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Posted on Fri, 01/6/2012 - 05:14 AM by
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That question probably comes in at number #2 or number#3 on your Top 10 list of things that you really want to know when you’re looking at franchises. And, rightly so.
Now, I have a question for you;
Which way would you like me to answer the money question up above?
A. Like someone who’s trying really hard to sell you a franchise would?
Or
B. Like you’ve come to expect from me?
I’ll wait for your answer. Tapping. Tapping.. (I’m tapping my pencil…in anticipation of your answer.)
Really? You want the truth? You don’t want me to spin my answer?
Terrific. Here goes;
When you actually do open your franchise up, you’ll certainly have money coming in. But, it can’t go into your pocket right away. It needs to go back into the business. You’ll have expenses to cover…things like rent, inventory, payroll, advertising, and utilities. And don’t forget your loan payment. Your goal needs to be breaking even. That’s the point in which your revenue pays your business expenses. Only then can you start thinking about drawing a salary.
If you’re in this for the long haul, (this being franchise business ownership) you should be fine with that answer.
If you’re looking to replace a salary after only a few months in business…it probably won’t happen.
Read what I wrote about Your Salary as a Franchise Owner over at SBA.gov
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