Initial investment cost also is a major consideration when selecting a franchise, as is your willingness or ability to borrow money to finance the purchase and start-up expenses.
Author and career coach Mitchell York, whose book “Franchise: Freedom or Fantasy?” is considered a must-read for anyone considering owning a franchise, said purchase price must be a primary concern when selecting a franchise or franchise industry.
“The days when people were literally mortgaging their homes to buy a business, whether a franchise or not, are gone,” he said. “These days you either have to have the capital to buy into a franchise or you have to find some other source of capital. There are franchises that cost a million dollars and franchises that cost $10,000. You need to understand what universe you can play in.”