Well theres no time better than NOW to start something with my life so I'm thinking of going for a biggie and I want to own a franchise. I don't really know much about it, thats the thing. I really hope some people here do and if no one does does anyone know where I could to go ask such questions? First of all, if I was to buy a franchise does that mean I get to keep the money the store makes or do I have to send that off too someone else? Do you think a bank would give a loan for $250,000AUD to a 19 year old boy? Would all the equipment I need to run the store be included in that price? (I hope so) I read this article. http://www.allbusiness.com/buying-exiting-businesses/franchising-franchises/2198-1.html And it doesn't really say much. I would like to own either Red Rooster or Trios. http://www.franchisebusiness.com.au/Franchise/Red-Rooster_39880 http://www.franchisebusiness.com.au/Franchise/Trios_40082 Hope someone knows the answers.
i love the taco bell stores. need some in S.A. I checked it out a bit too. costs vary with kind of business and size. The cost of the franchise is the right to use the business name and the product. enables you the training and help to get it set up. there are usually ongoing license fees, and fees which help with advertising. it is not usual to include the building or the equipment. the franchise fee pays for management of the franchises to operate also. maybe you could set up your own store and then sell franchises to others.
Well working for a bank I'd have to turn around and say... unlikely. Not so much your age, but also the lack of security you're likely to have against such a loan. Bare in mind that especially if you become a Plc or Ltd company, if you go and pee the cash up the wall and get nothing back from it, then the bank isn't going to see a penny of it back. Although... that's not to say that a good sound business plan, with the right research hasn't tipped the decision before. Actually been helping somebody obtain the subway franchise (the sandwich company) in the local town and whilst he only had 5% of the cash he needed, the risk was right. And needless to say I now get a discount Don't give up, just try and get a little bit more knowledge on how you're going to do it EXACTLY and how you can bring some finance to it.
I'm going to need about 300,000,000 before I open my own hotel. For now I am getting my schooling and experience in hospitalities through college and by being an auditor of a hotel. I actually have done quite a bit for an 18yo. I have a text book in franchising so I will have to check it out again and maybe I can look some things up for you. Good luck:icon_wink WW
Thanks for the replies. I'll have to send them an email to see if the equipment and installation and stuff is included. lol thanks. so did you give him 5% of the money he needed to set up his franchise? or all of it? That'd be sweet man.
no man he was able to provide the 5% and since we were happy that there was real promise for the company in the locality and that his business plan was sound... we gave him the remaining 95%
But I don't think theres much of a profit to be made there. Like, I myself wouldn't go to a shop just to buy a juice. >_> Edit: after reading the description here http://www.franchisebusiness.com.au/Franchise/Boost-Juice_1 It doesn't seem too bad, I have a thing for healthy food. =P How did you find out it was only 70,000 downboyup? I cant find that info anywhere.
