No matter where the conversation starts with prospective franchisees, it will always eventually veer towards finances. The question is a little different, but the gist is the same. Essentially, people are asking “How much money am I going to make?”. It’s a completely fair question, but one that is pretty hard to answer. Quite frankly, if you have a franchisor that is willing to give you an actual number, I think you should have a lot more questions than if they don’t.
At this point, I talk with potential franchisees about putting together their own financial projections. If you could hear eye’s cross over the phone, this is when you would hear it. I try to explain to them how to go about doing it on their own. I tell them we even have a tool to help them. However, even after that, I can hear the fear in their voice.
Because of this, I wanted to put together a couple videos that would help the non-accountant people in the world project their own financial statements. Even if you do use an accountant or someone more numerically inclined, these two video’s will help you gain an understanding of the process. As always, please reach out to me at email@example.com with any questions. Enjoy!