Okay so, let's say you are unemployed, and you are looking for a job, and you've sent out resumes in your industry but there are no takers, no one is hiring right now, and it could be three or four more years. You know you can't hold on that long, and you must find employment. Meanwhile your unemployment benefits are not going to go on forever, you know this.
Perhaps you might consider buying a franchise, of course if you do, you may end up using what little savings you have left, and about the worst thing you could do is start a business being undercapitalized if you don't have enough. However, not all Franchises cost as much as you might think. For instance before retirement I was a founder of my own franchise company and we sold mobile carwash trucks. It was a service business, and the franchise fee was $20,000 + equipment and truck, which is quite typical of such service businesses.
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Often, I would carry-back half of the franchise fee, meaning the franchise buyer would only have to pay 10,000, and they could pay the rest over time. And I would often allow the second-half of franchise fee payments not to kick in for the first two years. The reason I mention this is that many franchisor's today are doing the same thing due to lack of credit in the marketplace for their franchisees. Now then, a service-based franchise business operating out of the home doesn't cost as much is let's say buying a franchise restaurant where the franchisee might have to put in half a million to a $1 million including the building.
Meaning that even if you are unemployed you might still be able to swing the loan for a small service business, and another good thing about service businesses is they typically have a faster return on investment than larger more expensive capital-intensive franchises. No, I no longer sell franchises, and I am retired as I said, but I did build my business through several recessions, and often had to help laid-off franchise buyers figure out a way to buy into our system.
What I'm saying is, this might be an option for you. No, being self-employed isn't for everyone, but it is perhaps a good choice depending on your situation, attitude, hard work ethic, and ability to follow the system. If you look through any franchise buyer's guide you will see hundreds of service-based franchises available for sale with investments well under $200,000 total price with franchisees typically ranging in the neighborhood of 20,000 or less.
Often the vendors will finance equipment, dealerships will finance the vehicle, and right now due to the state of the franchising industry, the franchisors may carry back paper on the franchise fee. Indeed I hope you will please consider all this and think on it, email me if you have questions or thoughts.
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