). On the very low end you need to have access to at least $50K in liquid cash and a net worth of at least $150K.
No, you do not need to have any prior experience running a business. Most franchises are looking for achievers, those that have some sort of sales experience, hard working, customer-service oriented, and have a desire to grow to develop a substantial business. It is not a typical requirement to have any industry-specific experience.
There are many different levels of franchises. Some are just starting out and only have a few stores while others are empire brands with over 500 stores. The level of franchise determines what sort of systems they have in place and what options for creativity are available. Part of our process is to make sure we find a good culture fit for you. You may want a franchise that is a well-oiled machine that you run. Or you may want a franchise system that just started so you can help create what their processes look like. Corporate is there to help you succeed no matter what level of franchise you join.
There are over 3,000 different franchises! The options are endless and there are many industries other than just restaurants and retail. Franchise industries include: Home Improvement, Maintenance & Repair, Pest Control, Business Services, Child Education & Services, Cleaning, Financial Services, Fitness, Health & Wellness, Moving, Painting, Beauty & Spa, Pet Care, Real Estate, Restoration, Security, Senior Care, Signs, Sports, Staffing, Vending and more.
Yes and no. You can certainly invest into a franchise, but typically you would need to find someone to run the business if you don’t want to have a part of the day-to-day operations. There are many qualified people who just don’t have the capital to start a franchise and would love to team up with you. Typically franchise businesses want to interview and be talking to the person who will be running the business – not necessarily just funding it. Many franchises become investment opportunities for the owners who purchase them.