Dave says there's a right time and a wrong time to start a franchise.
QUESTION: Sarah helps military families get out of debt, and it’s been recommended to her to start a franchise. How does someone do that with little or no experience? Dave says there’s a right time and a wrong time.
ANSWER: Franchising can be a good idea if you have money. You may get a national brand, but if you don’t, then don’t pay much for it. Don’t go into debt to do it. If I’m looking at a franchise, talk to a bunch of them. Find some that are struggling and dying and find out why, along with the superstars, and why. A constant issue with franchises is building a relationship with the franchisor, so you must always do that as well.