Hi there,

Do you know what expenses you'll have as the owner of a franchise business?

If so, fantastic!

If not, check out this list.

Because it's always better to go into something BIG like franchise ownership with your eyes wide open. No surprises, right?

Note: I wrote the following (about franchise expenses) for the U.S. Small Business Administration's Blog.

Your 5 major expenses include:

1. Inventory

Most franchise businesses require inventory, and it will be one of your biggest expenses. The key is to only order what you think you’ll need. In this case, information is power, as your franchisor and some of the franchisees you talk with can help you estimate how much inventory you’ll need to have on hand. 

2. Payroll

This is another large expense you’ll have if you end up buying a franchise that requires employees. And the more employees you have the higher your payroll expenses will be.

Again, your franchisor and the franchisees you talk with can give you an idea of how many employees you’ll need, along with some of the specific costs you’ll incur as an employer.  

Here are your other expenses

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Do you know what the most important thing you need to have is when you're applying for a small business loan (besides good credit and money down)?

This

Franchise Buying Tip: Befriend two franchisees who own the same franchise business you're going to buy. Why?

So you can call them if and when you have an "issue."

Note: I promise you'll be glad you did this.

The Franchise King®

Joel Libava

216-831-2610

Click-www.thefranchiseking.com

P.S. A heartfelt thank you for those of you who checked out my newly-redesigned website.