I'm thinking of buying a Franchise business for my 25year old son. Is this a good idea?
I think that it is a great idea... and for many reasons!
Firstly, a franchise business is going to offer your son the training he is going to need to run a business. And as you know there are many skills that you need to run a business.
Secondly, the advantages that a good franchise operation offers are that they have systems in place to monitor his performance and benchmark him against others in the system. He will have access to continuous training, benchmarking, reviews and peers to network with.
This all adds up to developing skills that will help him run a successful business.
Thirdly, it gives you peace of mind knowing that your investment is being worked properly which means a lower risk compared to investing in a stand alone small business that does not have this support network.
Of course you would still do all the usual things in assessing the business and determining that it is the right business for your son.
|Tags: Franchising Business|